Bharat Heavy, Maruti Suzuki, Coal India: 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 BSE India Sensitive Index, or Sensex, fell 244.31 points, or 1.5 percent, to 16,453.76. The S&P CNX Nifty Index on the National Stock Exchange of India declined 1.4 percent to 4,943.25, while the BSE 200 Index retreated 1.3 percent to 2,028.27.
Retailers: The government is considering allowing foreign companies to completely own single-brand retail stores, Times of India reported, citing an unidentified government official.
Bharat Heavy Electricals Ltd. (BHEL) : India’s largest power-equipment maker filed documents with the market regulator in preparation for a 5 percent stake sale by the government, its biggest investor, two people with knowledge of the matter said on Sept. 30. The company may raise as much as 50 billion rupees ($1.02 billion) from the sale, disinvestment secretary Mohammad Haleem Khan told reporters in Kolkata on Oct. 1. The shares declined 1.6 percent to 327.93 rupees.
Bharti Airtel Ltd. (BHARTI) : India’s largest mobile services provider, will roll out ZTE 4G network in Kolkata first, the Economic Times reported citing an executive it didn’t identify.
Coal India Ltd. (COAL) : The world’s biggest producer of the fuel won’t quantify the impact of a new mines bill on its profitability, Chairman Nirmal Chandra Jha said by telephone, responding to a Press Trust of India report on Oct. 2 that earnings will drop by about 20 billion rupees a year after the bill becomes law. The shares slid 5 percent to 333.2 rupees.
Cairn India Ltd. (CAIR) : The operator of the nation’s biggest onshore oilfield said its unit found gas at a well in Mannar Basin in Sri Lanka at a water depth of 1,354 meters. Additional drilling is needed to establish the commerciality of the discovery, Cairn India said in an e-mailed statement on Oct. 2. Shares slid 1.6 percent to 272.5 rupees.
Glenmark Pharmaceuticals Ltd. (GNP) : The Indian drugmaker was raised to “buy” from “hold” at India Nivesh Ltd. by equity analyst Daljeet Kohli on Sept. 30. The shares gained 2 percent to 322.95 rupees.
Indian Oil Corp. (IOCL IN): The nation’s largest refiner, increased the price of jet fuel in Mumbai to 59,359 rupees a kiloliter starting Oct. 1, from 58,452.31 rupees, according to its website. The shares slid 0.5 percent to 311.45 rupees.
Maruti Suzuki India Ltd. (MSIL) : The maker of almost half the cars sold in India said in an e-mailed statement on Oct. 1 that it had resolved a labor dispute that disrupted production at its Manesar plant. The workers will resume duties today, it said. In a separate statement, the company said sales declined 21 percent to 85,565 vehicles in September from a year earlier. The shares slid 2 percent to 1083 rupees.
Tata Motors Ltd. (TTMT) : India’s biggest commercial vehicle maker’s total sales climbed 22 percent in September to 78,786 units, it in an e-mailed statement on Oct. 1. Sales of the Nano small car dropped 47 percent to 2,936. The shares fell 3 percent to 156.05 rupees.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org