March 25 (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, rose 144.58, or 0.8 percent, to 18,350.74. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.8 percent to 5,522.40. The BSE 200 Index increased 0.7 percent to 2,265.40. SGX S&P CNX Nifty Index futures for March delivery rose 0.5 percent to 5,579 as of 10:46 a.m. in Singapore.
Aban Offshore Ltd. (ABAN IN): The oil-field equipment provider was raised to “buy” from “reduce” at BNP Paribas Securities (Asia) by analysts led by Amit Shah, who said the stock’s current valuation is an “opportunity” to bet on new contract wins and the company’s debt restructuring. The 12-month target price is 689 rupees per share. The stock rallied 5.3 percent to 600.2 rupees.
Fertilizer Makers: Demand for fertilizer in India, the world’s second-biggest producer of rice and sugar, may climb 4 percent this monsoon season as the nation seeks to boost output of staples to curb prices, according to the farm ministry. Shares of Rashtriya Chemicals & Fertilizers Ltd. (RCF IN) rose 3.7 percent to 79.35 rupees, while Chambal Fertilizers & Chemicals Ltd. (CHMB IN) gained 4 percent to 72.30 rupees.
Financial Technologies (India) Ltd. (FTECH IN): The Multi Commodity Exchange of India Ltd., owned by Financial Technologies, will sell shares in an IPO by September, the Business Standard reported, citing Managing Director Lamon Rutten. The stock rose 0.7 percent to 769.75 rupees.
MindTree Ltd. (MTCL IN): Ashok Soota, MindTree’s chairman whose resignation will be effective on March 31, won’t immediately sell his stake in the company, according to to a Bombay Stock Exchange filing yesterday. Shares of the company climbed 0.8 percent to 362.60 rupees.
Tulip Telecom Ltd. (TTSL IN): The wireless service provider’s founder Cedar Infonet Pvt. bought 179,634 shares, or 0.12 percent, from the open market, to raise its stake to 33.16 percent, according to a statement to the Bombay Stock Exchange. The stock gained 3.2 percent to 141.15 rupees.
Usha Martin Ltd. (USM IN): The Indian steelmaker raised $125 million through external commercial borrowing to finance the capital expenditure, according to a Bombay Stock Exchange filing yesterday. Shares of the company advanced 2 percent to 57.05 rupees.
Zuari Forex Ltd. (ZRF IN): The company, which offers foreign currency exchange services to tourists, will on March 28 consider a merger with Phoenix Township Ltd., it said in a statement to the Bombay Stock Exchange. The shares dropped 4.9 percent to 35.1 rupees.
To contact the reporters on this story: Rajesh Kumar Singh in Delhi at Rsingh133@bloomberg.net;
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