Sugar Mills, Cairn, Mahindra, Reliance: 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 BSE India Sensitive Index, or Sensex, climbed 472.93 points, or 3 percent, to 16,524.03. The S&P CNX Nifty Index on the National Stock Exchange of India Ltd. rose 2.8 percent to 4,971.25, while BSE 200 Index advanced 2.5 percent to 2,045.33. SGX S&P CNX Nifty Index futures for September delivery added 0.2 percent to 4,992.5 as of 10:59 a.m. in Singapore.
Sugar Mills: India, the world’s biggest sugar consumer, may not need to extend curbs on stockpiling by traders beyond November as production in 2011-2012 will exceed demand, Food Minister K.V. Thomas told a conference in New Delhi. Shares of Bajaj Hindusthan Ltd. (BJH) advanced 1.1 percent to 40.3 rupees. Balrampur Chini Mills Ltd. (BRCM) rose 0.6 percent to 48.65 rupees, while Shree Renuka Sugars Ltd. (SHRS) gained 3.3 percent to 57.7 rupees.
Cairn India Ltd. (CAIR) : The board of Oil & Natural Gas Corp. approved Vedanta Resources Plc’s plan to buy a majority stake in Cairn Energy Plc’s Indian unit, ONGC said in a statement issued in New Delhi. The shares rose 4.1 percent to 280.25 rupees.
Mahindra & Mahindra Ltd. (MM) : The nation’s biggest sports-utility vehicle maker plans to introduce its XUV500 model to compete with Toyota Motor Corp.’s Fortuner in the growing premium SUV market. The Mumbai-based automaker will price the XUV500 between 1.2 million rupees ($24,400) and 2 million rupees, Pawan Goenka, president of Mahindra’s automobile and farm equipment division, said Sept. 26. Shares climbed 3.5 percent to 797.8 rupees.
Power Grid Corporation of India Ltd. (PWGR IN): The nation’s largest electricity transmission company was raised to “buy” from “outperform” at Batlivala & Karani Securities by equity analyst Vishal Biraia. The price estimate is 116 rupees per share. The stock advanced 1.5 percent to 96.65 rupees.
Reliance Industries Ltd. (RIL) : Investors in the nation’s largest company by market value want Chairman Mukesh Ambani and BP Plc Chief Executive Officer Robert Dudley to press Indian ministers to increase the price of natural gas from the nation’s largest field.
Billionaire Ambani and Dudley are due to meet Oil Minister S. Jaipal Reddy and Commerce Minister Anand Sharma in New Delhi today, according to the ministries. Reliance shares surged 5 percent to 797.2 rupees.
To contact the reporter on this story: Karthikeyan Sundaram in New Delhi at firstname.lastname@example.org