Aban, JSW Steel, GAIL, Hindustan Lever, Indian Oil: India Equity Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 447.07, or 2.7 percent, to 16,022.48. The S&P CNX Nifty Index on the National Stock Exchange declined 2.8 percent to 4,806.75. The BSE 200 Index slid 2.8 percent to 2,034.07. SGX S&P CNX Nifty Index futures for May delivery added 0.9 percent to 4,858 at 11:03 a.m. in Singapore today.
Steelmakers: Steel Authority of India Ltd. (SAIL IN) and JSW Steel Ltd. (JSTL IN), the nation’s second- and third-largest producers, plan to lower flat-product prices for the first time this year as buyers delay purchases following the European debt crisis and a surge in imports.
Steel Authority fell 6.6 percent to 186.95 rupees. JSW Steel slid 5.8 percent to 994.4 rupees.
Oil refiners: Indian Oil Corp. (IOCL IN), the nation’s second-largest refiner, and Bharat Petroleum Corp. (BPCL IN), the second-largest state-run oil refiner, were raised to “neutral” by JPMorgan Chase & Co. analyst Pradeep Mirchandani, who said the brokerage was adopting a “more constructive view” on India’s refiners and energy distributors. Indian Oil lost 0.2 percent to 324.6 rupees, Bharat Petroleum declined 1.9 percent to 549.25 rupees.
Aban Offshore Ltd. (ABAN IN): The Indian owner of a rig that sank off the Venezuelan coast this month plans to sell shares and convertible bonds to raise $924 million. Aban fell 1.8 percent to 688 rupees.
GAIL India Ltd. (GAIL IN): The country’s monopoly natural gas distributor was raised to “overweight” from “Underweight” by JPMorgan’s Mirchandani. The shares slid 1.2 percent to 446.40 rupees.
GMR Infrastructure Ltd. (GMRI IN): The builder of airports and roads reported a 37 percent rise in quarterly net profit. The shares dropped 4.5 percent to 54.35 rupees.
Gujarat Industries Power Co. (GIP IN): The utility said profit in the year ended March 31 rose 25 percent to 1.07 billion rupees ($22.4 million). The shares fell 5.7 percent to 104.40 rupees.
Hindustan Construction Co. (HCC IN): The company won an order worth 8.88 billion rupees from Nuclear Power Corp. of India. The shares fell 7.1 percent to 102.30 rupees.
Hindustan Unilever Ltd. (HUVR IN): India’s biggest household products maker said profit rose to 5.81 billion rupees in the fourth quarter ended March 31 from 3.95 billion rupees a year earlier. That beat the 4.85 billion rupee median estimate of 21 analysts compiled by Bloomberg. The shares fell 0.5 percent to 230.55 rupees.
Jai Corp Ltd. (JFI IN): The steel and plastics processor reported a profit of 179 million rupees in the fourth quarter ended March compared to a loss of 263.90 million rupees a year earlier. The shares fell 4.5 percent to 216.85 rupees.
Nagarjuna Construction Co. (NJCC IN): The road builder and real estate developer said fourth quarter profit climbed 170 percent to 1.03 billion rupees. The shares declined 1.2 percent to 156.55 rupees.
Power Grid Corp. of India Ltd. (PWGR IN): The nation’s biggest electricity transmission company reported profit rose to 20.4 billion rupees in the year ended March 31, it said in a statement to the Bombay Stock Exchange. It will pay a 1 rupee- per-share dividend.
SpiceJet Ltd. (SJET IN): The low-fare airline plans to raise as much as $75 million through a share sale, the company said in a stock exchange filing. The stock fell 2.7 percent to 51.1 rupees.
Tata Power Co. (TPWR IN): India’s largest non-state electricity generator was raised to “neutral” from “underperform” by Amish Shah, an analyst at Credit Suisse Group AG. The brokerage also lowered its share-price forecast to 1,196 rupees from 1,271 rupees. The shares fell 3.3 percent to 1203.95 rupees.
Tata Tea Ltd. (TT IN): The beverage maker said profit in the year ended March 31 rose 146 percent to 3.91 billion rupees. The company also approved splitting each share into ten. The shares fell 1.2 percent to 1,056.85 rupees.
Tata Teleservices (Maharashtra) Ltd. (TTLS IN): The mobile services provider said it had raised 45 billion rupees through loans and bonds to pay for the 3G auction and finance its rollout. The shares fell 3.3 percent to 19.2 rupees.