Cadila, Maruti, NMDC, ONGC, 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 0.8 percent to 17,985.88. The S&P CNX Nifty Index on the National Stock Exchange slid 0.9 percent to 5,396.75. The BSE 200 Index declined 0.8 percent to 2,241.17. SGX S&P CNX Nifty Index futures for June delivery fell 0.2 percent to 5,396 as of 11:18 a.m. in Singapore.
Cadila Healthcare Ltd. (CDH) : Somaxon Pharmaceuticals Inc. sued the Indian drugmaker in federal court in the U.S. state of Delaware alleging infringement of U.S. patents for its Silenor sleeping tablets. Sujatha Rajesh, a spokeswoman for Cadila, didn’t respond to calls to her office and an e-mail seeking comment. Separately, Cadila was rated new “overweight” by Girish Bakhru, an analyst at HSBC Holdings Plc., with a price estimate of 1,085 per share. The shares increased 0.1 percent to 910.85 rupees.
Essar Ports Ltd. (ESRS IN): The shipping company was rated new “hold” by Chockalingam Narayanan, an analyst at Deutsche Bank, with a 12-month price estimate of 117 rupees per share. The shares fell 1.9 percent to 106.1 rupees.
ING Vysya Bank Ltd. (VYSB) : The Indian lender raised 9.7 billion rupees ($216 million) from a share sale and a preferential allotment of equity to ING Groep NV, according to an e-mailed statement. ING Vysya declined 1.9 percent to 329.30 rupees.
Maruti Suzuki India Ltd. (MSIL) : The nation’s biggest carmaker said workers have ended a strike at its plant near New Delhi after the company agreed to take back 11 dismissed employees. The stoppage has been called off, said a spokesman for the New Delhi-based automaker, who declined to be named, citing company policy. The employees will start work from tomorrow, Sonu Nehra, one of the leaders of the protest, said by telephone. The shares declined 1.4 percent to 1,193.15 rupees.
NMDC Ltd. (NMDC) : India’s largest iron ore producer and Russia’s OAO Severstal will form a joint venture to build a steel plant in the South Asian country, according to a statement on the Indian government’s website.
Separately, NMDC Ltd. will begin work on a slurry pipeline to remove iron ore from its mines in the Indian state of Chhattisgarh, Business Standard reported, citing Managing Director Rana Som. The company will invest 10 billion rupees ($222 million) to lay the first 150 kilometers of the pipeline in 18 months, and an additional 20 billion rupees for the second phase. NMDC lost 1.4 percent to 259.5 rupees.
Oil and Natural Gas Corp. (ONGC IN): India’s largest state- owned energy explorer is considering buying 25 percent of Russian oil producer OAO Bashneft with a group of companies, according to Bashneft Chairman Alexander Goncharuk. The companies, all from India, would purchase the stake from Moscow- based AFK Sistema, Goncharuk said at the St. Petersburg Economic Forum. Oil & Natural Gas added 0.3 percent to 269.1 rupees.
Piramal Healthcare Ltd. (PIHC) : The Indian drugmaker plans to expand by buying contract research and manufacturing services companies abroad, the Business Standard said, citing Chief Operating Officer N. Santhanam. He declined to disclose targets, the report said. The shares added 0.1 percent to 369.15 rupees.
Tata Steel Ltd. (TATA) : India’s largest producer of the alloy said it sold its entire stake in Australia’s Riversdale Mining Ltd. to Rio Tinto Group for A$1.06 billion ($1.12 billion.) Tata’s 26.27 percent holding in the Sydney-based coking coal developer almost doubled in value in less than four years, the company said. The shares fell 1.5 percent to 553.25 rupees.
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