Coal India, Indian Oil, ITC, 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 BSE India Sensitive Index, or Sensex, fell 704 points, or 4.1 percent, to 16,361.15. The S&P CNX Nifty Index on the National Stock Exchange declined 4.1 percent to 4,923.65. The BSE 200 Index decreased 3.8 percent to 2,035.21. SGX S&P CNX Nifty Index futures for September delivery dropped 0.8 percent to 4,870 as of 11:14 a.m. in Singapore.
Coal India Ltd. (COAL) : The world’s biggest producer of the fuel, plans to use its $9.2 billion of cash to increase output and pay more dividend as investors clamor for higher returns, Chairman Nirmal Chandra Jha said in an interview. Shares lost 2.4 percent to 375.35 rupees.
Dr. Reddy’s Laboratories Ltd. (DRRD IN): The nation’s second-largest drugmaker launched rivastigmine tartrate capsules, its version of Novartis AG’s dementia treatment Exelon, in the U.S. market on Sept. 15. The shares slipped 1.8 percent to 1,503.95 rupees.
Indian Oil Corp. (IOCL IN): The nation’s biggest refiner plans to raise its borrowing limit by 300 billion rupees to 1.1 trillion rupees as it apprehends borrowings to go up sharply due to high under-recovery on sales of diesel, kerosene and domestic liquefied petroleum gas, Business Standard reported, citing an unidentified company official. Shares added 0.7 percent to 310.2 rupees.
ITC Ltd. (ITC) : The company has increased prices of its mid-sized cigarette brands, following an increase in value-added tax on cigarettes in Andhra Pradesh state to 20 percent from 14.5 percent, Business Standard reported, citing an unidentified ITC spokesperson. The stock slumped 3.4 percent to 190.95 rupees.
Oberoi Realty Ltd. (OBER) : The company’s stock was rated new ’’buy’’ at BNP Paribas Securities (Asia) by equity analyst Avneesh Sukhija with a 12-month price estimate of 268 rupees per share. Shares slid 1.8 percent to 221.3 rupees.
Petronet LNG Ltd. (PLNG) : The Indian importer of liquefied natural gas was downgraded to “outperform” from “buy” by equity analyst Bhavin Gandhi at Batlivala & Karani Securities, with a target price of 198 rupees a share. The shares plunged 6.3 percent to 166.85 rupees.
Reliance Industries Ltd. (RIL) : Billionaire Mukesh Ambani’s company and BP Plc may need as long as four years to raise output from India’s biggest gas reservoir because the field is harder to tap than previously estimated, a person with direct knowledge of the matter said. The stock plunged 6 percent to 786.35 rupees.
Tata Chemicals Ltd. (TTCH) : The U.S. unit of the Indian chemical company, FMC Corp. and U.S.-based Church & Dwight Co. formed a joint venture company to manufacture and market sodium- based dry sorbents for air-pollution control in electric utility and industrial boiler operations, the Indian company said in a filing to the stock exchange. The stock fell 1.5 percent to 332.3 rupees.
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