Godrej, IndusInd Bank, SpiceJet, Wipro, Choice, C&C: India Equity Preview
The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the last close.
The Bombay Stock Exchange Sensitive Index, or Sensex, was little changed at 17,941.37. The S&P CNX Nifty Index on the National Stock Exchange was also little changed, at 5,366. The BSE 200 Index gained 0.2 percent to 2,250.87. SGX S&P CNX Nifty Index futures for April delivery rose 0.2 percent to 5,382.5 at 10:32 a.m. in Singapore today.
Sugar producers: India’s government asked mills to sell sugar on a fortnightly basis this month from weekly sales, Vinay Kumar, managing director of the National Federation of Cooperative Sugar Factories Ltd., said in an interview yesterday. Bajaj Hindusthan Ltd. (BJH IN), the nation’s biggest, fell 0.7 percent to 136.85 rupees, Balrampur Chini Mills Ltd. (BRCM IN), the second-biggest, was unchanged at 90.85 rupees and Shree Renuka Sugars Ltd. (SHRS IN), the biggest refiner, dropped 0.7 percent to 70.15 rupees.
Choice International Ltd. (CFIS IN): The company is planning to buy a building in Mumbai, it said in a statement to the Bombay Stock Exchange. The shares fell 1.2 percent to 85.35 rupees.
C&C Constructions Ltd. (CCON IN): The construction company plans to sell shares to large investors, it said in a filing to the National Stock Exchange. The stock declined 0.5 percent to 248.7 rupees.
Godrej Consumer Products Ltd. (GCPL IN): The country’s second-biggest soap maker agreed to buy Indonesian household insecticide maker PT Megasari Mamur, it said in a presentation to the Bombay Stock Exchange. The shares rose 2 percent to 278.55 rupees.
Hexaware Technologies Ltd. (HEXW IN): The computer-services company was rated “underperform” in new cover at Credit Suisse AG, which said it faces a number of growth and margin “headwinds” in 2010. Credit Suisse’s price estimate for the shares is 60 rupees. Hexaware increased 0.7 percent to 69.85 rupees.
IndusInd Bank Ltd. (IIB IN): The bank has raised 4.2 billion rupees selling 9.5 percent bonds maturing in 63 months, the company said in an e-mailed statement. The shares fell 0.3 percent to 180.35 rupees.
Infotech Enterprises Ltd. (INFTC IN): The software services company that offers computer-aided design was rated “outperform” in new cover at Credit Suisse, which cited the company’s position in offshore engineering and research, its “deep” customer relationships and a “high margin upside” stemming from low utilization. Credit Suisse’s price estimate on the stock is 440 rupees. Infotech retreated 1.5 percent to 372.25 rupees.
Jindal Steel & Power Ltd. (JSP IN): The steel and power producer has raised 100.6 billion rupees in long-term loans for building a power plant in central India, the Economic Times reported, citing a company statement. The shares declined 0.1 percent to 715.85 rupees.
JSW Steel Ltd. (JSTL IN): The steelmaker was rated “buy” in new cover by Abhay Laijawala, Deutsche Bank Securities’ head of research in Mumbai. Laijawala expects the shares to trade at 1,500 rupees within the next 12 months. JSW Steel dropped 0.6 percent to 1,273.95 rupees.
Mphasis Ltd. (MPHL IN): The information technology company was rated “neutral” in new cover at Credit Suisse, which said that strong volume growth may be offset by continued price cuts. Credit Suisse’s price estimate for the shares is 620 rupees. Mphasis slid 0.2 percent to 635.85 rupees.
Sesa Goa Ltd. (SESA IN): The nation’s biggest iron-ore exporter was rated “buy” by Anuj Singla, an analyst at Deutsche Equities India Pvt. in Mumbai. Singla expects the shares to trade at 540 rupees within the next 12 months. Sesa increased 0.2 percent to 475.2 rupees.
SpiceJet Ltd. (SJET IN): The low-budget air carrier said it was not in discussion with Religare Voyages Ltd. to sell a stake in the company, it said in a statement to the Bombay Stock Exchange. The shares rose 7.3 percent to 61.1 rupees.
Titan Industries Ltd. (TTAN IN): The country’s largest watch and jewelry retailer was upgraded to “accumulate” from “hold” by Chirag Shah, an analyst at Emkay Global Financial Services. Shah expects the shares of the company to trade at 2,080 rupees a piece. Titan fell 0.1 percent to 1,870.65 rupees.
Wipro Ltd. (WPRO IN): The third-largest software exporter’s U.K. unit has signed an agreement with Royal Philips Electronics NV to offer Blu-ray middleware and software services to its clients, according to an e-mailed statement. The company may exit its cooking fat and babycare businesses, the Business Standard reported today, without saying where it obtained the information. The shares fell 1 percent to 715.2 rupees.
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