Cairn, Godrej, State Bank of India, Peninsula Land: 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, rose 135.37, or 0.7 percent, to 20,543.08. The S&P CNX Nifty Index on the National Stock Exchange increased 0.7 percent to 6,186.45. The BSE 200 Index advanced 0.8 percent to 2,612.13. SGX S&P CNX Nifty Index futures for October delivery were little changed at 6,209 as of 10:49 a.m. in Singapore.

Sugar producers: Sugar-cane crushing in India, the world’s second-biggest producer, is likely to be delayed because farmers are seeking higher prices than mills expected, a representative of a growers group said. Shree Renuka Sugars Ltd. (SHRS IN), the biggest sugar refiner, climbed 0.4 percent to 86.3 rupees. Balrampur Chini Mills Ltd. (BRCM IN), the second-biggest producer, gained 0.6 percent to 94.3 rupees.

Cairn India Ltd. (CAIR IN): India’s government will decide on Vedanta Resources Plc’s planned purchase of the operator of India’s largest onshore oil field in a “few weeks,” S. Sundareshan, the oil secretary, said in New York yesterday. The shares advanced 2.1 percent to 342.95 rupees.

Godrej Properties Ltd. (GPL IN): The real estate company controlled by billionaire Adi Godrej was raised to “buy” from “hold” by Suman Memani, an analyst at Religare Capital Markets, with a 12-month price estimate of 920 rupees per share. The stock rose 0.2 percent to 746.85 rupees.

Hindalco Industries Ltd. (HNDL IN): Novelis Inc., the U.S.- based aluminum unit of India’s biggest producer, is in discussions to buy the 60 percent stake BP Plc holds in the joint venture Logan Aluminum Inc., the Mint reported, without saying where it got the information. Hindalco soared 3.6 percent to 210.45 rupees.

JSW Energy Ltd. (JSW IN): An affiliate of India’s third- largest steelmaker is planning to refinance 33.75 billion rupees ($758 million) of loans that it raised to fund a power plant in western India, the Economic Times reported, without saying where it got the information. JSW gained 0.6 percent to 123.9 rupees.

Peninsula Land Ltd. (PENL IN): The Mumbai-based property developer was raised to “hold” from “sell” by Suman Memani, an analyst at Religare Capital Markets, with a 12-month price estimate of 80 rupees per share. The shares increased 1.3 percent to 69.15 rupees.

State Bank of India (SBIN IN): The country’s largest bank plans to sell as much as 10 billion rupees of 10-and 15-year bonds to raise funds to boost its capital, according to a person familiar with the matter. The shares declined 0.5 percent to 3,233.3 rupees.

Tata Consultancy Services Ltd. (TCS IN): The largest software services exporter was cut to “neutral” from “buy” at Goldman Sachs Group Inc., which said investors should seek a “better entry point than current valuations.” The brokerage maintained its share-price estimate of 984 rupees, according to a report by analysts including Balaji Prasad. The stock rose 1 percent to 959.65 rupees.

To contact the reporter on this story: Ketaki Gokhale in Mumbai at kgokhale@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net.

To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net

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