GTL, Oberoi, Power Grid, Unitech Radico: 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, lost 169.34, or 0.9 percent, to 17,940.55. The S&P CNX Nifty Index on the National Stock Exchange of India Ltd. slid 1 percent to 5,404.80. The BSE 200 Index fell 0.8 percent. SGX S&P CNX Nifty Index futures for August delivery fell 0.4 percent to 5,408 as of 11:07 a.m. in Singapore.
GTL Ltd. (GTS) : A lender to the company, whose stock has plunged 83 percent this year, agreed to delay a plan to seize shares pledged by the company’s owners as collateral while creditors try to restructure its $1.1 billion debt, said two people with direct knowledge of the talks. State lenders to GTL, a maker of telecommunication equipment, persuaded Syndicate Bank not to exercise its rights to the shares, the people said, declining to be identified because the discussions are private. GTL slid 0.3 percent to 69.45 rupees.
Hindustan Copper Ltd. (HCP) : India’s monopoly miner of copper ore reported first-quarter profit rose to 604.1 million rupees ($14 million), from 262 million rupees a year earlier. The shares slid 1.3 percent to 247.70 rupees.
Lanco Infratech Ltd. (LANCI) : The power producer won an order to develop and operate a coal mine and build a 2,000- megawatt power plant for Maha Tamil Collieries Ltd., according to an e-mailed statement. The shares rose for the first time since July 4, surging 9.4 percent to 18.60 rupees.
Oberoi Realty Ltd. (OBER) : India’s third-largest developer said first-quarter profit rose 33 percent, boosted by income from its non-property business. The shares fell 1.7 percent to 235.25 rupees.
Power Grid Corporation of India Ltd. (PWGR IN): The nation’s biggest transmission company is likely to raise 25 billion rupees by issuing corporate bonds before the end of this month, the Business Standard reported without saying where it got the information. The shares dropped 3.1 percent to 104.65 rupees.
Radico Khaitan Ltd. (RDCK) : The New Delhi-based liquor maker is in talks with two-three international liquor companies for marketing partnership by the end of the year, the Economic Times reported citing Managing Director Abhishek Khaitan. The shares declined 0.2 percent to 132.05 rupees.
Unitech Ltd. (UT) : India’s second-largest property developer restated 62 percent of its cash hoard in the year ended March 2010 as an investment, the value of which eroded by half, according to CLSA Asia-Pacific Markets. The shares fell 0.3 percent to 30.75 rupees.
United Spirits Ltd. (UNSP) : The maker of McDowell’s No. 1 whisky and Romanov vodka reported profit for the year ended March 31 rose to 3.85 billion rupees from 3.76 billion rupees. The shares dropped 1.2 percent to 979.10 rupees.
Wipro Ltd. (WPRO) : India’s third-largest software exporter is seeking acquisitions in business-process outsourcing, consulting and software services, Chief Financial Officer Suresh Senapaty said in Kolkata yesterday. The shares slid 0.6 percent to 381.20 rupees.
Zensar Technologies Ltd. (ZENT) : The software maker expects revenue to grow 65 percent in the year ending March, helped by acquisitions in the U.S., Chief Executive Ganesh Natarajan said in Kolkata. The shares fell 0.5 percent to 139.30 rupees.
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