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Maruti Suzuki, Jet Airways, Indian Oil, Hero Honda: 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, increased 0.1 percent to 18,130.98. The S&P CNX Nifty Index on the National Stock Exchange climbed 0.1 percent to 5,449.10. The BSE 200 Index fell 0.1 percent to 2,304.98.
Biocon Ltd. (BIOS IN): The biotechnology company was lowered to “neutral” from “outperform” at IDFC Securities Ltd. by equity analyst Nitin Agarwal. The 12-month target price is 341 rupees. Biocon fell 3.1 percent to 320.95 rupees.
Godrej Consumer Products Ltd. (GCPL IN): India’s second- largest maker of bath soaps reported a first-quarter profit of 1.16 billion rupees, compared with 698.8 million rupees a year earlier. The shares fell 1.1 percent to 358.75 rupees.
Hero Honda Motors Ltd. (HH IN): Honda Motor Co. may sell about 6 percent stake in India’s biggest motorcycle maker, CNBC- TV18 reported on July 23, without saying where it got the information. Hero Honda rose 0.1 percent to 1,950.65 rupees.
Hindustan Petroleum Corp. (HPCL IN): The state-run refiner reported a loss of 18.8 billion rupees in the three months ended June 30, compared with a profit of 4.71 billion rupees a year ago. The stock was cut to “underperform” from “neutral” by Credit Suisse Group AG analysts led by Sanjay Mookim. The shares fell 0.9 percent to 436.5 rupees.
Hindustan Zinc Ltd. (HZ IN): India’s largest producer said first-quarter profit climbed 24 percent to 8.91 billion rupees on higher prices and production. Net income rose to 8.91 billion rupees in the three months ended June 30 from 7.19 billion rupees a year ago. The shares declined 1.4 percent to 993.4 rupees.
Indian Oil Corp. (IOCL IN): The nation’s biggest state- owned refiner posted an unexpected loss of 33.9 billion rupees in the quarter ended in June, compared with a profit of 36.8 billion rupees a year earlier. The company also plans to spend as much as 140 billion rupees as capital expenditure this fiscal year, Chairman Brij Mohan Bansal told reporters in New Delhi on July 24. Indian Oil fell 0.4 percent to 373.25 rupees.
Jaiprakash Associates Ltd. (JPA IN): The builder of dams and power stations reported a five percent increase in the first-quarter profit to 5.16 billion rupees. The shares declined 1.6 percent to 128.7 rupees.
Jet Airways (India) Ltd. (JETIN IN): The nation’s largest airline posted a net income of 35.2 million rupees in the quarter ended June 30, compared with a loss of 2.25 billion rupees a year earlier. Jet fell 2.4 percent to 613.75 rupees.
JSW Energy Ltd. (JSW IN): The company plans to borrow more than 80 billion rupees to fund its two power projects in Chhattisgarh and Himachal Pradesh states, Economic Times reported, citing Chief Financial Officer Pramod Menon. JSW rose 0.2 percent to 129.1 rupees.
Maruti Suzuki India Ltd. (MSIL IN): The nation’s biggest carmaker said profit fell for the first time in five quarters, missing estimates, as increased raw material costs eroded gains from higher vehicle sales. Net income fell 20 percent to 4.65 billion rupees in the three months ended in June, lower than the 6.7 billion rupee average of 24 analyst estimates compiled by Bloomberg. Maruti rose 0.3 percent to 1,358.2 rupees.
Shree Renuka Sugars Ltd. (SHRS IN): The company plans to expand a Brazilian unit and make more acquisitions in the South American country, O Estado de S.Paulo reported, citing Managing Director Narendra Murkumbi. The shares rose 2.7 percent to 65.9 rupees.
Tata Motors Ltd. (TTMT IN): India’s biggest commercial vehicle maker may issue $550 million of shares with differential voting rights in overseas markets, Economic Times reported, citing a person it didn’t identify. Debasis Ray, a spokesman of Tata Motors, declined to comment. The shares rose 0.2 percent to 838.4 rupees.
To contact the reporter on this story: Vipin V. Nair in Mumbai at Vnair12@bloomberg.net
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