NCC, Maruti, ONGC, Reliance, State Bank: 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 176.42 points, or 1 percent, to 18,132.24. The S&P CNX Nifty Index on the National Stock Exchange declined 1 percent to 5,447.50. The BSE 200 Index fell 0.9 percent to 2,259.94. SGX S&P CNX Nifty Index futures for June delivery fell 1.2 percent to 5,390 as of 11:12 a.m. in Singapore.

Ashok Leyland Ltd. (AL) : The board of the commercial vehicle maker, backed by the billionaire Hinduja brothers, approved a bonus issue to shareholders of one free share for each already held, according to a statement to the Bombay Stock Exchange. The shares dropped 0.5 percent to 50.5 rupees.

GVK Power and Infrastructure Ltd. (GVKP IN): The power company will borrow $1.2 billion to buy two Hancock Prospecting Pty Ltd. coal mines in Australia, the Economic Times reported, citing two people it didn’t name. ICICI Bank Ltd. (ICICIBC) is arranging the loan, which will be completed in two weeks with an interest rate of 10 percent, the report said. GVK Power rose 0.7 percent to 22.3 rupees. ICICI Bank lost 2.3 percent to 1,031.15 rupees.

HDFC Bank Ltd. (HDFCB) : India’s third-biggest lender by market value hired six banks to help it borrow $100 million in a two-part loan, according to a person familiar with the matter. The loan is split into two- and three-year facilities, the former paying a margin of 85 basis points more than the London interbank offered rate and the latter a margin of 110 basis points more than Libor, the person said, asking not to be identified as details are private. The shares declined 0.4 percent to 2,372.8 rupees.

Indian Oil Corp. (IOCL IN): The nation’s largest refiner raised the price of jet fuel in Mumbai to 58,601.14 rupees ($1,308.86) a kiloliter starting today, from 57,166.96 rupees, according to the company’s website. The stock climbed 2.4 percent to 330.6 rupees.

Lanco Infratech Ltd. (LANCI) : The Indian energy company, which bought Australia’s Griffin Mining Co. earlier this year, will spend 350 billion rupees to set up thermal power plants, Chairman L. Madhusudan Rao said. The shares dropped 0.7 percent to 30.45 rupees.

Maruti Suzuki India Ltd. (MSIL) : A strike at one of the plants of India’s largest carmaker has increased the customer waiting period for some models by a month, Press Trust of India reported, citing a dealer in the northern city of Ludhiana. The shares declined 1 percent to 1,210 rupees.

NCC Ltd. (NJCC IN): The construction company will sign a 50-billion rupee contract ($1.12 billion) to build a thermal power plant at Krishnapatanam in the southern Indian state of Andhra Pradesh, Hindu Business Line said, citing Chief Financial Officer Y. D. Murthy. The plant is being developed in a venture with Gayatri Projects Ltd. (GAYP) , the newspaper said. NCC dropped 0.6 percent to 84.2 rupees. Gayatri Projects declined 0.9 percent to 206.7 rupees.

Oil & Natural Gas Corp. (ONGC IN): India’s largest state- owned oil explorer is in talks with BG Exploration and Production and Italy’s ENI SpA to sell up to a 30 percent stake in the Krishna-Godavari oil and gas block, Business Standard said, citing two ONGC board members it didn’t name. The shares decreased 0.6 percent to 268.35 rupees.

Reliance Industries Ltd. (RIL) : India’s most valuable company was downgraded to “neutral” from “overweight” by Kumar Manish, an analyst at HSBC Holdings Plc., with a price estimate of 1,040 rupees per share. The shares fell 1.2 percent to 900.55 rupees.

Shriram Transport Finance Co. (SHTF IN): The Indian truck financier plans to raise up to 10 billion rupees ($223 million) selling debentures, the Economic Times reported, citing two people it didn’t identify. About 5 billion rupees of three- to five-year bonds with an 11 to 12 percent coupon will be offered initially, with a greenshoe option on the rest, the report said. The shares lost 1.1 percent to 634.85 rupees.

State Bank of India (SBIN) : The nation’s biggest lender is looking for opportunities in South Africa, Chairman Pratip Chaudhuri said. The lender plans to establish four more offices there within a year, he said in Johannesburg yesterday. The shares plunged 2.1 percent to 2,182.5 rupees.

To contact the reporters on this story: Karthikeyan Sundaram in New Delhi at kmeenakshisu@bloomberg.net

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

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