Adani Enterprises and SpiceJet Shares May be Active: 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 0.1 percent to 17,441.44. The S&P CNX Nifty Index on the National Stock Exchange was little changed at 5,235.90. The BSE 200 Index was little changed at 2,223.58.

Adani Enterprises Ltd. (ADE IN): The nation’s largest non- state trader of farm goods started roadshows for a $600 million sale of shares to institutional investors, said two people familiar with the matter, declining to be named before an official announcement. The stock fell 0.2 percent to 536.25 rupees.

GlaxoSmithKline Pharmaceuticals Ltd. (GLXO IN): The drugmaker was rated “underperform” in new coverage by Credit Suisse Group AG analysts led by Anubhav Aggarwal, who said it may be “difficult” for the company’s growth to match that of the industry while maintaining margins. The analysts have a share-price estimate of 1,800 rupees. The shares climbed 0.4 percent to 2,169.4 rupees.

Indian Oil Corp. (IOCL IN): The country’s biggest state refiner will add up to 800 retail outlets in a year in rural and semi-urban locations, the Financial Chronicle reported, citing a company official it didn’t identify. Indian Oil fell 0.6 percent to 398.8 rupees.

Marico Ltd. (MRCO IN): The maker of hair-grooming products was cut to “reduce” from “buy” by Nomura Holdings Inc. analysts Manish Jain and Anup Sudhendranath, who said “strong business headwinds and rich valuations leave little room for comfort.” The analysts raised their share-price estimate to 118 rupees from 115 rupees. The stock fell 1.2 percent to 125 rupees.

NTPC Ltd. (NATP IN): Coal shortages at 32 coal-based power stations in India may lead to power cuts in the next two weeks, the Financial Express reported, citing a Central Electricity Authority official it didn’t identify. NTPC, India’s biggest power producer, fell 1.2 percent to 199.95 rupees.

Puravankara Projects Ltd. (PVKP IN): The real estate developer was raised to “overweight” from “neutral” by Saurabh Kumar, an analyst at JPMorgan Chase & Co., with a 12- month price estimate of 155 rupees per share. The stock declined 3.1 percent to 108 rupees.

Sobha Developers Ltd. (SOBHA IN): The real estate development company was raised to “outperform” from “neutral” by Anand Agarwal, an analyst at Credit Suisse Group AG, with a price estimate of 375 rupees per share. The stock was little changed at 287.75 rupees.

SpiceJet Ltd. (SJET IN): Istithmar World PJSC, a unit of Dubai World, bought a 6.89 percent stake in SpiceJet, the budget carrier said in a filing to the Bombay Stock Exchange. The stock fell 3.4 percent to 54.85 rupees.

Syncom Formulations India Ltd. (SYNF IN): The owners of the pharmaceutical firm offered to buy up to 3.5 million shares from minority shareholders at 34 rupees a shares, according to the company’s advertisement in the Financial Express newspaper today. Syncom Formulations was unchanged at 34.05 rupees.

To contact the reporters on this story: Ruth David in Mumbai at rdavid9@bloomberg.net

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