Crompton, GTL, JSW Energy, Reliance, Titan: 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 Bombay Stock Exchange Sensitive Index, or Sensex, fell 66.19, or 0.4 percent, to 18,436.19. The S&P CNX Nifty Index on the National Stock Exchange declined 0.5 percent to 5,541.60. The BSE 200 Index decreased 0.5 percent to 2,285.47. SGX S&P CNX Nifty Index futures for July delivery fell rose 0.9 percent to 5,596 as of 11:21 a.m. in Singapore.
Crompton Greaves Ltd. (CRG) : The electrical equipment maker was downgraded to “underperform” from “outperform” at Batlivala & Karani Securities. The stock estimate is 151 rupees per share. Crompton Greaves gained 2.6 percent to 181.25 rupees.
GTL Infrastructure Ltd. (GTLI) : The board of telecom infrastructure company has approved a proposal to restructure its debt and Chief Executive A. Ravi has resigned, citing personal reasons, the company said in an exchange filing. The shares lost 2.1 percent to 13.95 rupees.
JM Financial Ltd. (JM) : HSBC Holdings Plc. has sold its unsecured written-off personal loan and credit card portfolio in India to the financial services company for 467 million rupees. JM Financial slid 0.7 percent to 22.65 rupees.
JSW Energy Ltd. (JSW) : The Indian power producer controlled by the billionaire Jindal family delayed an expansion of a power project because of high coal prices. The company will put on hold the planned 3,200 megawatts expansion at Ratnagiri in Maharashtra, waiting for clarity in pricing regulations in Indonesia and Australia, Chief Executive Officer Lalit Kumar Gupta said in an interview in Mumbai yesterday. JSW slumped 6.5 percent to 71 rupees.
Reliance Industries Ltd. (RIL) : The operator of the nation’s biggest natural gas deposit plans to halt crude oil and some gas production from a field off India’s east coast for about two weeks starting at the end of this month, a person with knowledge of the matter said.
Separately, India’s cabinet committee on economic affairs may next week consider giving approval to BP’s plan to buy stakes in oil and gas blocks operated by Reliance for $7.2 billion, the Economic Times reported, citing an oil ministry official it didn’t identify. Reliance fell 1.75 percent to 860.85 rupees.
Sesa Goa Ltd. (SESA) : India’s biggest iron-ore exporter reported first-quarter profit sank 35 percent to 8.4 billion rupees ($188.7 million) as production fell. The stock dropped 2.5 percent to 278.05 rupees.
Titan Industries Ltd. (TTAN) : The watchmaker was downgraded to “underweight” from “neutral” at JPMorgan Chase & Co. Titan declined 3.2 percent to 224.35 rupees.
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