Thursday, February 28, 2008

India Stocks Preview: Bharat Forge, Indiabulls, Jet, Deccan

By Archana Chaudhary and Shailendra Bhatnagar

Feb. 28 (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 Exchange's Sensitive Index, or Sensex, rose 0.1 percent to 17,825.99. The S&P/CNX Nifty Index on the National Stock Exchange declined less than 0.1 percent to 5,268.40.

Overseas investors bought a net 854 million rupees ($22 million) of Indian shares Feb. 26, the nation's stock market regulator said on its Web site.

Bharat Forge Ltd.: (BHFC IN): India's biggest producer of automotive forgings plans to sell warrants worth 3 billion rupees ($75 million) to its founders. Bharat Forge fell 7.8 rupees, or 2.7 percent, to 285.6.

Indiabulls Real Estate Ltd. (IBREL IN): India's fourth- biggest developer by market value may buy Dev Property Development Plc for about 138 million pounds ($274 million). Dev Property shareholders will receive 0.12091 new Indiabulls global depositary receipts for each Dev Property share, the Mumbai- based property developer said in an e-mailed statement. Indiabulls Real Estate rose 11.55 rupees, or 1.8 percent, to 654.

Airlines: Jet Airways (India) Ltd. (JETIN IN), Deccan Aviation Ltd. (DECA IN) and rival airlines plan to raise as much as $4 billion from equity and debt markets in the financial year starting April 1, Mint newspaper reported, without saying where it got the information. Jet, India's largest domestic carrier, dropped 20.5 rupees, or 2.7 percent, to 726.55. Deccan, the nation's biggest budget carrier, gained 1.2 rupees, or 0.7 percent, to 178.1.

NTPC Ltd. (NATP IN): India's biggest power generator borrowed 68.6 million euros ($103 million) from Helsinki-based Nordic Investment Bank. NTPC declined 1.55 rupees, or 0.8 percent, to 202.35.

Sun Pharmaceutical Industries Ltd. (SUNP IN): India's biggest drugmaker by market value said it won U.S. approval to sell its version of Roche Holdings AG's Demadex for the treatment of edema. Sun rose 51.8 rupees, or 4.5 percent, 1,192.65.

To contact the reporters on this story: Archana Chaudhary in Mumbai at achaudhary2@bloomberg.net ; Shailendra Bhatnagar in New Delhi at sbhatnagar3@bloomberg.net

Source : bloomberg.com

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