GAIL, ITC, Oberoi Realty, Sterling Holiday: 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, fell 78.01 points, or 0.5 percent, to 16,446.02. The S&P CNX Nifty Index on the National Stock Exchange of India declined 0.5 percent to 4,945.90, while BSE 200 Index 0.6 percent to 2,033.39. SGX S&P CNX Nifty Index futures for September delivery lost 0.4 percent to 4,922 as of 11:15 a.m. in Singapore.

DIL Ltd. (DILL) : Evotec AG agreed to buy the 30 percent stake it doesn’t already own in its pharmaceutical venture in India with DIL, the Indian company said in a regulatory filing. The shares gained 0.2 percent to 434 rupees.

GAIL India Ltd. (GAIL) : The nation’s biggest natural gas distributor will buy shale gas assets in the U.S. for $95 million, according to an e-mailed statement today. Shares added 0.2 percent to 434 rupees.

Infrastructure Development Finance Co. (IDFC IN): The Indian lender to power and road projects will raise 1 billion rupees ($20.5 million) selling five-year bonds to an investor based overseas. The shares fell 0.5 percent to 111.6 rupees.

ITC Ltd. (ITC) : The cigarette-to-hotels conglomerate bought a 26 percent stake in a 275-room, five-star luxury hotel property being developed by Noida-based Logix Group, Economic Times reported, citing a person it didn’t identify. ITC will invest about 1 billion rupees in the project in Noida’s Sector 105 and will also manage it, the report said. ITC’s stock climbed 1.9 percent to 197.10 rupees.

Jindal Steel & Power Ltd. (JSP) : The nation’s second- biggest producer of the alloy plans to spend about 1 trillion rupees building steel plants and power-generation units in the eastern Indian state of Jharkhand, the company said in an e- mailed statement.

Oberoi Realty Ltd. (OBER) : The Oberoi Realty Group is in talks to buy the 50 percent stake held by ICICI Venture in a residential project in south Mumbai, Economic Times reported, citing a person it didn’t identify. Oberoi Realty, the group’s publicly-held company, is expected to pay 3 billion rupees for the stake, giving ICICI Venture a return of almost six times in seven years, the newspaper said. Oberoi’s stock added 0.2 percent to 222.55 rupees.

Pipavav Defence & Offshore Engineering Co. Ltd. (PIPV IN): The country’s biggest shipyard by market value said it agreed to form a venture with European Aeronautic, Defence & Space Co. and SKIL Infrastructure Ltd. to set up an aircraft maintenance facility. The shares gained 2.6 percent to 79.8 rupees.

Sesa Goa Ltd. (SESA) : The country’s largest iron-ore exporter had its permit to Pirna mines canceled by the environment ministry, CNBC-TV18 television channel reported, without saying where it got the information. The shares fell 2.1 percent to 195.85 rupees.

Sterling Holiday Resorts (India) Ltd. (SLHR IN): Billionaire investor Rakesh Jhunjhunwala and Radhakrishna Damani have invested around 800 million rupees for a little over 14 per cent stake in the Chennai-based company, Business Standard reported, citing Sterling’s Chairman Siddharth Mehta. The stock dropped 4.8 percent to 93.25 rupees.

Tata Metaliks Ltd. (TML) : The company, a unit of Tata Steel Ltd., agreed to sell its factory at Redi in the western Indian state of Maharashtra to Fomento Resources Group for 1.8 billion rupees because of rising raw material prices, according to an exchange filing yesterday. Shares added 0.1 percent to 82.15 rupees.

To contact the reporter on this story: Karthikeyan Sundaram in New Delhi at kmeenakshisu@bloomberg.net; Shikhar Balwani in Mumbai at sbalwani@bloomberg.net

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

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