Cairn, HCL, Hexaware, HPCL, Idea SKS, Tube: India Equity 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, lost 353.07 points, or 1.9 percent, to 18,518.22. The S&P CNX Nifty Index on the National Stock Exchange of India Ltd. sank 1.9 percent to 5,574.85. The BSE 200 Index lost 1.6 percent to 2,301.06. SGX S&P CNX Nifty Index futures for July delivery rose 0.1 percent to 5,584.5 as of 10:54 a.m. in Singapore.
Cairn India Ltd. (CAIR) : The operator of India’s biggest onshore oil deposit posted a first-quarter profit of 27.3 billion rupees ($618 million), compared with 2.8 billion rupees a year ago, the company said in an e-mailed statement late yesterday. The shares declined 1.6 percent to 322.6 rupees.
HCL Technologies Ltd. (HCLT) : The Indian software maker said fourth quarter profit jumped 62 percent to 3.86 billion rupees, lower than the 4.93 billion rupees estimated by analysts. The shares retreated 0.3 percent to 515.15 rupees.
Hexaware Technologies Ltd. (HEXW) : The computer-services company reported second-quarter group profit of 602.4 million rupees, beating 468 million rupees estimated by analysts. The shares dropped 0.3 percent to 79.6 rupees.
Hindustan Petroleum Corp. (HPCL IN): India’s third-largest state oil refiner will buy an additional 1 million barrels of crude from Saudi Arabia next month to make up for missing supply from Iran, a company official said. The shares fell 3.4 percent to 386.55 rupees.
Idea Cellular Ltd. (IDEA) : The telecom operator was raised to “neutral” from “underweight” by Malvika Gupta, an analyst at JPMorgan Chase & Co. (JPM) with a nine-month price target of 80 rupees per share. The shares declined 2.5 percent to 90.15 rupees.
SKS Microfinance Ltd. (SKSM) : India’s largest listed lender to the poor reported a first-quarter loss of 2.18 billion rupees, compared with a 666.9 million-rupee profit a year earlier, according to a statement on the BSE Ltd. It will sell 9 billion rupees of shares to large investors, the statement said. The shares fell 1.9 percent to 522.25 rupees.
Tube Investments Of India (TI) : The producer of steel tubes and cold rolled-steel strips plans to sell 1 billion rupees ($23 million) of five-year bonds next month, according to a person familiar with the matter. The shares added 1.7 percent to 163.4 rupees.
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