The Bombay Stock Exchange Sensitive Index, or Sensex, fell 16.88, or 0.1 percent, to 18,221.43. The S&P CNX Nifty Index on the National Stock Exchange declined as much to 5,479.40. The BSE 200 Index dropped 0.1 percent to 2,345.91. SGX CNX Nifty Index futures for September delivery added 0.5 percent to 5,509.5 at 10:38 a.m. in Singapore.
Hindalco Industries Ltd. (HNDL IN): The nation’s biggest aluminum producer plans to spend 100 billion rupees ($2.14 million) on projects this fiscal year, Chairman Kumar Mangalam Birla said in Mumbai on Sept. 3. The shares lost 1.8 percent to 170.45 rupees.
Jindal Poly Films Ltd. (JDPF IN): The polyester maker that more than doubled its market value in the past month aims to raise as much as 20 billion rupees from local and overseas investors. The company will issue securities at an “appropriate” time, it said in a Sept. 4 statement to the Bombay Stock Exchange, without giving details. The shares rose 0.2 percent to 983.70 rupees.
MindTree Ltd. (MTCL IN): The information technology provider was rated “hold” in new coverage by Abhiram Eleswarapu and Avinash Singh, analysts at BNP Paribas, with a share-price estimate of 530 rupees. MindTree added 0.5 percent to 517.7 rupees.
Mphasis Ltd. (MPHL IN): The software developer controlled by Hewlett-Packard Co. was rated “hold” in new coverage by BNP Paribas’s Eleswarapu and Singh, with a share-price estimate 670 rupees. Mphasis fell 0.4 percent to 626.25 rupees.
NMDC Ltd. (NMDC IN): Asia’s third-biggest iron-ore producer is considering investing in Potash One Inc.’s mining project in Canada, and a rock phosphate venture in Zimbabwe as part of a plan to expand into fertilizers, NMDC Chairman Rana Som said in a Sept. 3 interview in Mumbai. It’s also having talks with a South African fertilizer company to buy as much as 30 percent of a rock phosphate mine in Zimbabwe, he said, without elaborating. The shares declined less than 0.1 percent to 249.1 rupees.
Persistent Systems Ltd. (PSYS IN): The software company was rated “buy” in new coverage by BNP Paribas’s Eleswarapu and Singh, who cited the company’s “high growth potential,” and set a June share-price estimate of 550 rupees. Persistent Systems lost 1.2 percent to 443.05 rupees.
Petronet LNG Ltd. (PLNG IN): Asian Development Bank, or ADB, has written to the promoter shareholders of Petronet LNG expressing its intent to sell its stake in the company, the Hindu Business Line said, without identifying where it got the information. Petronet, the nation’s biggest importer of LNG, advanced 1.9 percent to 114 rupees.
Wipro Ltd. (WPRO IN): Wipro Technologies, the overseas unit of India’s third-largest software exporter, said Sept. 3 that it has formed a partnership with Oracle Corp. to jointly provide computer services to manufacturing companies. The shares dropped 0.5 percent to 401.3 rupees.