Emami, JSW Steel, Piramal, Tata Power: 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, advanced 272.60, or 1.6 percent, to 17,130.51. The S&P CNX Nifty Index on the National Stock Exchange of India Ltd. rose 1.7 percent to 5,161.00. The BSE 200 Index climbed 1.6 percent to 2,133.84. SGX S&P CNX Nifty Index futures for August delivery surged 1.3 percent to 5,163 as of 11:14 a.m. in Singapore.

Emami Ltd. (HMN) : An Indian consortium, headed by the Emami founder R.S. Agarwal, plans to invest $400 million in a residential and shopping mall project in Sri Lanka’s capital Colombo, Urban Development Authority Chairman Janaka Kurukulasuriya said. The group has paid $32 million for a 99- year lease for two acres of land near Colombo’s Beira Lake, Kurukulasuriya told reporters late yesterday. The maker of cosmetics jumped 4.5 percent to 481 rupees. Emami Infrastructure Ltd. (EMIL) added 0.7 percent to 37.15 rupees.

Indian Bank (INBK) : The state-owned lender will delay selling $500 million of bonds “until the pricing is attractive,” Executive Director V. Rama Gopal said yesterday. The shares jumped 3.7 percent to 219.60 rupees.

JSW Steel Ltd. (JSTL) : The West Bengal state government has decided to vest the 270 acres, directly purchased by a unit of the nation’s third-biggest steelmaker in West Medinipur, with it, the Business Standard reported without saying where it got the information. After vesting the land, it will be given to the company on lease, the report said. The shares climbed 0.6 percent to 656.55 rupees.

Kingfisher Airlines Ltd. (KAIR) posted a first-quarter loss of 2.64 billion rupees ($58 million), compared with 1.87 billion rupees a year earlier, according to a stock exchange filing yesterday. The shares rose 2.7 percent to 31.90 rupees.

Hotel Leela Venture Ltd. (LELA) : The owner of an Indian luxury hotel chain plans to sell its hotel in Kovalam, Kerala for 5 billion rupees to cut debt, the Economic Times reported citing Chairman CP Krishnan Nair. The shares surged 8.4 percent to 45.8 rupees.

NHPC Ltd. (NHPC) : The state-owned producer of hydro electricity plans to add 723 megawatts of power generation capacity by March 31, Chairman A.B.L. Srivastava said in New Delhi yesterday. The state-run company plans to raise 20 billion rupees in bonds and loans in the current year, Srivastava said. The shares rose 4.1 percent to 25.20 rupees.

Piramal Healthcare Ltd. (PIHC) : The Indian drugmaker agreed to buy a 5.5 percent stake in Vodafone Group Plc’s Indian unit, Vodafone Essar Ltd., for about $640 million in cash ahead of a potential initial public offering of the business. Piramal shares rose 1.9 percent to 370.75 rupees.

Rural Electrification Corp. (RECL IN): The state-run lender to power projects is seeking the Indian government’s approval to raise $1 billion selling foreign currency convertible bonds, Chairman H.D. Khunteta told reporters in New Delhi yesterday. The stock climbed 2 percent to 191.40 rupees.

Sesa Goa Ltd. (SESA) : India’s largest iron-ore exporter and Elenilto Minerals & Mining LLC will jointly invest more than $2.6 billion in Liberia’s Western Cluster Ltd. Sesa Goa shares climbed 2.7 percent to 241.10 rupees.

Shriram Transport Finance Co. Ltd. (SHTF IN): U.S.-based private equity firm TPG Capital has deferred its plan to sell its stake in the truck financier due to fall in its stock price, the Economic Times reported without saying where it got the information. The shares rallied 8.4 percent to 650.15 rupees.

Steel Authority of India Ltd. (SAIL) : The nation’s second-biggest producer scrapped a plan to sell 2.5 billion rupees of bonds as arrangers demanded higher yields, said two people familiar with the deal. The shares advanced 4.9 percent to 112.50 rupees.

Tata Power Co. (TPWR IN): India’s largest non-state electricity utility said first-quarter profit increased 34 percent to 4.18 billion rupees. That missed the median analyst estimate of 5.29 billion rupees. The stock slipped 0.1 percent to 1,176.10 rupees.

Uco Bank (UCO) . The Indian state-owned lender will need “at least one month to take a call” on a dollar-denominated bond sale, General Manager S. Srinivasan said in an interview yesterday. The shares rose 1 percent to 78.15 rupees.

United Breweries Ltd. (UBBL) : The maker of McDowell’s No. 1 whisky and Romanov vodka was cut to “sell” from “hold” at Religare Capital Markets by equity analyst Varun Lohchab. The brokerage has a 12-month share-price estimate of 425 rupees. The shares fell 0.2 percent to 474.80 rupees.

To contact the reporters on this story: Rajesh Kumar Singh in New Delhi at rsingh133@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net.

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

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