Ashok, Infosys, ITC, 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 184.69, or 1 percent, to 18,326.09. The S&P CNX Nifty Index on the National Stock Exchange advanced 1.1 percent to 5,486.35. The BSE 200 Index increased 0.9 percent to 2,260.30. Nifty futures for May delivery sank 1 percent to 5,424 as of 11:03 a.m. in Singapore.
Ashok Leyland Ltd. (AL) : The truckmaker was raised to “buy” from “accumulate” by Vaishali Parkar, an analyst at SBI Capital Markets Ltd. with a 12-month price estimate of 61 rupees. The shares advanced 5.7 percent to 51.20 rupees.
Bajaj Hindusthan Ltd. (BJH) : India’s largest sugar maker has filed documents with the regulator for a rights offer to raise 18.2 billion rupees ($404 million), two people familiar with the matter said on May 20. The shares rose 0.4 percent to 66.90 rupees.
Cairn India Ltd. (CAIR) : The closing date for Vedanta Resources Plc to purchase a majority stake in Cairn India Ltd. from Cairn Energy Plc was extended to secure approvals from India’s government, according to a May 20 statement by Vedanta.
Separately, the company is interested in expanding into East Africa, energy-pedia news reported, citing David Ginger, Cairn India’s director of exploration and new ventures. Cairn India shares lost 0.3 percent to 339.90 rupees.
Hinduja Foundries Ltd. (ENOR) : The company plans to acquire a manufacturing plant in Europe, Managing Director B. Swaminathan told reporters in Chennai on May 20. It expects to spend 700 million rupees on capital expenditure in the year that began April 1, he said. The shares rose 0.8 percent to 85.90 rupees.
Infosys Technologies Ltd. (INFO) : India’s second-largest software exporter plans to invest as much as $150 million in a new campus at Zizhu Science and Technology Park in Shanghai, according to an e-mailed statement. The shares rose 0.1 percent to 2,849.85 rupees.
ITC Ltd. (ITC) : Asia’s second-largest cigarette maker by value said fourth-quarter profit rose 24 percent, matching estimates, as revenue from sales of tobacco, shampoos and soaps increased to a record. The shares fell 1.3 percent to 186.55 rupees.
KSK Energy Ventures Ltd. (KSK) : The Indian power project developer may borrow 12 billion rupees to fund its wind energy projects, the Press Trust of India reported yesterday, citing unidentified people. The report didn’t say whether the debt would be in the form of loans or bonds. The shares declined 0.1 percent to 111.5 rupees.
MOIL Ltd. (MOIL) : India’s largest manganese producer is looking to buy manganese ore assets in South Africa, Turkey, Congo and the Middle East, the Press Trust of India reported today, citing Chairman K.J. Singh. The state-run company is also looking to revive the Kisenge manganese mines owned by the government of Congo, according to the report. The shares fell 0.8 percent to 358 rupees.
National Aluminium Co. (NACL IN): India’s second-largest aluminum producer cut prices by 4,500 rupees a ton, Reuters reported, citing an unnamed company official. The shares were unchanged at 88 rupees.
Reliance Industries Ltd. (RIL) : India’s largest company by market value is in talks with banks to arrange as much as $1.5 billion in dollar-denominated loans, two people familiar with the matter told Bloomberg News on May 20.
Separately, fuel exports by the owner of the world’s largest refining complex climbed 25 percent in the first half of May from a month earlier as it shipped more gasoline to the U.S. and demand for jet fuel grew. The Mumbai-based company sold at least 1 million metric tons of fuel products overseas from its Jamnagar facility from 800,000 tons in the first 15 days of April, according to ship-tracking data compiled by Bloomberg and vessel fixtures from Clarkson Research Services Ltd. The shares advanced 0.8 percent to 923.20 rupees.
Steel Authority of India Ltd. (SAIL) : India’s second- largest steel producer expects to raise about 35 billion rupees from a share sale, Reuters reported, citing Chairman C.S. Verma. The shares rose 1.6 percent to 142.60 rupees.
Tata Steel Ltd. (TATA) : The Indian steelmaker’s U.K. unit’s proposals to cut costs and close part of a plant in Scunthorpe, northern England, threaten about 1,500 local jobs, it said on May 20. The shares rose 3 percent to 579.55 rupees.
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