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, unless otherwise stated.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 0.4 percent to 18,762.80. The BSE 200 Index was little changed at 2,314.72. The S&P CNX Nifty Index on the National Stock Exchange lost 0.4 percent to 5,627.20. SGX S&P CNX Nifty Index futures for July delivery rose 0.9 percent to 5685.5 as of 11:06 a.m. in Singapore.
Bharat Heavy Electricals Ltd. (BHEL) : India’s largest power-equipment maker will study a proposal for setting up a non-banking finance company to administer investments in infrastructure projects, Press Trust of India reported, citing Chairman B.P. Rao. The shares were little changed at 2,050.35 rupees.
GVK Power & Infrastructure Ltd. (GVKP) : India may take back coal mines allocated to companies including GVK Power & Infrastructure if they do not start work on them immediately, Press Trust of India reported on July 3, citing a government letter. The stock jumped 4.4 percent to 20.15 rupees.
Hero Honda Motors Ltd. (HH) : India’s largest motorcycle maker is looking for a partner to help boost its research and development after Japan’s Honda Motor Co. exited the venture, the Press Trust of India reported, citing Anil Dua, the company’s senior vice president. Shares rose 1.2 percent to 1,899.2 rupees.
ITC Ltd. (ITC) : Asia’s second-largest cigarette maker by market value plans to invest 6 billion rupees ($134 million) to expand capacity at its paperboard and specialty papers unit, Press Trust of India reported, citing Sanjay Singh, the unit’s chief executive. The shares fell 0.7 percent to 201.55 rupees.
ITI Ltd. (ITI) : The state-run maker of telecommunications equipment is looking to invest more than 24 billion rupees ($540 million) to resume operations and enter new areas of business, the Press Trust of India reported, citing Chairman K.L. Dhingra. The shares added 0.2 percent to 31.4 rupees.
MMTC Ltd. (MMTC) : India’s biggest state trading company has dropped plans of buying overseas coal mines, commercial farming in Africa and generating electricity locally, the Mint newspaper reported citing acting chairman and managing director H.S. Mann. The company would instead concentrate on its core businesses such as minerals, metals and general trading, to help meet a demand mismatch for coal in India. The shares fell 0.3 percent to 910.35 rupees.
Future Capital Holdings Ltd. (FCHL) : Pantaloon Retail India Ltd. (PF) , the nation’s largest retailer by market value, will sell its stake in the financial services unit, the Economic Times reported without saying where it obtained the information. Pantaloon has hired bank Morgan Stanley to find a buyer for its 54 percent stake in Future Capital, the report said. Future Capital climbed 2.2 percent to 140.15 rupees. Pantaloon Retail surged 4.5 percent to 320.5 rupees.
Reliance Industries Ltd. (RIL) : The owner of the world’s largest refining complex sold 25,000 metric tons of gasoline to Ceylon Petroleum Corp., Sri Lanka’s state-owned oil company, said two people who participated in the tender, declining to be identified because the information is confidential. The stock declined 4.1 percent to 861.95 rupees.
Tata Steel Ltd. (TATA) : India’s biggest producer said on July 2 it has been named best bidder and promoter for the revival of Incab Industries Ltd. by the Appellate Authority for Industrial and Financial Reconstruction. The stock lost 1.3 percent to 602.3 rupees.
Ultratech Cements Ltd. (UTCEM IN): The Aditya Birla Group company’s cement output in the quarter ended June 30 fell to 9.7 million tons from 10 million tons a year ago, the company said in an e-mailed statement on July 2. Dispatches during the period fell to 9.7 million tons from 9.9 million tons, the statement said. The shares rose 0.7 percent to 936.05 rupees.
-- With assistance from V. Ramakrishnan and Rajhkumar K Shaaw in Mumbai. Editor: Ravil Shirodkar
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