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Gail India, Neyveli Lignite, SpiceJet: India Equity Preview

Nov. 3 (Bloomberg) -- 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 9.94, or less than 0.1 percent, to 20,345.69. The S&P CNX Nifty Index on the National Stock Exchange closed little changed at 6,119. The BSE 200 Index increased 0.2 percent to 2,588.29.

Gail India Ltd. (GAIL IN): The nation’s monopoly natural gas distributor will receive the first cargo of liquefied natural gas in Dabhol by December, Director of Marketing Prabhat Singh said in New Delhi yesterday. The stock fell 1.2 percent to 486.35 rupees.

Motherson Sumi Systems Ltd. (MSS IN): The automobile component maker was downgraded to “accumulate” from “buy” at Emkay Global Financial Services by equity analyst Chirag Shah. The target price is 200 rupees per share. The shares fell 0.4 percent at 184.55 rupees.

National Aluminium Co. (NACL IN): The nation’s second largest producer of the metal plans to commission its expanded alumina capacity by January, Executive Director S.C. Dash said in an analyst call yesterday. The shares fell 0.3 percent to 404.45 rupees.

Neyveli Lignite Corp. (NLC IN): The power distributor reported second-quarter profit of 2.74 billion rupees, according to a statement on the National Stock Exchange. The stock rose 0.3 percent to 161.2 rupees.

Oil & Natural Gas Corp. (ONGC IN): A group of Indian energy companies led by Oil & Natural Gas, the country’s biggest energy explorer, is in talks to acquire a 25 percent stake in Australia’s Advent Energy for about $1 billion, the Economic Times reported, citing two unidentified officials with knowledge of the discussions. Oil & Natural Gas rose 0.8 percent to 1,330.4 rupees.

SpiceJet Ltd. (SJET IN): The Indian discount carrier part-owned by billionaire Kalanithi Maran will spend $900 million on buying as many as 30 Bombardier Inc. aircraft as it works to more than double its fleet in about three years. The Q400 turboprop planes are to be delivered from the second quarter of next year, and will help the airline add flights to smaller destinations, New Delhi-based SpiceJet said in a statement yesterday. The carrier also reported a second-quarter profit compared with a year-earlier loss. The stock climbed 6 percent to 88.15 rupees.

To contact the reporter on this story: Abhishek Shanker in Mumbai at ashanker1@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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