PVR, Reliance, Shipping Corp., Thermax: 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, fell 65.33, or 0.4 percent, to 18,469.36. The S&P CNX Nifty Index on the National Stock Exchange declined 0.5 percent to 5,537.15. The BSE 200 Index decreased 0.5 percent to 2,281.10. SGX S&P CNX Nifty Index futures for May delivery dropped 0.3 percent to 5,519 as of 10:46 a.m. in Singapore.
Oberoi Realty Ltd. (OBER) : The Mumbai-based developer reported that fourth-quarter profit rose 58 percent to 1.37 billion rupees ($30.8 million) in the quarter ended March 31, according to a Bombay Stock Exchange filing. The shares gained 2.4 percent to 252.75 rupees.
PVR Ltd. (PVRL) : The cinema operator may sell its Pheonix Mills property in Mumbai for 1 billion rupees ($22.5 million), the Economic Times reported, citing people familiar with the situation that it didn’t identify. Private equity firms are interested in the property and a deal may be announced this week, the newspaper said. The shares jumped 6 percent to 106.55 rupees.
Reliance Industries Ltd. (RIL) : The company plans to invest as much as $12 billion in the chemicals business as the market for health-care and hygiene products grows, the Economic Times reported, citing an interview with Chairman Mukesh Ambani. Reliance will also look to develop a rubber business because of the growing demand for car tires, Ambani told the newspaper.
The company will also increase output of natural gas from the KG-D6 block after analyzing data for a few more quarters with the help of BP Plc, the report said. India’s biggest company by market value climbed 0.4 percent to 939.65 rupees.
Shipping Corp. of India (SCI IN): The company is reviving plans to invest in a shipyard, Lloyd’s List said, citing an interview with Chairman and Managing Director Sabyasachi Hajara. Four shipbuilders last year expressed interest in selling a stake to the state-controlled shipping line, Hajara said, without elaboration, according to the maritime newspaper. The plan was delayed as the shipping line held a share sale. The shares dropped 2 percent to 105.8 rupees.
Thermax Ltd. (TMX) : The power equipment maker run by India’s third-richest woman was cut to “sell” from “hold” at Citigroup Inc., which cited a “muted” outlook for order inflows. The brokerage reduced its share-price estimate to 542 rupees from 698 rupees, analysts led by Deepal Delivala wrote in a report. The shares sank 4.2 percent to 613.3 rupees.
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