JSW Steel, Kingfisher, MTNL, Tata Motors: 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 54.88, or 0.3 percent, to 18.507.04. The S&P CNX Nifty Index on the National Stock Exchange declined 0.3 percent to 5,567.05. The BSE 200 Index decreased 0.1 percent to 2,304.93. SGX S&P CNX Nifty Index futures for July delivery fell 0.1 percent to 5,561.5 as of 11:08 a.m. in Singapore.

JSW Steel Ltd. (JSTL) : Shortage of raw materials may cause production cut at its plant in Toranagal, Karnataka, the Business Standard newspaper reported, citing Chief Executive Officer Vinod Nowal. JSW Steel, India’s third-biggest producer of the alloy, gained 2.6 percent to 883.8 rupees.

Gemini Communications Ltd. (GMCM) : The Indian wireless broadband company will buy back shares at 45 rupees apiece. The shares dropped 3.3 percent to 26.4 rupees.

Kingfisher Airlines Ltd. (KAIR) : Twelve flights of the nation’s second-biggest airline were grounded at the country’s four major airports for two hours after Hindustan Petroleum Corp. (HPCL IN) refused to supply fuel due to non-payment of dues, the Business Standard reported without saying where it got the information. Kingfisher fell 1 percent to 39.4 rupees. Hindustan Petroleum gained 1.2 percent to 408.8 rupees.

Mahanagar Telephone Nigam (MTNL) Ltd: The state-owned telecommunications company is looking to buy a 51 percent stake in Zimbabwe’s state-run landline operator, TelOne, the Economic Times reported without saying where it got the information. Mahanagar Telephone slid 0.2 percent to 43.8 rupees.

Power Finance Corp. (POWF IN): India’s largest lender to utilities will set up a unit to fund renewable-energy projects. The lender is waiting for central bank approval for the unit to be capitalized at 12 billion rupees ($269 million), Chairman Satnam Singh said in New Delhi yesterday. The shares gained 2.6 percent to 216.85 rupees.

Sterlite Technologies Ltd. (SOTL) : India plans to invest as much as 300 billion rupees in the next two years to expand broadband services in the country, Sam Pitroda, an adviser to Prime Minister Manmohan Singh, told reporters. The maker of fiber-optic cables added 0.5 percent to 53.25 rupees.

Tata Consultancy Services Ltd. (TCS) : The information technology company’s Chief Executive Officer N. Chandrasekaran said rejection of visa applications by the U.S. government had increased and the Indian software exporter had to adapt to these changes. The shares lost 1.8 percent to 1,125.05 rupees.

Tata Motors Ltd. (TTMT) : The owner of Jaguar and Land Rover will consider selling vehicles in China, Chairman Ratan Tata said yesterday. The world’s biggest auto consumer has “has become an important market for the company,” Tata said in the company’s annual report. The shares dropped 1.8 percent to 1,014.8 rupees.

To contact the reporter on this story: Malavika Sharma in New Delhi at msharma52@bloomberg.net.

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

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