Cairn, Indian Hotels, Kingfisher, Reliance: 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 74.62, or 0.4 percent, to 19.612.20. The S&P CNX Nifty Index on the National Stock Exchange declined 0.3 percent to 5,891.75. The BSE 200 Index decreased 0.2 percent to 2,421.02. SGX S&P CNX Nifty Index futures for April delivery was little changed at 5,911 as of 10:43 a.m. in Singapore.
Cairn India Ltd. (CAIR) : India will refer a proposal by Vedanta Resources Plc to acquire a stake in Cairn India Ltd. to a panel of ministers, Petroleum Minister S. Jaipal Reddy told reporters in New Delhi yesterday after trading ended. The shares slumped 4 percent to 350.55 rupees.
Housing Development Finance Corp. (HDFC) : India’s largest mortgage lender plans to sell as much as 12.75 billion rupees ($288 million) of bonds in two parts, according to a person familiar with the matter. The shares were little changed at 698.9 rupees.
Indian Hotels Co. Ltd. (IH IN): The owner of the Taj group of hotels plans to introduce a new brand of mid-range hotels this year, the Press Trust of India reported after trading ended yesterday, citing Raymond Bickson, the company’s managing director. The shares retreated 0.8 percent to 86 rupees.
Kingfisher Airlines Ltd. (KAIR IN): A group of 13 Indian banks have taken a 23.4 percent stake in Kingfisher Airlines Ltd. (KAIR) as part of a debt recast plan, Ravi Nedungadi, chief financial officer at the carrier’s parent UB Group, said in a phone interview. The shares rose 4.6 percent to 48 rupees.
Magma Fincorp Ltd. (MGMA) : The lender for commercial vehicle purchases has received regulatory clearance to start a general insurance venture, the Press Trust of India reported, citing Chief Executive Officer Swaraj Krishnan. The shares advanced 4.7 percent to 62.25 rupees.
Maruti Suzuki India Ltd. (MSIL) : The nation’s biggest carmaker will recall 13,157 diesel cars with engines manufactured between Nov. 13 and Dec. 4, 2010, to inspect the connecting rod bolt, according to an e-mailed statement. The shares declined 1 percent to 1,297.5 rupees.
Reliance Industries Ltd. (RIL) : The nation’s largest listed company doubled fuel exports from the world’s biggest refining complex last month as it boosted gasoline shipments to the U.S. ahead of the driving season. The company, controlled by billionaire Mukesh Ambani, increased sales from its Jamnagar facility to at least 2 million metric tons from 850,000 tons in February, according to ship-tracking data compiled by Bloomberg and vessel fixtures from Clarkson Research Services Ltd. The shares dropped 0.3 percent to 1,044.85 rupees.
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