Breaking News

Hess Second-Quarter EPS $1.38 Compared With $1.18 Estimate; Buyback Boosted to $6.5 Billion
Tweet TWEET

Andhra Pradesh Paper, Reliance, Tata Steel: 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 last close.

The Bombay Stock Exchange Sensitive Index, or Sensex, rose 177.66, or 0.9 percent, to 19,120.80. The S&P CNX Nifty Index on the National Stock Exchange gained 0.9 percent to 5,736.35. The BSE 200 Index climbed 0.8 percent to 2,341.59. SGX S&P CNX Nifty Index futures for March delivery rose 0.4 percent to 5,775.5 as of 10:45 a.m. in Singapore.

Andhra Pradesh Paper Mills (APPM) Ltd: International Paper Co. agreed to buy 53.5 percent of the Indian paper maker for $257 million in cash, or 544 rupees a share, plus a $62 million non-compete payment to the sellers. The shares jumped 7.3 percent to 197.45 rupees.

DB Realty Ltd. (DBRL) : The developer supports Asif Balwa and Rajiv Agarwal, two executives of the company who were arrested by India’s Central Bureau of Investigation yesterday in a probe into the sale of mobile-phone licenses in 2008, the company said in a statement sent to the Bombay Stock Exchange last night. The stock rallied 20 percent to 99.9 rupees.

Financial Technologies (India) Ltd. (FTECH IN): The company returned 1.80 billion rupees to an institutional investor that bought shares of its unit MCX Stock Exchange Ltd. for 2.52 billion rupees in July 2009, a transaction that was subject to a “customary price-reset,” according to a filing to the Bombay Stock Exchange. The stock added 0.4 percent to 835.65 rupees.

Indo Amines Ltd. (INAM) : The chemicals maker will consider the preferential allotment of convertible warrants on April 2. The shares rose 1.5 percent to 17.35 rupees.

PTC India Financial Services Ltd. (PTCIF IN): The unit of India’s biggest power-trader PTC India Ltd. will start trading in Mumbai after investors bid for 1.7 times the shares on offer in its initial public offering. The company and Macquarie Group Ltd. sold 156.7 million shares at 28 rupees apiece earlier this month in the sale.

Reliance Industries Ltd. (RIL) : India’s petroleum ministry proposal may soon approve Reliance’s proposal to sell a 30 percent stake in its hydrocarbon blocks to BP Plc, the Mint newspaper reported, citing an official it didn’t name.

BP on Feb. 21 agreed to pay Reliance $7.2 billion for stakes in 23 blocks in India. Shares of Reliance, the nation’s largest company by market value, slid 0.3 percent to 1,022.75 rupees.

Tata Steel Ltd. (TATA) : India’s biggest steel producer and Dyesol Ltd. will expand their joint photovoltaics project at Tata’s site in Shotton, north Wales, according to an e-mailed statement from Tata. The stock fell 0.1 percent to 612.90 rupees.

To contact the reporter on this story: Pratish Narayanan in Mumbai at pnarayanan9@bloomberg.net; Shikhar Balwani in Mumbai at sbalwani@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.