Bharat Heavy, DB Realty, Indian Oil, Steel Authority: 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, fell 0.3 percent to 18,561.92. The S&P CNX Nifty Index on the National Stock Exchange lost 0.3 percent to 5,581.10. BSE 200 Index lost 2,307.37. SGX S&P CNX Nifty Index futures for July delivery shed 0.2 percent to 5,581.5 at 10:59 a.m. in Singapore.
Aditya Birla Nuvo Ltd. (ABNL) : The viscose filament yarn maker’s petition challenging payment demands sent by India’s income-tax department was dismissed by the Bombay High Court. The shares rose 0.9 percent to 920.5 rupees.
Bharat Heavy Electricals Ltd. (BHEL) : Citigroup Inc. and Goldman Sachs Group Inc. are among 17 financial companies competing to manage a share sale for the nation’s biggest power equipment maker. The shares fell less than 0.1 percent to 1,929.25 rupees.
DB Realty Ltd. (DBRL) : The developer on Friday said a local state authority canceled a township project in the city of Pune. The shares fell 0.6 percent to 82.05 rupees.
Indian Oil Corp. (IOCL IN): The nation’s largest refiner increased the price of jet fuel in Mumbai to 57,031.66 rupees a kiloliter starting July 16, from 56,964.01 rupees a kiloliter earlier, according to the company’s website. The shares fell 0.2 percent to 336.85 rupees.
Mahindra Lifespace Developers Ltd. (MLIFE) : The real- estate arm of Mahindra Group plans to pay 2.7 billion rupees ($60.7 million) to buy the three-story house on Mumbai’s Napean Sea Road where the group’s vice-chairman, Anand Mahindra, lives as a tenant, the Economic Times reported, citing people it didn’t identify. The shares gained 0.8 percent to 375.3 rupees.
Scooters India Ltd. (SCTR) : The government is likely to scrap plan to sell stake in the state-run company, the Indian Express newspaper reported, without saying where it got the information. The shares slumped 3.5 percent to 41.5 rupees.
Steel Authority of India Ltd. (SAIL) : A planned share sale by the state-owned producer will take three more months, Press Trust of India reported yesterday, citing Steel Minister Beni Prasad Verma. The shares fell 0.4 percent to 130.8 rupees.
Tata Communications Ltd. (TCOM) : India’s government is opposed to a Tata Communications proposal to sell new shares to boost public ownership of the company, Business line reported, citing an unidentified official at the Department of Telecommunications. Tata Communications is required to boost the amount of shares held by the public to at least 25 percent by June 2013, from 16.85 percent at present, the report said. The government owns 26 percent and is opposed to any plan that would dilute its stake. The Tata family holds 51 percent. Tata Communications, controlled by the Tata group, lost 0.1 percent to 204.75 rupees.
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