Stock Preview : DLF, Unitech, Tata Power

May 29, 2009	(1 votes, average: 4 out of 5)  Loading ...
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The following companies may have unusual price changes in Indian trading. Stock symbols are in parentheses and prices are as of yesterday’s close.

The Bombay Stock Exchange’s benchmark Sensitive Index, or Sensex, rose 186.37, or 1.3 percent, to 14,296.01. The S&P CNX Nifty Index on the National Stock Exchange added 1.4 percent to 4,337.10. The BSE 200 Index rose 1 percent to 1,733.08. SGX Nifty futures for May delivery rose 1.4 percent to 4,337 at 11:08 a.m. in Singapore.

Overseas investors bought a net 4.37 billion rupees ($91.7 million) of Indian stocks on May 27, according to the market regulator.

DLF Ltd. (DLFU IN): India’s largest real estate developer denied a newspaper report that its founders plan to sell an additional stake. The controlling shareholders are planning to sell a 5.5 percent stake for about 20 billion rupees ($420 million) through a qualified institutional placement, the Financial Express reported today. The founder’s family sold a 9.9 percent stake on May 13 for 38.6 billion rupees, it said. “There is no plan to sell any further stake,” Sanjey Roy, a spokesman of DLF, said by telephone. The stock climbed 1.9 percent to 372.80 rupees.

NTPC Ltd.(NATP IN): India’s biggest electricity producer will sign a fuel supply agreement with Coal India Ltd. today, Chairman R.S. Sharma said yesterday. The agreement, approved by the generator’s board on May 22, will cover 90 percent of NTPC’s annual requirement for existing coal-fired plants for the next 20 years, Sharma said. It advanced 2.9 percent to 207.8 rupees.

Ranbaxy Laboratories Ltd. (RBXY IN): Daiichi Sankyo Co., Japan’s third-largest drugmaker, plans to sell bonds to refinance a loan taken for its $5 billion acquisition of Ranbaxy, India’s biggest pharmaceuticals company. Ranbaxy jumped 3.6 percent to 271.20 rupees.

Reliance Power Ltd. (RPWR IN): The unit of India’s third- largest power generator is negotiating with BHP Billiton Ltd. and Rio Tinto Ltd. to set up a joint venture for developing coal mines in India to supply its generation plants, the Economic Times reported, citing a person it didn’t identify. The stock rose 0.7 percent to 180 rupees.

Tata Power Ltd. (TPWR IN): India’s biggest electricity generator outside state control posted a 58 percent increase in fourth-quarter profit. The shares climbed 1 percent to 1,102.15 rupees in Mumbai.

Unitech Ltd. (UT IN): India’s Foreign Investment Promotion Board deferred the approval of a deal between Telenor ASA and India’s Unitech Wireless, a unit of Unitech Ltd., NDTV-Profit reported, citing people it didn’t unidentify. Unitech fell 1.1 percent to 76.25 rupees.

News Published Under:   Real Estate India, Banking and Finance |

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