National Aluminium, Reliance, State Bank: 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, unless stated otherwise.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, dropped 17.92, or 0.1 percent, to 19,584.31. The S&P CNX Nifty Index on the National Stock Exchange declined 0.2 percent to 5,874.50. The BSE 200 Index was little changed at 2,415.04. SGX S&P CNX Nifty Index futures for April delivery rose 0.1 percent to 5,881 as of 10:40 a.m. in Singapore.
Geojit BNP Paribas Financial Services Ltd. (GBNP) : BNP Paribas may raise its stake in the Indian joint venture through an issue of new shares or by buying shares in the open market, the Economic Times reported, citing two people it didn’t name. BNP Paribas holds 34 percent of the unit, the report said. A BNP Paribas spokesperson that the report didn’t identify declined to comment. The shares dropped 1.2 percent to 23.95 rupees.
Merck Ltd. (EMER IN): The Indian unit of Germany’s Merck KgaA reported first-quarter profit dropped 13 percent to 134 million rupees ($3 million). The shares jumped 4.3 percent to 656 rupees.
MindTree Ltd. (MTCL) : The information technology provider was downgraded to “underperform” from “outperform” by Shradha Agarwal, an analyst at Batlivala & Karani Securities. The price estimate was lowered to 360 rupees per share. The stock fell 0.2 percent to 389.6 rupees.
National Aluminium Co. (NACL IN): The country’s second- largest producer of the metal raised alumina capacity by a third to 2.1 million metric ton, it said in an e-mailed statement yesterday. The shares rose 0.1 percent to 95.05 rupees.
Reliance Industries Ltd. (RIL) : India’s most valuable company has put on hold plans to build a 50 to 60 billion rupee ($1.3 billion) port and liquefied natural gas import facility in the western Indian state of Maharashtra, the Economic Times reported, citing Niraj Ambani, president of logistics. The port project is awaiting regulatory clearances for land acquisition, the report said, quoting Ambani. The shares sank 3 percent to 1,009.35 rupees.
Sesa Goa Ltd. (SESA) : The nation’s largest iron ore exporter said group profit in the fourth quarter rose 21 percent to 14.6 billion rupees, according to a filing on the Bombay Stock Exchange. The shares rose 1.5 percent to 326.7 rupees.
State Bank of India (SBIN) Ltd: The nation’s biggest lender was raised to “neutral” from “underperform” at Credit Suisse Group AG, which said the lender is the biggest beneficiary of the central bank’s relaxation of rules for provisions to cover loan defaults. The brokerage has a share- price forecast of 3,173 rupees for State Bank of India, analysts led by Ashish Gupta wrote in a report. The shares rallied 2 percent to 2,918.8 rupees.
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