Indian Equities: Reliance, Satyam, Gammon, Balrampur, Navin

India’s Bombay Stock Exchange Sensitive Index, or Sensex, gained 128.39 or 0.6 percent, to 20,173.57 at 9:29 a.m. in Mumbai.

Balrampur Chini Mills Ltd. (BRCM IN) gained 3.7 percent to 91.85 rupees and Shree Renuka Sugars Ltd. (SHRS IN) gained 2.3 percent to 84.15 rupees. The sugar makers were raised to “overweight” from “underweight” at Morgan Stanley, which also upgraded its view on the Indian sugar industry to “attractive” from “cautious.” The brokerage raised its share-price estimate for Balrampur Chini to 129 rupees from 57 rupees and increased its forecast for Shree Renuka’s shares to 109 rupees from 43 rupees, according to a report by Nillai Shah and Girish Achhipalia.

Gammon Infrastructure Projects Ltd. (GISP IN) added 2 percent to 24.95 rupees. The construction company may raise as much as 2 billion rupees ($44.3 million) selling stakes in Indian port developments and road projects by March 31, Business Standard reported Sept. 26, citing Parag Parikh, chief financial officer.

Hindustan Construction Co. (HCC IN) rose 3.2 percent to 62.05 rupees. The construction and engineering company won two contracts worth 6.6 billion rupees from GMR (Badrinath) Hydro Power Generation Pvt. for a project in North India, the company said in a statement to the exchange Sept. 24.

Indiabulls Financial Services Ltd. (IBULL IN) gained 1.1 percent to 146 rupees. India’s consumer affairs ministry approved Reliance-Anil Dhirubhai Ambani Group’s proposal to buy a 26 percent stake in Indian Commodity Exchange Ltd. from Indiabulls Financial Services Ltd., Press Trust of India reported on Sept. 24, citing a ministry official it didn’t identify.

Navin Flourine International (NFIL IN) surged 12 percent to 327.5 rupees. The flourochemical manufacturer plans to spend 135.5 million rupees to buy back its shares, it said in a statement to the exchange today.

Reliance Industries Ltd. (RIL IN) rose 1 percent to 1,012.25 rupees. India’s most valuable company plans to invest more than 400 billion rupees to expand its refining complex at Jamnagar in the western Indian state of Gujarat, Mint reported, citing two company officials it didn’t identify. The company has set aside 160 billion rupees to build a cracker unit as part of the project, the report said.

Religare Enterprises Ltd. (RELG IN) gained 1.1 percent to 466 rupees. Religare Voyages Ltd., a unit of the financial services firm controlled by the billionaire Singh brothers, has applied for permission to start a regional airline that may be expanded to a full services carrier, the Mint reported, quoting Sandeep Bhatt, chief operational officer of Religare Voyages.

Rural Electrification Corp. (RECL IN) climbed 1 percent to 346.3 rupees. India’s state-controlled lender to power projects aims to distribute 270 billion rupees in loans by March 31, the Business Standard reported Sept. 26, citing J.M. Phatak, chairman and managing director.

Satyam Computer Services Ltd. (SCS IN) slumped 2.5 percent to 97.75 rupees. The software exporter’s American depository receipts will move from the New York Stock Exchange and may trade in the over the counter market, it said in a Sept. 24 statement to the exchange.

SKS Microfinance Ltd. (SKSM IN) rose 3.6 percent to 1,381.55 rupees. The lender backed by George Soros was rated “outperform” in new coverage at Credit Suisse Group AG, which cited the company’s “profitable growth model.” The brokerage has a share-price estimate of 1,575 rupees, according to a report by Ashish Gupta and Deepak Ramineedi.

To contact the reporter on this story: Malavika Sharma in New Delhi at

To contact the editor responsible for this story: Sam Nagarajan at

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