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Home » Finance News » Reliance Industries, Petronet, Aban: India Equity Preview

Reliance Industries, Petronet, Aban: India Equity Preview

The following companies may have unusual price changes in Indian trading. Stock symbols are in parentheses and share prices are from the last close.

The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 1.4 percent to 16,677.04. The S&P CNX Nifty Index on the National Stock Exchange added 1.4 percent to 4,958.40. The BSE 200 Index climbed 1.3 percent to 2,043.78. SGX Nifty futures for September delivery rose 0.5 percent to 4,993 at 11:40 a.m. in Singapore.

Overseas funds bought a net 8.86 billion rupees ($183.2 million) of Indian stocks on Sept. 15, the Securities and Exchange Board of India said yesterday on its Web site. The funds have bought a net 438.4 billion rupees of the nation's stocks since Jan. 1, compared with record net sales of 530 billion rupees for the whole of 2008.

Infrastructure stocks: Goldman Sachs Group Inc. rated IVRCL Infrastructures and Projects Ltd. (IVRC IN), IRB Infrastructure Developers Ltd. (IRB IN) and Jaiprakash Associates Ltd.(JPA IN) as "attractive" in new coverage, saying the industry "offers substantial asset growth opportunities." IVRCL added 4.5 percent to 365.05 rupees. IRB lost 1.1 percent to 205.65 rupees. Jaiprakash gained 0.7 percent to 239.15 rupees.

Sugar stocks: Morgan Stanley raised Shree Renuka Sugars Ltd. (SHRS IN) and Balrampur Chini Mills Ltd. (BRCM IN) to "attractive" from "in-line," citing the absence of government intervention to control pricing. Shree Renuka added 5.9 percent to 203.4 rupees. Balrampur Chini gained 2.6 percent to 124.75 rupees.

Aban Offshore Ltd. (ABAN IN): India's largest oil rig company has secured shareholders' approval for raising up to $920 million funds to repay part of company's debt as well as meet internal requirements, the Financial Chronicle reported, citing Managing Director Reji Abraham. The stock rose 3 percent to 1,619.9 rupees.

Housing Development Finance Corp. (HDFC IN): India's biggest mortgage lender got approval to issue 10.95 million warrants to overseas investors, according to a filing to the Bombay Stock Exchange yesterday. The shares fell 0.8 percent to 2,536 rupees.

Petronet LNG Ltd. (PLNG IN): India's largest liquefied natural gas importer plans to borrow 50 billion rupees ($1 billion) from foreign and local banks by end-2010 to fund planned power plants with a total capacity of 1,200 megawatts, Managing Director Prosad Dasgupta said by phone from New Delhi today. The shares fell 0.5 percent to 74.5 rupees.

Reliance Industries Ltd. (RIL IN): Petroleum Trust, controlled by a wholly owned unit of Reliance Industries, is offering to sell as many as 20 million shares in India's most valuable company, a person familiar with the matter said yesterday. The stock rose 0.1 percent to 2,184 rupees.

Reliance Natural Resources Ltd. (RNR IN): The Indian company owned by billionaire Anil Ambani has filed a petition in India's Supreme Court seeking to make NTPC Ltd. (NATP IN) a party in a dispute over the supply of natural gas from Reliance Industries Ltd. Reliance Natural rose 0.2 percent to 87.95 rupees. NTPC climbed 0.2 percent to 209.9 rupees.

Sun Pharmaceutical Industries Ltd. (SUNP IN): India's biggest drugmaker by market value plans to file 30 generic drug patents in the U.S., the Business Standard reported, citing Chairman Dilip Shanghvi. The stock rose 0.9 percent to 1,230.05 rupees.

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