Lanco Infratech, Mahindra, NMDC, Redington: 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, declined less than 1 percent to 17,550.63. The S&P CNX Nifty Index on the National Stock Exchange climbed less than 0.1 percent to 5,278.30. The BSE 200 Index fell 0.2 percent to 2,178.43. SGX S&P CNX Nifty Index futures for June delivery dropped 0.2 percent to 5,273 as of 10:52 a.m. in Singapore.
Lanco Infratech Ltd. (LANCI) : The electricity producer controlled by billionaire L. Madhusudhan Rao is in talks to buy a coal mine in South Africa. The company is looking to secure 400 million to 500 million metric tons of resources in the next two years, Praveer Tripthi, general manager of business development at Lanco Energy Africa Ltd., said in an interview in Johannesburg. The shares dropped 5.3 percent to 26.1 rupees, the lowest since May 15.
Mahindra & Mahindra Ltd. (MM) : India’s largest maker of sport-utility vehicles and tractors may further increase prices this year to offset pressure on profits from rising commodity costs, said Pawan Goenka, president of the company’s automotive division. The shares rose 2.3 percent to 648.70 rupees.
NMDC Ltd. (NMDC) : A joint venture between India’s largest iron-ore producer and ArcelorMittal, the world’s largest steelmaker, to develop iron-ore mines in Senegal is “under hibernation,” Press Trust of India reported, citing NMDC Chairman and Managing Director Rana Som. The shares climbed 2.6 percent to 257.65 rupees.
Redington (India) Ltd. (REDI IN): Blackstone and Standard Chartered Private Equity are vying to acquire a stake in the distributor of computer products, the Times of India newspaper reported, without saying where it got the information. Singapore-based Kewalram Chanrai Group may sell about 15 percent stake for 5 billion rupees ($111 million), the report said. Redington surged 2.7 percent to 86.55 rupees.
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