Wednesday, July 18, 2007

Biocon, Gateway Distriparks, Reliance: India's Stocks Preview

Biocon, Gateway Distriparks, Reliance: India's Stocks Preview
By Pooja Thakur
July 18 (Bloomberg) -- The following stocks may rise or fall in Mumbai today. Prices refer to yesterday's close unless otherwise stated. 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 slid 0.1 percent to 15,289.82. The S&P/CNX Nifty Index on the National Stock Exchange declined 0.3 percent to 4,496.75.
Overseas investors bought a net 16.6 billion rupees ($407.1 million) worth of Indian shares on July 16, according to the latest information on the Securities & Exchange Board of India's Web site.
Biocon Ltd. (BIOS IN): India's biggest biotechnology company may sell its enzymes business to Denmark's Novozymes A/S for an undisclosed sum, the Business Standard reported, citing unidentified people familiar with the development. The decision to hive off the enzymes business into a separate unit and then sell it to the Danish company may have been prompted by waning returns from this product, the newspaper reported. Biocon climbed 4.6 rupees, or 1 percent, to 460.6.
Gateway Distriparks Ltd. (GDPL IN): The Indian shipping logistics provider said fiscal first-quarter profit fell 6 percent to 185.8 million rupees from a year earlier. Sales rose 40 percent to 483.2 million rupees. Gateway added 1.05 rupees, or 0.6 percent, to 187.3.
Reliance Industries Ltd. (RIL IN): India's biggest company confirmed a gas discovery off the country's east coast, potentially making Reliance the country's largest producer of the fuel. This is the first gas discovery in the region by any company, P.M.S. Prasad, president of the Mumbai-based company's oil and gas business, told reporters yesterday. Reliance gained 50.8 rupees, or 2.9 percent, to 1,827.35.
Tata Motors Ltd. (TTMT IN): India's biggest maker of trucks is examining a potential offer for Ford Motor Co.'s Jaguar and Land Rover brands, the U.K.'s Daily Telegraph reported, citing unidentified people close to the situation. Tata Motors and Ford signed a confidentiality agreement, according to the people. Analysts have valued Jaguar and Land Rover at about $1.5 billion, according to the newspaper. Tata Motors declined 10.4 rupees, or 1.4 percent, to 748.8.
Tata Steel Ltd. (TATA IN): The world's sixth-largest steelmaker plans to invest 3.5 billion baht ($105 million) to expand capacity in its Thai unit, the Nation reported, citing B. Muthuraman, Tata Steel's managing director. Tata Steel (Thailand) Pcl's capacity to produce liquid steel will rise by 500,000 metric tons a year from 1.7 million tons after the expansion, which will be completed in October 2008, the newspaper said, citing Muthuraman. Tata Steel fell 13.75 rupees, or 2 percent, to 680.5.
Zee Entertainment Enterprises Ltd. (Z IN): India's biggest listed media company, reported a 51 percent increase in fiscal first-quarter group profit to 812.70 million rupees. Sales climbed 36 percent to 4.13 billion rupees. Zee slid 0.15 rupee, or 0.04 percent, to 335.8.                                                              

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