Ashok, Cairn, Kingfisher, Reliance, Tata: India Stocks Preview

The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the previous close.

The Bombay Stock Exchange Sensitive Index, or Sensex, lost 271.06, or 1.5 percent, to 17,878.81. The S&P CNX Nifty Index on the National Stock Exchange dropped 1.3 percent to 5,373.70. The BSE 200 Index dropped 1.3 percent to 2,209.71. SGX S&P CNX Nifty Index futures for March delivery advanced 0.8 percent to 5,426 as of 10:30 a.m. in Singapore.

Ashok Leyland Ltd. (AL) : Ashok Leyland, the nation’s second-biggest truckmaker, and Nissan Motor Co. Ltd. will invest about 25 billion rupees ($554 million) in a venture to make light commercial vehicles near Chennai in the southern Tamil Nadu state, the Business Standard reported, citing a government official it didn’t identify. Ashok Leyland dropped 2.4 percent to 52 rupees.

Cairn India Ltd. (CAIR) : The Securities and Exchange Board of India approved Vedanta Resources Plc’s open offer for Cairn India shares, ET Now news channel reported on March 18, without saying where it got the information. Cairn India was little changed at 345.95 rupees.

Hero Honda Motors Ltd. (HH) : Hero Group will raise 36.5 billion rupees ($809 million) selling a 29 percent stake in Hero Investments Pvt. to two private equity firms, the Press Trust of India reported March 19, citing an unidentified company official. The stock fell 2.4 percent to 1,473.50 rupees.

Kingfisher Airlines Ltd. (KAIR) : The lenders and owners will buy shares in the nation’s second-biggest carrier at a 64 percent premium by March 31, the Economic Times reported, citing Ravi Nedungadi, chief financial officer at UB Group, the parent of United Breweries Holdings Ltd. (UB) that owns a stake in the airline. Kingfisher shed 2.8 percent to 39.6 rupees. United Breweries declined 0.7 percent to 180.5 rupees.

Procter & Gamble Hygiene & Healthcare Ltd. (PG IN): The Indian unit of the world’s largest maker of consumer products plans to cut prices of its hygiene products like Pampers and Whisper. The shares added 0.4 percent to 1,767 rupees.

Reliance Industries Ltd. (RIL) : Expected production figures in media reports are “purely provisional” and may change, the company said in a statement on the Bombay Stock Exchange. Indianpetro reported on its website output from the D1 and D3 fields in the KG-D6 block may decline to 38 million cubic meters a day in the year starting April 2012 from about 44 million currently. The shares fell 3.7 percent to 993 rupees.

Rural Electrification Corp. (RECL IN): The state-owned lender to power projects plans to raise $1 billion selling bonds in the U.S. next fiscal year, Business Standard reported, citing a company official it didn’t identify. The shares were little changed at 223.25 rupees.

Tata Steel Ltd. (TATA) : The country’s largest producer said it raised as much as 15 billion rupees ($332 million) in the nation’s first sale of rupee-denominated perpetual hybrid securities by a non-finance company. The shares advanced 0.8 percent to 597.15 rupees.

To contact the reporters on this story: Unni Krishnan in New Delhi at; Pooja Thakur in Mumbai at

To contact the editor responsible for this story: Darren Boey at

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