BLBG: India Stocks: Hero Honda Motors, JSL, Ranbaxy, Suzlon Energy
The Bombay Stock Exchange’s Sensitive Index, or Sensex, slid 7.69, or less than 0.1 percent, to 9,895.77 as of 10:16 a.m. local time. The S&P CNX Nifty Index on the National Stock Exchange slid 0.1 percent to 3,030.45. The BSE 200 Index advanced 0.2 percent to 1,189.30. Nifty futures for January delivery fell 0.3 percent to 3,034.
Overseas funds sold a net 116 million rupees ($2.4 million) of local stocks on Dec. 31, the nation’s market regulator said.
The following were among the most active shares traded on the Bombay and National stock exchanges. Stock symbols are in parentheses after company names:
Hero Honda Motors Ltd. (HH IN) fell 6.85 rupees, or 0.8 percent, to 805. The nation’s largest motorcycle maker said two- wheeler sales declined 10 percent in December. Hero Honda sold 215,931 motorcycles and scooters last month compared with 240,532 a year earlier, the company said.
JSL Ltd. (JDSL IN) added 0.25 rupee, or 0.7 percent, to 37.60. The No. 1 stainless steel maker acquired chrome ore mines in the Middle East and Europe for $2 million, the Economic Times reported, citing Director Arvind Parakh. The stainless steel maker has also formed a venture with a group of miners based in the United Arab Emirates to mine chrome ore, the report said.
Ranbaxy Laboratories Ltd. (RBXY IN) declined 6.15 rupees, or 2.5 percent, to 244. India’s largest drugmaker missed its December 2008 deadline to unveil an anti-migraine drug as the U.S. regulator has yet to give its approval, the Economic Times reported, without saying where it got the information. Ranbaxy was expecting to earn almost $100 million from the drug, a low- cost version of GlaxoSmithKine-owned Imitrex, the report said.
Suzlon Energy Ltd. (SUEL IN) added 1.9 rupees, or 2.9 percent, to 68.20. India’s biggest maker of wind-turbine generators said it has agreed to sell a 10 percent stake in unit Hansen Transmissions International NV to London-based investment company Ecofin Ltd.