Coal, Jayshree, Reliance, State Bank, Tata: 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, unless otherwise stated.
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 1.9 percent to 19,078.30. The BSE 200 Index gained 1.7 percent to 2,357.50. The S&P CNX Nifty Index on the National Stock Exchange climbed 1.8 percent to 5,728.95. SGX S&P CNX Nifty Index futures for July delivery gained 0.4 percent to 5,770.5 as of 11:12 a.m. in Singapore.
Mining and steel companies: An Indian panel of ministers approved the draft of a bill that proposes to make coal and other mining companies pay for development in areas where they operate to avert discontent among local people. The draft requires coal companies to share 26 percent of their profit and other miners to pay an amount equal to the royalty they pay the government for mineral extraction, Environment Minister Jairam Ramesh said yesterday.
Tata Steel Ltd. (TATA) , the biggest producer of the alloy, gained 1.5 percent to 606.7 rupees. Steel Authority of India Ltd. (SAIL) , the nation’s second-largest steelmaker, added 0.4 percent to 142 rupees. Coal India Ltd. (COAL) advanced 0.5 percent to 394.25 rupees. NMDC Ltd. (NMDC) , the largest iron-ore miner, increased 1.7 percent to 265.6 rupees. MMTC Ltd. (MMTC) , the biggest state trading company, surged 4 percent to 944.6 rupees. Sesa Goa Ltd. (SESA) , the nation’s largest iron ore exporter, rose 1.2 percent to 294.55 rupees.
Essar Oil Ltd. (ESOIL) : The operator of India’s second- largest non-state refinery plans to shut its Vadinar plant for about a month starting in the middle of September, two people with knowledge of the matter said. The stock fell 0.7 percent to 126.4 rupees.
Jayshree Tea & Industries Ltd. (JTI) : The world’s third- largest tea producer plans to acquire plantations in Africa as it seeks to double output in five years. Jayshree wants to increase tea production to 50 million kilograms, Managing Director D. P. Maheshwari said in an interview in Kolkata yesterday. The shares rose 1.6 percent to 179.7 rupees.
Reliance Industries Ltd. (RIL) : The owner of the world’s largest refining complex plans to shut gasoil and crude units next month at a plant in Jamnagar, western India, according to a person with knowledge of the matter. The shares gained 2.1 percent to 870.7 rupees.
State Bank of India (SBIN) : The nation’s largest lender will raise its base rate to 9.50 percent from 9.25 percent effective July 11, according to a statement on the Bombay Stock Exchange. The stock climbed 1.6 percent to 2482.85 rupees.
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