The Bombay Stock Exchange Sensitive Index, or Sensex, declined 28.70, or 0.2 percent, to 17,909.46. The S&P CNX Nifty Index on the National Stock Exchange dropped 0.1 percent to 5,378.75. The BSE 200 Index fell 0.1 percent to 2,279.36. SGX S&P CNX Nifty Index futures for July delivery were little changed at 5,383 at 11:00 a.m. in Singapore.
Axis Bank Ltd. (AXSB IN): The lender was raised to “neutral” from “underperform” by Suresh Ganapathy, an analyst at Macquarie Research, with a 12-month share price estimate of 1,300 rupees per share. Axis gained 2.7 percent to 1,350.3 rupees.
Castrol India Ltd. (CSTRL IN): The unit of Europe’s second- largest oil company BP Plc reported second-quarter profit of 1.5 billion rupees ($32 million), compared with 1.28 billion rupees a year earlier. The shares rose 1.4 percent to 453.8 rupees.
Dhanalakshmi Bank Ltd. (DHLBK IN): The lender plans to raise $60 million selling shares to large investors, Bloomberg- UTV reported yesterday, without saying where it got the information. The shares rose 2.1 percent to 183.75 rupees.
Grasim Industries Ltd. (GRASIM IN): The cement maker owned by the Aditya Birla Group was raised to “overweight” from “equal-weight” by Ashish Jain, an analyst at Morgan Stanley, who said the stock trades at a “deep discount” to its fair value and that a likely “weakness” in the shares over the next two months will be an opportunity for investors to add to holdings. The stock dropped 1 percent to 1,810.45 rupees.
Indian Oil Corp. (IOCL IN): The nation’s largest state-run refiner cut jet fuel prices by 3.4 percent to 41,361 rupees per kiloliter in Mumbai starting today, according to its website. The company is also seeking to buy crude for loading in September, according to official documents. It’s seeking cargoes of as much as 2 million barrels from West Africa, the Caspian, the North Sea, North Africa, Malaysia and the Middle East, according to the document. The shares fell 3.8 percent to 374.45 rupees.
Larsen & Toubro Ltd. (LT IN): The largest engineering company plans to raise 27 billion rupees selling shares to large investors, the Economic Times reported, citing a notice to shareholders. The stock fell 0.5 percent to 1,873.85 rupees.
Mahindra and Mahindra Ltd. (MM IN): The nation’s biggest maker of sport-utility vehicles will meet on July 28 to decide on bidding to acquire a controlling stake in South Korean carmaker Ssangyong Motor Co., according to an e-mailed statement yesterday. The stock fell 0.1 percent to 616.25 rupees.
Reliance Industries Ltd. (RIL IN): The owner of world’s largest refinery has been asked by the oil ministry to cut natural gas supplies to power stations and fertilizer plants in favor of new users, Press Trust of India reported yesterday, citing two unidentified sources. The shares rose 0.3 percent to 1,073.45 rupees.
Sesa Goa Ltd. (SESA IN): India’s biggest iron ore exporter plans to invest $500 million to expand its mining and supply infrastructure, the Hindu Business Line reported, quoting Prasun Kumar Mukherjee, managing director. The stock fell 3.3 percent to 339.65 rupees.
Sun Pharmaceutical Industries Ltd. (SUNP IN): The company was downgraded to “sell” from “reduce” by Surajit Pal, an analyst at Elara Securities India Pvt.. The shares rose 0.2 percent to 1,747.95 rupees.
Tata Consultancy Services Ltd. (TCS IN): India’s largest software-services provider’s quarterly profit rose to 18.4 billion rupees from 15.3 billion rupees a year earlier. That exceeded the 17.6 billion rupee average of 25 analyst estimates compiled by Bloomberg. The shares rose 1 percent to 782.1 rupees.
Tata Steel Ltd. (TATA IN): The nation’s biggest producer expects demand in Europe to rise 15 percent this fiscal year because of a “positive outlook for EU exports and low stock levels.” The shares rose 1.4 percent to 512.75 rupees.
Technofab Engineering Ltd. (TECE IN): The electro- mechanical engineering and construction company’s shares start trading today. It raised 718 million rupees selling 2.99 million shares to the public at 240 rupees a piece.
TTK Prestige Ltd. (TTKPT IN): The maker of domestic appliances was downgraded to “sell” from “accumulate” by Aliasgar Shakir, an analyst at Elara Securities India Pvt. The shares fell 0.4 percent to 1,001.1 rupees.