Rural Electrification, Mahindra, Opti Circuits, Modi: India Stocks Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 112.78, or 0.6 percent, to 20,069.12. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.7 percent to 6,029.95. The BSE 200 Index gained 0.2 percent at 2,530.47. SGX S&P CNX Nifty Index futures for October delivery climbed 0.5 percent to 6,055.0 at 10:37 a.m. in Singapore.
Cairn India Ltd. (CAIR IN): The Indian government’s decision on whether to approve Vedanta Resources Plc’s purchase of Cairn Energy Plc’s local unit may be delayed as the petroleum ministry is expected to seek more information from all parties involved, the Financial Express said, without saying where it got the information. Cairn India dropped 1.4 percent to 335 rupees.
Cranes Software International Ltd. (EDC IN): The software maker, which defaulted on its only overseas debt offering last year, will on Oct. 8 consider a proposal to raise funds by selling securities, rights, or through an overseas share sale. The shares declined 3.4 percent to 8.09 rupees.
Hindustan Motors Ltd. (HM IN): The nation’s oldest carmaker expects sales of Mitsubishi Motors Corp. vehicles in India to surge to 6,000 this year from 2,500 last year, said Y.V.S. Vijay Kumar, a vice president at the automaker. The stock was unchanged at 24.3 rupees.
Mahindra & Mahindra Ltd. (MM IN): The country’s biggest sport-utility vehicle maker will start selling two motorcycle models in India, according to Anoop Mathur, president of the company’s two-wheeler division. The shares slipped 1 percent to 691.5 rupees.
Separately, the Mint newspaper reported Maruti isn’t able to meet demand for its vehicles because of production constraints, quoting Managing Executive Officer Mayank Pareek. The company isn’t able to produce as much as 25 percent of units sold each month, the report said. The shares advanced 0.8 percent to 1,440.9 rupees.
Modi Naturals Ltd. (MNAT IN): The vegetable oil maker approved the allotment of shares to foreign institutional investors, the company said in a statement to the Bombay Stock Exchange. The shares retreated 3 percent to 17.6 rupees.
Opto Circuits India Ltd. (OPTC IN): The largest domestic medical equipment maker plans to spend 7.5 billion rupees ($167 million) over three years to set up two medical equipment factories in India and Malaysia, said Managing Director Vinod Ramnani. The stock fell 1.1 percent to 296.8 rupees.
Rural Electrification Corp. (RECL IN): The state-controlled lender to power projects received approval from the Reserve Bank of India to increase the limit on overseas investment in the company to 35 percent from 24 percent, according to a statement on the central bank’s website. The shares declined 0.3 percent to 342.85 rupees.
Shree Renuka Sugars Ltd. (SHRS IN): India’s biggest sugar refiner was rated “outperform” in new coverage at Macquarie Group Ltd., which said the company will be a key beneficiary of impending reforms in India’s domestic sugar industry. The brokerage has a share-price estimate of 107 rupees, according to a report by Amit Mishra and Priya Ranjan. The stock surged 3.2 percent to 87.95 rupees.
Steel Authority of India Ltd. (SAIL IN): The nation’s second-largest producer plans to increase the share of value- added steel to 55 percent of production from 37 percent after new plants are commissioned, Chairman C.S. Verma said. The shares rose 0.1 percent to 205.1 rupees.
Tata Motors Ltd. (TTMT IN): The owner of Jaguar and Land Rover plans to begin selling in October the Tata Aria designed as a cross between a sedan and a sports utility vehicle, the company said in an e-mailed statement. The shares slid 0.8 percent to 1,098.1 rupees.
Veer Energy & Infrastructure Ltd. (JHI IN): The wind-power developer will on Oct. 4 consider entering the solar power business, the company said in a statement to the Bombay Stock Exchange. The shares retreated 3.4 percent to 8.55 rupees.
To contact the editor responsible for this story: Linus Chua at email@example.com