March 18 (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, lost 208.82, or 1.1 percent, to 18,149.87. The S&P CNX Nifty Index on the National Stock Exchange dropped 1.2 percent to 5,446.65. The BSE 200 Index fell 0.9 percent to 2,237.84. SGX S&P CNX Nifty Index futures for March delivery gained 0.3 percent to 5,494.5 as of 10:35 a.m. in Singapore.
Reliance Power Ltd. (RPWR IN), the generation arm of the Anil Dhirubhai Ambani Group, GVK Power & Infrastructure Ltd. (GVKP IN), a utility operator, and a group of Indian state-run companies are bidding to buy the coal assets of Australia’s Bandanna Energy Ltd., the Economic Times reported. Reliance Power lost 0.1 percent to 125.1 rupees, while GVK Power fell 2.2 percent to 24.85 rupees.
ABG Shipyard Ltd. (ABGS IN): India’s biggest non-state yard said the Foreign Investment Promotion Board capped overseas investment in the company at 21.91 percent as it applied for a license to take up defense contracts. The shares rose 0.3 percent to 352.2 rupees.
Bajaj Finserv Ltd. (BJFIN IN): The financial services company was rated “neutral” by Tabasssum Inamdar and other analysts at Goldman Sachs Group Inc. in initial coverage. The analysts cited the view that “long-term” potential is intact in a note to investors, setting a price estimate of 650 rupees per share. The shares declined 2.3 percent to 527.9 rupees.
Max India Ltd. (MAX IN): The hospitals operator was rated “buy” in new coverage by Goldman’s Tabassum and other analysts, who cited the view in a note to investors that the operating “performance” has improved while the valuation has fallen. They set a price estimate of 190 rupees a share. The stock fell 1.4 percent to 142.85 rupees.
National Aluminium Co. (NACL IN): The nation’s second-biggest producer of the metal said it paid 4.76 billion rupees ($105 million) as advance tax for the year ending March 31, compared with 2.95 billion rupees a year earlier. The shares retreated 3.7 percent to 103.95 rupees.
Power Grid Corp. of India (PWGR IN): India’s biggest transmission company approved three investment proposals valued at 43.5 billion rupees at a board meeting on March 15, the company said in a statement to the Bombay Stock Exchange. The shares fell 0.3 percent to 98.35 rupees.
Reliance Industries Ltd. (RIL IN): India’s biggest company by market value and Gail India Ltd. (GAIL IN), the nation’s largest gas transporter, signed a gas agreement, S. Jaipal Reddy, India’s oil minister, said in New Delhi, without giving details. Reliance shares declined 1.6 percent to 1,030.85 rupees. Gail shares dropped 1 percent to 452.35 rupees.
Sundram Fasteners Ltd. (SF IN): The maker of nuts, bolts and fasteners will increase capital spending by a third to 2 billion rupees in 2011-2012 from this year to develop products for the wind energy and automotive industries, the Economic Times reported, citing Chairman Suresh Krishna. The shares decreased 1.4 percent to 47.05 rupees.
United Bank of India (UNTDB IN): The state-controlled lender expects government investment of 3.08 billion rupees by the end of this month as part of a recapitalization program to boost its capital adequacy ratio, the Business Standard reported, citing Chairman Bhaskar Sen. The shares gained 2.6 percent to 103.3 rupees.
VIP Industries Ltd. (VIP IN): Blackstone Group LP, the private-equity firm, bought a 2 percent stake in the bags and suitcases maker backed by billionaire investor Rakesh Jhunjhunwala, the Business Standard reported, without saying where it got the information. Blackstone may increase the holding to 5 percent, the report said. The shares climbed 1.1 percent to 652.9 rupees.
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