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ING Vysya, State Bank, Tata Steel, Unitech: India Equity 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 349.15, or 1.8 percent, to 19,470.98. The S&P CNX Nifty Index on the National Stock Exchange advanced 1.9 percent to 5,851.65. The BSE 200 Index increased 1.6 percent to 2,406.89.

ING Vysya Bank Ltd. (VYSB) : The lender’s fourth-quarter profit rose to 913 million rupees ($20.6 million) from 679.1 million rupees a year earlier, the company said in a statement to the National Stock exchange. The stock rose 0.8 percent to 336.85.

State Bank of India (SBIN) Ltd: The nation’s biggest lender will change the interest rate structure for home loans, linking the borrowing costs to base rates, Chairman Pratip Chaudhuri told reporters in Mumbai. The shares advanced 2.3 percent to 2,795.15.

Tata Steel Ltd. (TATA) : The country’s largest producer of the alloy will stay invested in Riversdale Mining Ltd., Managing Director H.M. Nerurkar said in an interview yesterday. Rio Tinto Group acquired 72 percent of Riversdale Mining Ltd., Rio said in a statement yesterday. Tata Steel remains the second-largest shareholder with 26.3 percent, according to data compiled by Bloomberg. The shares climbed 2.5 percent to 624.5.

Unitech Ltd. (UT) : Telenor ASA asked the head of its Indian mobile-phone venture with Unitech to step down after a court ordered the arrest of Unitech Wireless Chairman Sanjay Chandra in a probe into a sale of cellphone licenses. Telenor, the biggest Nordic phone company, asked partner Unitech to name a replacement for as long as the court case goes on, Glenn Mandelid, a spokesman at the Fornebu, Norway-based company said in an e-mailed statement yesterday. A probe into the sale of mobile-phone spectrum won’t have an “adverse” impact on Unitech’s real estate and telecommunications businesses, the Indian company said in an e-mailed statement. The shares fell 5.6 percent to 40.45 rupees.

To contact the reporters on this story: Kartik Goyal in New Delhi at kgoyal@bloomberg.net

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

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