Ansal Properties, Muthoot Finance, Prakash Steelage: 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 97.76, or 0.5 percent, to 18,311.59. The S&P CNX Nifty Index on the National Stock Exchange declined 0.7 percent to 5,505.1. The BSE 200 Index retreated 0.6 percent to 2,351.75. The SGX S&P CNX Nifty Index futures for August delivery declined 0.3 percent to 5,492 at 10:44 a.m. in Singapore.

Adani Power Ltd. (ADANI IN): The power producer controlled by billionaire Gautam Adani had its stock rating raised to “buy” from “sell” by Venkatesh Balasubramaniam, an analyst at Citigroup Inc. The brokerage increased its share-price estimate to 159 rupees from 106 rupees. The stock fell 0.5 percent to 139.3 rupees.

Ansal Properties & Infrastructure Ltd. (APIL IN): The developer may raise as much as 4 billion rupees ($85 million) through a placement of shares with institutional investors, the Press Trust of India reported, without saying where it got the information. Calls to the office of Vice Chairman Pranav Ansal weren’t answered immediately. The shares fell 1.4 percent to 93.35 rupees.

Muthoot Finance Ltd. (MTCS IN): The finance company raised 430 million rupees from Kotak India Private Equity Fund, according to an e-mailed company statement. The shares lost 1.8 percent to 166.55 rupees.

Prakash Steelage Ltd. (PKSL IN): The maker of stainless steel commences trading in the stock exchanges today. The company raised 687.5 million rupees selling 6.25 million shares to the public at about 110 rupees a piece.

Ranbaxy Laboratories Ltd. (RBXY IN): An experimental treatment for malaria developed by the drugmaker was effective and safe in a mid-stage clinical trial, according to a study published in the Sept. 15 edition of Clinical Infectious Diseases journal. The stock climbed 0.9 percent to 494.3 rupees.

Reliance Communications Ltd. (RCOM IN): GTL Infrastructure Ltd. (GTLI IN) and Reliance Communications’s tower unit will convert around 60 billion rupees of loans into equity and issue fresh shares worth $1 billion to investors to create a combined tower entity, the Economic Times said, citing two people familiar with the deal it didn’t identify. Reliance Communications, the second-largest mobile-phone operator, gained 1.3 percent to 166.15 rupees. GTL Infrastructure fell 0.9 percent to 45.3 rupees.

To contact the reporters on this story: Kartik Goyal in New Delhi at kgoyal@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.