Tata Steel, ITC, India Infoline: India’s Stock Market Preview
The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 32.92, or 0.2 percent, to 19,982.88. The S&P CNX Nifty Index on the National Stock Exchange declined less than 0.1 percent to 5,980. The BSE 200 Index decreased 0.2 percent to 2,473.64.
A2Z Maintainance & Engineering Services Ltd. (A2ZL IN): Billionaire Rakesh Jhunjhunwala bought 1 million shares of A2Z Maintenance & Engineering Services in two transactions in Mumbai, according to data on the Bombay Stock Exchange and the National Stock Exchange. The shares retreated 18 percent to 328.55 rupees.
India Infoline Ltd. (IIFL IN): The company plans to spend as much as 1.04 billion rupees ($23 million) to buy back shares at a maximum price of 99 rupees each, it said in a statement. The stock advanced 1.1 percent to 83.25 rupees.
ITC Ltd. (ITC IN): India’s largest maker of cigarettes resumed production on Dec. 22 following a 21-day shutdown after the government allowed companies to continue using existing pictorial warnings on tobacco products, company spokeswoman Nandini Basu said in a telephone interview. The shares lost 0.3 percent to 166.90 rupees.
JSW Steel Ltd. (JSTL IN): The company made an open offer to acquire 20 percent of Ispat Industries Ltd. from holders at 20.54 rupees a share, according to a statement on the Bombay Stock Exchange. The shares slid 3.7 percent to 1,155.65 rupees.
Tata Steel Ltd. (TATA IN): The company may lower its debt by more than 8 percent if it sells its stake in Australia’s Riversdale Mining Ltd. to Rio Tinto Group, said Niraj Shah, an analyst at Fortune Equity Brokers Ltd. The shares fell 1.7 percent to 661.35 rupees.
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