Aban, Hindustan Unilever, ITC, Tata Steel: India Stocks 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 12.52, or 0.1 percent, to 20,104.86. The S&P CNX Nifty Index on the National Stock Exchange retreated 0.1 percent to 6,029.50. The BSE 200 Index was little changed at 2,542.80. SGX S&P CNX Nifty Index futures for September delivery climbed 0.3 percent to 6,070.0 at 10:44 a.m. in Singapore.

Aban Offshore Ltd. (ABAN IN): India’s largest oil-field equipment provider was rated “buy” in new coverage at Deutsche Bank AG, which said the company will be a “key beneficiary of the uptrend in the global jack-up market.” The brokerage has a share-price estimate of 1,050 rupees, according to a report by Harshad Katkar and Amit Murarka. The stock retreated 0.2 percent to 842.65 rupees.

Bhoruka Aluminium Ltd. (BHAL IN): The Mysore-based company plans to sell 1.13 million shares and 1.72 million of convertible warrants, the company said in a statement to the Bombay Stock Exchange. The stock lost 4.1 percent to 42.2 rupees.

Cairn India Ltd. (CAIR IN), Oil India Ltd. (OINL IN), Oil & Natural Gas Corp. (ONGC IN), Reliance Industries Ltd. (RIL IN): India will start the ninth round of oil and gas field auctions on Oct. 15, the Directorate General of Hydrocarbons said in a statement on its website. Cairn India retreated 0.2 percent to 333.5 rupees, Oil India advanced 1.2 percent to 1,544.35 rupees, ONGC was little changed at 1,458.05 rupees and Reliance slid 1.2 percent to 998.5 rupees.

Hindustan Unilever Ltd. (HUVR IN): The biggest household products maker has entered India’s retail cafe market to promote its food and beverages brand, the Financial Express reported, without saying where it got the information. The stock fell 0.9 percent to 306.2 rupees.

ITC Ltd. (ITC IN): India’s biggest cigarette company and EIH Ltd. (EIH IN), which runs the Oberoi Hotels and Resorts chain, aren’t planning a venture to combine their hotel operations, Nazeeb Arif, an ITC spokesman said. The two companies have drawn up a plan to combine their hotel operations, the Financial Express reported, without saying where it got the information. The report is “baseless,” Arif said. ITC was unchanged at 178.4 rupees. EIH dropped 1.6 percent to 138.2 rupees.

Jay Bharat Maruti Ltd. (JBM IN): Crisil upgraded its rating of the autoparts maker’s commercial paper to P1+ from P1, the ratings company said in an e-mailed statement. The stock was unchanged at 71.65 rupees.

Reliance Communications Ltd. (RCOM IN): Emirates Telecommunications Corp., the United Arab Emirates’ biggest phone company, is in talks for mergers and acquisitions with India’s second-largest mobile-phone operator to expand in the world’s second-largest wireless market. Etisalat was “studying opportunities for M&A” with Reliance, Chairman Mohammed Omran said in Sydney today, without elaborating. Reliance Communications rose 0.3 percent to 170.25 rupees.

Sterlite Industries (India) Ltd. (STLT IN): A court asked the nation’s biggest copper producer to close its plant in the southern state of Tamil Nadu, Bloomberg-UTV reported. The shares fell 0.9 percent to 176.25 rupees.

Sun Pharmaceutical Industries Ltd. (SUNP IN): The drugmaker was raised to “overweight” from “equal-weight” at Morgan Stanley. The brokerage increased its share-price estimate to 2,305 rupees from 1,680 rupees, according to a report by Sameer Baisiwala and Saniel Chandrawat. The stock rose 1.3 percent to 1,970.05 rupees.

Tata Steel Ltd. (TATA IN): The nation’s biggest producer may conclude plans this week to refinance $5.4 billion of loans taken in 2007 to fund the purchase of its U.K. Corus unit, the Press Trust of India reported, citing Vice Chairman Balasubramanian Muthuraman. The stock climbed 0.9 percent to 651.65 rupees.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net.

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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