Hindalco, Indian Oil, Jindal, Power Grid: India Equity 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 152.58, or 0.7 percent, to 20,852.38. The S&P CNX Nifty Index on the National Stock Exchange dropped 0.6 percent to 6,273.20. The BSE 200 Index retreated 0.4 percent to 2,648.62. SGX S&P CNX Nifty Index futures for November delivery were little changed at 6,300 as of 10:47 a.m. in Singapore.

Airlines: State Bank of India (SBIN IN), the nation’s biggest lender, and other banks plan to convert a part of their loans to airlines such as Kingfisher Airlines Ltd. (KAIR IN) and Air India into long term bonds, the Financial Express reported, without saying where it obtained the information. Kingfisher soared 4.9 percent to 86.45 rupees.

Coal India Ltd. (COAL IN): The world’s biggest producer of the fuel was rated “neutral” in new coverage by Pinakin Parekh, an analyst at JPMorgan Chase & Co., with a share price estimate of 345 rupees. The shares dropped 5.5 percent to 330.75 rupees.

Hindalco Industries Ltd. (HNDL IN): The country’s biggest aluminum producer said 8,000 metric tons of cathode production may be lost at its copper plant in the western state of Gujarat because a cooling tower broke down, according to a statement on the Bombay Stock Exchange. The shares declined 1 percent to 230.25 rupees.

Indian Oil Corp. (IOCL IN): The nation’s second-biggest refiner will raise gasoline prices by 0.32 rupees to 52.91 rupees a liter in New Delhi from today, according to the state-run refiner’s website. The shares fell 2.5 percent to 408.90 rupees.

Indo Rama Synthetics Ltd. (IRS IN): The synthetic yarn manufacturer’s Chairman Om Prakash Lohia pledged 3.1 million shares of the company with Monica Burman as of Nov. 1, according to a statement on the National Stock Exchange. The shares dropped 0.8 percent to 68 rupees.

Jindal Saw Ltd. (JSAW IN): The pipe maker controlled by India’s richest woman, Savitri Devi Jindal, forecast sales will fall this year due to rising input costs. The New Delhi-based company is also seeing price increases in coking coal and iron ore and “this may have an impact on profit,” Managing Director Indresh Batra said. The shares climbed 1.4 percent to 227.55 rupees.

Nava Bharat Ventures Ltd. (NBVL IN): The power company plans to drop a coal mine and thermal power projects in Indonesia after it failed to get a forest clearance and approval for tariffs, the Mint reported, without saying where it got the information. The stock fell 0.9 percent to 348.7 rupees.

Power Finance Corp. (POWF IN): The state-owned lender to power projects started marketing 1.5 billion rupees ($33.8 million) of 10-year bonds with a coupon of 8.78 percent, according to two people with direct knowledge of the matter. The shares rose 1.2 percent to 373.35 rupees.

Power Grid Corp. of India Ltd. (PWGR IN): India’s biggest transmission company was raised to “buy” from “hold” at Citigroup Inc., which cited the stock’s underperformance relative to the benchmark Indian stock index over the last six months. The brokerage increased its share-price estimate to 117 rupees from 116 rupees, according to a report by analysts led by Venkatesh Balasubramaniam. The shares lost 3.6 percent to 98.35 rupees.

State Bank of India (SBIN IN): The nation’s largest lender’s second-quarter net income rose 0.4 percent to 25 billion rupees, according to a statement to the Bombay Stock Exchange. That missed analysts’ estimates as the state-run company increased provisions for bad loans. The shares declined 1.9 percent to 3,425.15 rupees.

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