Hero Honda, ICICI, Reliance, Tata Steel: India Stocks Preview
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, fell 117.83, or 0.6 percent, to 18,178.33. The S&P CNX Nifty Index on the National Stock Exchange declined 0.6 percent to 5,437.35. The BSE 200 Index decreased 0.6 percent to 2,230.37. SGX S&P CNX Nifty Index futures for February delivery fell 0.3 percent to 5,426 at 10:45 a.m. in Singapore.
Aurobindo Pharma Ltd. (ARBP IN): Aurobindo Pharma Ltd. is seeking to understand the scope of an import ban imposed by the U.S. Food and Drug Administration on a manufacturing facility in the southern Indian city of Hyderabad, the company said in an e- mailed statement. The shares dropped 7.9 percent to 204.6 rupees.
Hero Honda Motors Ltd. (HH IN): Bain Capital LLC and the Government of Singapore Investment Corp. will invest 45 billion rupees ($997 billion) in Hero Group, Bloomberg UTV reported, without saying where it obtained the information.
Hero Group, controlled by the Munjal family, received approval from the Foreign Investment Promotion Board to raise 45 billion rupees from overseas investors, the Economic Times reported, without saying where it got the information. The funds will help Hero to buy a 26 percent stake that Japan’s Honda Motor Co. owns in India’s biggest motorcycle maker, according to the report.
Jennifer Lewis, a spokeswoman at GIC, couldn’t be reached immediately for a comment on her office or mobile phone. Alex Stanton at Stanton Public Relations & Marketing said in an e- mail Bain Capital declined to comment.
Hero Honda gained 5.9 percent to 1472.3 rupees.
ICICI Bank Ltd. (ICICIBC IN): India’s second-biggest lender raised its base rate to 8.75 percent from 8.25 percent, according to an e-mailed statement today. The stock fell 2 percent to 1006.1 rupees.
Mahindra & Mahindra Financial Services Ltd. (MMFS IN): The financial services unit of India’s largest sport-utility vehicle and tractor maker issued 6.1 million shares to institutional investors, the company said in a statement. The shares rose 0.9 percent to 712.45 rupees.
Reliance Industries Ltd. (RIL IN): An agreement between the nation’s most valuable company and BP Plc will help Reliance Industries to double gas output from its D-6 block to 120 million cubic meters a day, the Economic Times newspaper reported, citing unidentified industry officials and analysts. Reliance gained 1.1 percent to 995.65 rupees.
Tata Steel Ltd. (TATA IN): India’s biggest producer of the alloy hasn’t taken a decision on Rio Tinto Group’s offer for Australia’s Riversdale Mining Ltd., according to an e-mailed statement. The stock rose 0.4 percent to 627 rupees.
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