India Stocks Preview: Jindal Stainless, Neyveli, Tata, Unitech
By M.C. Govardhana Rangan and Shailendra Bhatnagar
March 14 (Bloomberg) — The following stocks may rise or
fall in Mumbai today. Prices refer to the previous close. The
preview includes news that broke after the markets shut. Stock
symbols are in brackets after company names.
The Bombay Stock Exchanges Sensitive Index, or Sensex, fell
4.8 percent to 15,357.35. The S%26amp;P CNX Nifty Index on the National
Stock Exchange declined 5.1 percent to 4,623.60
Overseas investors bought a net 1.44 billion rupees ($35.6
million) of Indian shares March 12, the nations stock market
regulator said on its Web site.
Jindal Stainless Ltd. (JDSL IN): Indias largest steel
producer said it will invest 5 billion rupees in its India unit
and $100 million in its Singapore unit. Its shares fell 11.9
rupees, or 8.4 percent, to 129.1.
Neyveli Lignite Corp. (NNLC IN): The miner and power
producer plans to invest 52 billion rupees in partnership with
Northern Coalfields Ltd. to set up a 1,000 megawatt power station,
the Business Standard reported, citing officials it did not
identify. Neyveli fell 8.5 rupees, or 6.3 percent, to 125.7.
Tata Motors Ltd. (TTMT IN): The nations largest bus and
truck maker has appointed State Bank of India as the lead manager
to raise $3 billion to help fund the purchase of Jaguar and Land
Rover from Ford Motor Co., the Financial Express reported, citing
a State Bank official it didnt identify. Tata Motors fell 24.55
rupees, or 3.8 percent, to 620.35.
Unitech Ltd. (UT IN) and Indiabulls Real Estate Ltd. (IBREL
IN): The two companies have deferred plans to list their
respective real estate investment trusts on the Singapore Stock
Exchange owing to a shortage of liquidity in the global markets,
the Business Standard reported, citing company officials it
didnt identify. Unitech fell 28.6 rupees, or 9.7 percent, to
265.95 and Indiabulls Real Estate dropped 73.95 rupees, or 13
percent, to 494.15.
To contact the reporter on this story:
M.C. Govardhana Rangan in Mumbai at
grangan@bloomberg.net.
