Cholamandalam, Exide, Voltas, Wockhardt: 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, gained 252.05 points, or 1.5 percent, to 16,698.07. The S&P CNX Nifty Index on the National Stock Exchange of India Ltd. rose 1.4 percent to 5,015.45, while BSE 200 Index added 1.1 percent to 2,054.98. SGX S&P CNX Nifty Index futures for October delivery lost 0.8 percent to 4,995 as of 11:12 a.m. in Singapore.
Axis Bank Ltd. (AXSB) : The lender launched a fixed-rate home loans at an interest rate of 11.75 percent for a 20-year tenure, the Economic Times reported, citing Jairam Sridharan, senior vice-president and head of consumer lending and payments. Shares slid 0.3 percent to 1,069.75 rupees.
Cholamandalam Investment & Finance Co. (CIFC IN): The southern India-based lender plans to raise as much as 1.5 billion rupees ($31 million) selling perpetual debt by December, Chief Financial Officer D. Arulselvan said in an interview. The shares fell 0.7 percent to 151.1 rupees.
GlaxoSmithKline Consumer Healthcare Ltd. (SKB) : The maker of health drinks was raised to “outperform” from “in- line” at Standard Chartered Plc by equity analyst Sanjay Singh. The shares declined 0.5 percent to 2,265.75 rupees.
GVK Power & Infrastructure Ltd. (GVKP) : GVK Transportation Pvt., a unit of GVK Power, won a bid for a road project in the central Indian state of Madhya Pradesh, GVK said in an exchange filing. GVK Power’s stock slid 0.3 percent to 16 rupees.
Exide Industries Ltd. (EXID) : The battery maker was raised to “buy” from “Hold” at Deutsche Bank by equity analyst Amyn Pirani. The 12-month price estimate is 150 rupees apiece. Shares advanced 1.7 percent to 131.85 rupees.
Indraprastha Gas Ltd. (IGL) : The supplier of compressed natural gas in Delhi may increase the price of natural gas used in vehicles and as cooking fuel by 2 rupees a kilogram this week, Press Trust of India reported, citing people it didn’t identify. The shares slid 0.1 percent to 424.5 rupees.
IRB Infrastructure Developers Ltd. (IRB) : The construction company was rated “accumulate” in new coverage at IDBI Capital Market Services Ltd. The shares gained 1 percent to 164.45 rupees.
Power Grid Corp. of India Ltd. (PWGR IN): The nation’s biggest transmission company has completed its first set of transmission lines to evacuate electricity from Tata Power Co.’s Mundra plant, according to an e-mailed statement. The shares rose 0.1 percent to 97.45 rupees.
Tata Metaliks Ltd. (TML) : The Tata Steel Ltd.’s unit may look at setting up a sinter plant, Chairman Koushik Chatterjee told shareholders in Kolkata. The shares jumped 4.3 percent to 85.7 rupees.
Unitech Ltd. (UT) : The nation’s second-largest property developer said shareholders didn’t approve a dividend payment for the financial year ended March 31, 2011, according to a stock exchange filing. The shares fell 0.4 percent to 27 rupees.
Voltas Ltd. (VOLT) : The company backed by Ratan Tata’s Tata Group was cut to “sell” from “hold” at PINC Infinity.com Financial Services by equity analyst Ankit Babel. The shares fell 0.3 percent to 119.55 rupees.
Wockhardt Ltd. (WPL) : The drugmaker informed the Bombay high court yesterday that it had decided to clear the dues to its bondholders, amounting to 3.58 billion rupees, including interest, in instalments, and will give a detailed repayment plan to the court on Oct. 4, Mint reported, citing no one.
A Wockhardt spokesperson confirmed that the company has given a written statement to the court, the report said. Shares dropped 1.7 percent to 390.3 rupees.
To contact the editor responsible for this story: Darren Boey at email@example.com