Fortis, GVK Power, ONGC, BHEL, OnMobile: 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 BSE India Sensitive Index, or Sensex, advanced 57.29 points, or 0.3 percent, to 16,933.83. The S&P CNX Nifty Index on the National Stock Exchange of India gained 0.2 percent to 5,084.25, while BSE 200 Index added 0.3 percent to 2,095.23. SGX S&P CNX Nifty Index futures for September delivery dropped 1 percent to 5,035.5 as of 11:15 a.m. in Singapore.
Bharat Heavy Electricals Ltd. (BHEL) : Indian Railways is weighing award of contracts worth 260 billion rupees to BHEL, the country’s largest power-equipment maker, on a nomination basis, the Financial Express reported, without citing anyone. The shares slid 1.9 percent to 1.681.45 rupees.
Fortis Healthcare India Ltd. (FORH IN): The hospital operator will brief reporters today on a strategic announcement, the company said in an e-mailed statement, without giving further details. The shares fell 2.3 percent to 147.1 rupees.
GVK Power & Infrastructure Ltd. (GVKP) : The builder of airports and utilities controlled by Indian billionaire GV Krishna Reddy agreed to pay $1.26 billion to acquire coal projects from Australia’s Hancock Prospecting Pty. GVK Power was unchanged at 17 rupees.
Jet Airways India Ltd. (JETIN) : The nation’s biggest carrier increased its fuel surcharge by 200 rupees from Sept. 17, the company said in an e-mailed statement. Jet declined 0.4 percent to 272.55 rupees.
Maruti Suzuki India Ltd. (MSIL) : The maker of almost half the cars sold in the country said it will resume production on Sunday after a strike at a power-train joint venture was called off and supplies of components restarted. Maruti added 2.5 percent to 1,109.45 rupees.
Oil & Natural Gas Corp. (ONGC IN): The government’s plan of selling shares in the country’s largest state oil explorer is likely to be called off because of a hefty burden imposed on the company on account of sharing the losses of state-run oil marketing companies, Indian Express reported, citing officials at India’s petroleum ministry and the company. Shares rallied 5.4 percent to 274.7 rupees.
OnMobile Global Ltd. (ONMB) : The Indian software maker that offers services for cellular telephones plans to buy back as many as 4 million shares at a price not exceeding 85 rupees a share, the company said in a statement. The shares slid 1.4 percent to 62.4 rupees.
Unitech Ltd. (UT) : Telenor ASA, the biggest Nordic phone company, has started a process to raise up to 80 billion rupees in its venture with Unitech, India’s second-biggest developer, The Times of India reported, citing Sigve Brekke, managing director of the venture Unitech Wireless. The stock added 0.7 percent to 28.1 rupees.
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