India: Oil & Natural Gas, Reliance Communications, Steel Strips

The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the 3:30 p.m. close in Mumbai.

The Bombay Stock Exchange Sensitive Index, or Sensex, fell 101.33 points, or 0.6 percent, to 18,394.29, the first decline in three days. The BSE 200 Index retreated 0.4 percent to 2,288.63.

Oil & Natural Gas Corp. (ONGC IN) decreased 2.3 percent to 270.05 rupees, the lowest in two weeks. The country’s biggest energy explorer and GAIL India Ltd. (GAIL) are in talks to buy part of Exxon Mobil Corp.’s stake in Kazakhstan’s Kashagan field, two people with direct knowledge of the matter said. “The field has been a non-starter,” said Sandeep Randery, an analyst with Brics Securities Ltd. in Mumbai. “All that investment would only make sense if production can start very soon. Significant amounts of ONGC’s cash and resources could get blocked if they go ahead with this large deal.” GAIL advanced 1.8 percent to 443.5 rupees.

Reliance Communications Ltd. (RCOM) climbed 2.4 percent to 94.25 rupees, the highest in more than a month. Carlyle Group and TPG Capital are among companies in talks to buy a stake in Reliance’s mobile-phone towers unit, three people with knowledge of the matter said.

Reliance Industries Ltd. (RIL) retreated 0.9 percent to 949.2 rupees. India’s most valuable company and its Canadian partner Niko Resources Ltd. have told India’s oil ministry that they are unable to raise gas output from one of their blocks until 2014, Mint reported, citing minutes of a May 2 meeting.

Steel Strips Wheels Ltd. (SSW) gained 2.1 percent to 293.4 rupees, the highest in more than a month. The automobile equipment maker expects to sell 60,000 more wheels to Renault SA’s plant in Brazil in the three months ending Sept. 30, compared with an earlier estimate of 120,000, according to an exchange filing.

To contact the reporter on this story: Ameya Karve in Mumbai at akarve@bloomberg.net.

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

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