Essar Oil, Shoppers Stop, Mindtree, Alstom, Balaji: 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, fell 1.8 percent to 17,380.08. The S&P CNX Nifty Index on the National Stock Exchange declined 1.8 percent to 5,215.45. The BSE 200 Index retreated 1.6 percent to 2,202.65. SGX S&P CNX Nifty Index futures for May delivery lost 0.1 percent to 5,220 as of 11:06 a.m. in Singapore.

Adani Power Ltd. (ADANI IN): The power producer was added to Morgan Stanley’s so-called focus list, according to a note today from analysts including Ridham Desai. The stock lost 0.8 percent to 119.05 rupees.

Alstom Projects India Ltd. (ABBAP IN): The power equipment producer posted fourth-quarter profit of 476 million rupees ($10.7 million). The shares rose 0.8 percent to 609.85 rupees.

Balaji Telefilms Ltd. (BLJT IN): The producer of television programs posted net income of 33.9 million rupees in the fourth quarter compared with a loss of 146.3 million a year earlier, and said it will pay a 0.3 rupee per share dividend. The stock fell 4.5 percent to 57.7 rupees.

Bharti Airtel Ltd. (BHARTI IN): India’s largest mobile- phone operator was raised to “overweight” from “equal-weight” by Morgan Stanley analysts including Vinay Jaising, who said “most of the pain” related to the overbidding for high-speed licenses, tariff wars and the price it’s paying for Zain’s assets in Africa is over. Morgan Stanley also added Bharti to its so-called focus list. The stock dropped 1.5 percent to 293.8 rupees.

DLF Ltd. (DLFU IN): The Gurgaon-based real estate developer and Emaar MGF Land Ltd. have dropped plans to build luxury hotels in Kolkata, Mint reported, citing a letter sent to municipal authorities. The shares fell 2.9 percent to 306.95 rupees.

Essel Propack Ltd. (ESEL IN): The packaging company reported quarterly profit of 87 million rupees from a loss of 51 million rupees a year earlier. The shares fell 2 percent to 48.25 rupees.

Essar Oil Ltd. (ESOIL IN): Royal Dutch Shell Plc is no longer in exclusive talks with Essar Oil on the sale of three refineries in Germany and the U.K. Essar fell 0.6 percent to 139.1 rupees.

LIC Housing Finance Ltd. (LICHF IN): The Mumbai-based financier may seek a banking license, the Economic Times reported, citing Chief Executive Officer R.R. Nair. The shares declined 0.6 percent to 902 rupees.

Mindtree Ltd. (MTCL IN): The information technology company’s fourth-quarter profit rose to 544.6 million rupees from 537.7 million rupees a year earlier, and it said it would pay a final dividend of 2 rupees a share.

Separately, Nishit Jasani, an analyst at JPMorgan Chase & Co., cut the stock to “underweight” from “overweight,” while Yogesh Aggarwal, an analyst at HSBC Securities India Holdings, reduced it to “neutral” from “overweight.” Mindtree fell 0.4 percent to 639.7 rupees.

Shoppers Stop Ltd. (SHOP IN): The retail chain posted a profit of 125.7 million rupees in the fourth quarter compared with a loss of 244.8 million rupees a year earlier, and said it will pay a 1.5 rupee per share dividend. The stock lost less than 0.1 percent to 393.95 rupees.

SpiceJet Ltd. (SJET IN): The discount carrier backed by billionaire Wilbur Ross may get a $40 million investment from U.S.-based investment fund Bravia Capital Partners, the Economic Times reported, citing sources it didn’t name. The shares declined 1.9 percent to 58.45 rupees.

Walchandnagar Industries Ltd. (WI IN): The engineering company’s quarterly profit fell to 18.2 million rupees from 47.2 million rupees a year earlier. The shares slid 2.6 percent to 232.1 rupees.

Zee Entertainment Enterprises Ltd. (Z IN): The broadcaster was removed from Morgan Stanley’s so-called focus list by analysts including Ridham Desai, who said in a note to investors today they have cut the weighing of consumer discretionary stocks in their India model fund. Z Entertainment lost 0.6 percent to 301.65 rupees.

To contact the reporter on this story: V. Ramakrishnan in Mumbai at rvenkatarama@bloomberg.net Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net.

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