The Bombay Stock Exchange Sensitive Index, or Sensex, fell 148.52, or 0.7 percent, to 19,956.34. The S&P CNX Nifty Index on the National Stock Exchange retreated 0.6 percent to 5,991.30. The BSE 200 Index declined 0.6 percent at 2,526.72. SGX S&P CNX Nifty Index futures for October delivery were little changed at 6,022.5 at 10:41 a.m. in Singapore.
ABB India Ltd. (ABB IN): The power equipment maker was cut to “reduce” from “neutral” at Nomura Holdings Inc., which said the stock was “overvalued” after recent rally give the outlook for earnings and margin losses. The brokerage maintained its share-price estimate of 850 rupees for ABB, according to a report by Amar Kedia and Gaurav Gupta. The stock fell 1 percent to 939.1 rupees.
Dr. Reddy’s Laboratories Ltd. (DRRD IN): The nation’s second-largest drugmaker expects sales in North America to more than double to about $1 billion by fiscal 2013, Reuters reported, citing Abhijit Mukherjee, president of the company’s global generics business. The shares were little changed at 1,459.3 rupees.
ITC Ltd. (ITC IN): India’s biggest cigarette company and a hotel operator is planning to buy shares in a rights issue by EIH Ltd., which runs the Oberoi Hotels and Resorts chain, the Business Standard said, without saying where it got the information. ITC dropped 2.7 percent to 173.6 rupees. EIH (EIH IN) declined 0.7 percent to 137.25 rupees.
Motilal Oswal Financial Services Ltd. (MOFS IN): The stock- broking company’s private equity arm bought Goldman Sachs Group Inc.’s 22 percent stake in Cremica Foods, VC Circle reported on its website, without saying where it got the information. The stock rose 2.2 percent to 178.05 rupees.
Netlink Solutions India Ltd. (VCRC IN): The software development services provider said its board will on Oct. 6 consider a proposal to raise funds by selling securities, according to a statement to the Bombay Stock Exchange. The stock advanced 3.8 percent to 3.01 rupees.
Parsvnath Developers Ltd. (PARSV IN): The developer plans to sell $60 million of stock, according to an e-mail sent to investors. The company will sell shares for at least 141.57 rupees each, it said. The shares were little changed at 147.45 rupees.
Punj Lloyd Ltd. (PUNJ IN): The engineering and construction company said its unit PL Engineering Ltd. has entered into an agreement with Nuvia India Pvt. to provide nuclear engineering services, in a statement to the Bombay Stock Exchange. Punj Lloyd slipped 3.4 percent to 126.9 rupees.
Rishi Laser Ltd. (RLL IN): Crisil suspended ratings on bank loans of the maker of metal components because it hasn’t been providing information on its operations, the ratings company said in an e-mailed statement. The shares fell 0.7 percent to 81.3 rupees.
Satyam Computer Services Ltd. (SCS IN): The software exporter embroiled in India’s biggest corporate fraud probe reported a narrower full-year loss in its first annual earnings announcement in two years.
Separately, Satyam was downgraded to “neutral” from “overweight” by Viju George, an analyst at JPMorgan Chase & Co. The brokerage set a price estimate of 90 rupees per share. The stock climbed 0.2 percent to 98.95 rupees.
Sun Pharmaceuticals Ltd. (SUNP IN): The drugmaker got tentative approval from the U.S. Food and Drug Administration to sell a copy of AstraZeneca Plc’s cholesterol drug Crestor, according to an e-mailed statement. The stock advanced 1.6 percent to 2,000.65 rupees.
Tata Steel Ltd. (TATA IN): The country’s biggest producer signed an agreement with 13 banks for a 3.53 billion-pound ($3.6 billion) term loan and credit facility to replace the financing it entered into when buying Corus Group Plc in 2007, the company said in an e-mailed statement.
Separately, Japanese steelmaker Nippon Steel Corp. said it’s in talks with Tata about forming a venture to make cold- rolled steel for cars. Nippon Steel made the announcement in a release on its website. Tata Steel rose 0.2 percent to 653.1 rupees.
Uni Abex Alloy Products Ltd. (UNI IN): The maker of alloy castings agreed to sell its stake in Manoir Petro India Ltd. for 170,600 euros ($231,922) to its French partner in the venture, Manoir Industries SA, it said in a statement to the Bombay Stock Exchange. Uni Abex retreated 0.2 percent to 171.7 rupees.
To contact the editor responsible for this story: Linus Chua at email@example.com