Ackruti, Ispat, Shipping Corp., Videocon: India Stocks Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 142.70, or 0.7 percent, to 19,992.70. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.9 percent to 6,011.70. The BSE 200 Index increased 0.7 percent to 2,516.19.
Ackruti City Ltd. (AKCL IN): The Securities and Exchange Board of India barred the founders of Ackruti, Murli Industries Ltd. (MRLI IN) and Welspun Corp. (WLCO IN) from dealing in their own shares, the regulator said in an order posted on its website yesterday. Ackruti gained 2.9 percent to 384.05 rupees, Murli advanced 0.3 percent to 89.05 rupees and Welspun Corp. shed 0.6 percent to 219.4 rupees.
ITC Ltd. (ITC IN): India’s biggest cigarette company has stopped making cigarettes at all its plants because of ambiguity over the type of pictorial health warnings to be carried on the packs as required by the government, the Press Trust of India reported yesterday, citing a company spokesperson it didn’t name. The shares fell 0.3 percent to 170.9 rupees.
Ispat Industries Ltd. (NDEN IN): Reports that ArcelorMittal may buy a stake in the steelmaker are “entirely speculative,” the company said in a statement to the National Stock Exchange yesterday. The shares rose 0.3 percent to 18.7 rupees.
Kingfisher Airlines Ltd. (KAIR IN): The airline was rated new “overweight” at JPMorgan by equity analyst Princy Singh. The brokerage has a share price target of 83 rupees. Jet Airways India Ltd. (JETIN IN) was rated new “overweight” with a share price target of 1,090 rupees. Kingfisher lost 0.7 percent to 69.05 rupees and Jet Airways shed 3.1 percent to 810.3 rupees.
Reliance Power Ltd. (RPWR IN): Billionaire Anil Ambani’s company will invest 60 billion rupees ($1.3 billion) to double the power generation capacity at its Rosa thermal power plant in the northern Indian state of Uttar Pradesh, the Press Trust of India reported, citing a company statement. The shares advanced 0.3 percent to 162.85 rupees.
Shipping Corp. of India Ltd. (SCI IN): The country’s biggest sea carrier got bids for 2.3 times the shares it offered to investors, data on the National Stock Exchange’s website showed. State Bank of India has approved a loan worth 20 billion rupees to the carrier for acquiring nine vessels, Press Trust of India reported yesterday, citing the shipping company’s director J.N. Das. The shares gained 1.8 percent to 146.85 rupees.
Videocon Industries Ltd. (VCLF IN): The consumer- electronics maker plans to sell $150 million to $200 million of convertible bonds by January, Suresh M. Hegde, the group finance head, said yesterday. The shares advanced 1.8 percent to 232.55 rupees.
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