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Cairn, Coal India, Reliance, Tata Steel: India Stocks Preview

May 26 (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 164.73, or 0.9 percent, to 17,847.24. The S&P CNX Nifty Index on the National Stock Exchange slid 0.9 percent to 5,348.95. The BSE 200 Index fell 0.7 percent to 2,210.70. SGX S&P CNX Nifty Index futures for May delivery rose 0.2 percent to 5,358 as of 11:06 a.m. in Singapore.

Cairn India Ltd. (CAIR IN): The energy explorer that Vedanta Resources Plc plans to acquire posted a 10-fold increase in fourth-quarter profit, beating analyst estimates after crude oil production and prices increased. Net income, including that of units, climbed to a record 24.6 billion rupees ($543 million) in the quarter ended March 31, from 2.45 billion rupees a year earlier, the company said in a statement to the Bombay Stock Exchange. The shares were little changed at 338.1 rupees.

Coal India Ltd. (COAL IN): The world’s biggest producer of the fuel said it posted a profit of 42.2 billion rupees and sales of 150.2 billion rupees in the three months ended March 31, Chairman N.C. Jha told reporters in Kolkata, without providing year-earlier figures. The shares rose 1.8 percent to 377.35 rupees.

J.K. Lakshmi Cement Ltd. (JKLC IN): Profit in the fourth quarter ended March slumped 54 percent to 319.6 million rupees, according to a statement on the Bombay Stock Exchange. The stock added 0.7 percent to 43.75 rupees.

Steel Authority of India Ltd. (SAIL IN): A proposed share sale in the nation’s second-largest steelmaker is “not possible” at the current stock price, the country’s steel minister Beni Prasad Verma said in New Delhi. The shares fell 1.1 percent to 139.5 rupees.

Tata Steel Ltd. (TATA IN): The country’s biggest producer of the alloy said it posted a 72 percent gain in fourth-quarter profit, aided by rising prices and the sale of a unit in the U.K. Net income, including that of Tata Steel Europe Ltd., rose to $937 million in the three months ended March 31 from $546 million a year earlier, Chief Financial Officer Koushik Chatterjee said. The shares fell 0.9 percent to 561.2 rupees.

Reliance Industries Ltd. (RIL IN): The government may allow the nation’s largest company by market value to charge market prices for natural gas sold to users other than fertilizer, power and for use in homes, the Economic Times reported, citing people it didn’t identify.

Two telephone calls to Oil Minister S. Jaipal Reddy’s office outside office hours went unanswered. Manoj Warrier, a spokesman for Reliance, didn’t answer a call made to his mobile phone today. Shares dropped 1.1 percent to 906 rupees.

Wipro Ltd. (WPRO IN): India’s third-largest software maker said its infrastructure engineering unit signed an agreement with Spain’s CESA, a unit of European Aeronautic Defence and Space Co., to set up an aerospace and defense manufacturing facility in India, according to a statement on the Bombay Stock Exchange. The shares fell 1 percent to 435.6 rupees.

Zee News Ltd. (ZEEN IN): The company posted fourth-quarter profit of 66.48 million rupees on sales of 756.99 million rupees, according to a statement on the Bombay Stock Exchange. The stock rallied 6.7 percent to 11.2 rupees.

To contact the reporters on this story: Unni Krishnan in New Delhi at ukrishnan2@bloomberg.net;

To contact the reporter on this story: Shikhar Balwani in Mumbai at sbalwani@bloomberg.net

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