Airlines, Rice Exporters, Axis Bank, Delta: India Stocks Preview

9 Sep

The following companies may have unusual price changes in Indiatrading. Stock symbols are in parentheses and share prices are as of the last close.

The BSE India Sensitive Index, or Sensex, rose 100.54 points, or 0.6 percent, to 17,165.54. The S&P CNX Nifty Index on the National Stock Exchange added 0.6 percent to 5,153.25. The BSE 200 Index advanced 0.5 percent to 2,125.44. SGX S&P CNX Nifty Index futures for September delivery slid 0.3 percent to 5,145 as of 11:24 a.m. in Singapore.

Airlines: Carriers such as Kingfisher Airlines Ltd. (KAIR) and Jet Airways India Ltd. (JETIN) could benefit after India’s national auditor said Emirates Airline and other Middle East carriers should be forced to reduce the number of services they fly to India to help prop up state-owned Air India Ltd. Kingfisher shares fell 0.5 percent to 27.85 rupees and Jet fell 1.9 percent to 299.4 rupees.

Steelmakers: Companies such as Tata Steel Ltd. (TATA) could be active after the world’s largest steelmaker, ArcelorMittal, said it is temporarily shutting its Eisenhuttenstadt No. 1 blast furnace because of a “seasonal slowdown and some regional demand fluctuations.” The furnace will restart when demand improves. Tata Steel shares fell 1.43 percent to 491.35 rupees.

Rice exporters: India allowed private companies to export 2.1 million tons of non-basmati rice, Food Minister K.V. Thomas said late yesterday. Kohinoor Foods Ltd. (KFL) rallied 7.3 percent to 42.55 rupees, LT Foods Ltd. (LTFO) climbed 3.6 percent to 46.4 rupees, KRBL Ltd. (KRB)gained 4.6 percent to 27.15 rupees and Emmsons International Ltd. (EMSI) rose 0.8 percent to 90.9 rupees.

Accurate Transformers Ltd. (ACT) : The electricity distribution-equipment maker said it has deferred a proposal to raise funds. The shares rose 5 percent to 63.2 rupees.

Arvind Ltd. (ARVND) : PVH Corp.’s Tommy Hilfiger Group bought the license to sell its branded products in India, and bought a 50 percent stake in India’s Arvind Murjani Brands Pvt. from Murjani Group for an undisclosed sum. Arvind Ltd., a maker of cotton textiles and apparel that holds the remaining stake in Arvind Murjani Brands, sent the Tommy Hilfiger statement to the stock exchange. Its shares rose 3.1 percent to 85.25 rupees.

Axis Bank Ltd. (AXSB) : India’s third-biggest lender outside government control aims to raise $500 million from sales of benchmark-sized bonds to international investors by March 2012, the treasury head Parthasarathi Mukherjee said.

Separately, the lender said the planned merger of its equity underwriting operations with closely held Enam Securities Pvt. “continues to be an all stock deal,” spokesman Julius Samson said in an interview today after a report in the Economic Times newspaper said India’s central bank has told Axis Bank to pay cash for the acquisition, without saying where it got the information. Axis shares rose 0.6 percent to 1,150.55 rupees.

Bharti Airtel Ltd. (BHARTI) : The company said it received a license from the Rwanda Utilities Regulatory Agency to start second- and third-generation mobile-phone services in the African country. Bharti will invest $100 million over the next three years in its Rwandan operations, which will increase its African footprint to 17 countries, the statement said. Bharti shares fell 0.5 percent to 399.5 rupees.

Delta Corp. (DELTA IN): The casino operator is in talks with some of the largest hotel and casino operators in the world, including Las Vegas-based MGM Resorts International, to sell a stake, The Economic Times reported, citing people it didn’t identify. The stock rallied 7.9 percent to 105.25 rupees.

Hotel Leela Venture Ltd. (LELA) : The company said its board has approved the sale of fully owned unit Kovalam Resort Pvt. Ltd. for 5 billion rupees ($108.2) in shares. Shares rose 0.4 percent to 39.5 rupees.

Housing Development Finance Corp. (HDFC) : India’s largest mortgage lender doubled the size of its five-year bond sale to 10 billion rupees, according to two people with direct knowledge of the matter. The shares fell 1.2 percent to 659.25 rupees.

Lloyd Electric and Engineering Ltd. (LEE IN), Fedders Lloyd Corp. Ltd. (FDLC IN): Air conditioner-equipment maker Lloyd Electric said it will buy Perfect Radiators & Coolers Pvt.’s heat-exchangers business.

It will also buy the “Lloyd” brand from Fedders Lloyd’s to enter the consumer durable goods retail business. Lloyd Electric shares rose 0.9 percent to 53.3 rupees and Fedders Lloyd gained 2.8 percent to 72.45 rupees.

Indian Oil Corp. Ltd. (IOCL IN), Hindustan Petroleum Corp. Ltd. (HPCL IN), Bharat PetroleumCorp. Ltd. (BPCL IN): Indian Oil, India’s largest state-run refiner, barred Switzerland-based Vitol Group from participating in its tenders and other state- run refiners may follow suit, Reuters reported, citing people it didn’t identify. Indian Oil shares fell 0.2 percent to 316.45 rupees, Hindustan Petroleum lost 1.2 percent to 373.25 rupees and Bharat Petroleum gained 0.3 percent to 673.95 rupees.

Separately, the International Energy Agency won’t ask its members to tap emergency oil stockpiles again because supplies have risen over the summer, the new head of the energy adviser to 28 industrialized nations said.

Info Edge India Ltd. (INFOE) : The recruitment website operator said it plans to invest 200 million rupees in Applect Learning Systems Pvt. Ltd., an online education business. Info Edge shares fell 2.8 percent to 695.7 rupees.

NMDC Ltd. (NMDC) : The nation’s largest iron-ore producer and the Rio Tinto Group have scrapped an alliance to jointly purchase and develop reserves in India and overseas stalled, Indian Express reported, citing the Indian company’s Chairman Rana Som. The stock added 0.8 percent to 231.85 rupees.

Oil & Natural Gas Corp. (ONGC IN): Russian oil producer OAO Bashneft is reviewing some of the Indian company’s assets and may get some of them in exchange for giving ONGC access to development of Trebs and Titov fields in the Arctic, Bashneft President Alexander Korsik told reporters in Moscow. ONGC shares fell 0.5 percent to 261.15 rupees.

Suzlon Energy Ltd. (SUEL) : Repower Systems SE, a Hamburg-based unit of Suzlon, Asia’s third-largest maker of wind turbines, got an order for 47 units for projects in Germany. Suzlon shares rose 1.6 percent to 42 rupees.


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