Ambuja Cements, Marico, Tata Steel, Larsen, IVRCL: 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, fell 65.06, or 0.3 percent, to 20,250.26. The S&P CNX Nifty Index on the National Stock Exchange decreased 0.3 percent to 6,103.45. The BSE 200 Index declined 0.4 percent to 2,578.42. SGX S&P CNX Nifty Index futures for October delivery gained 0.6 percent to 6,177.5 as of 10:35 a.m. in Singapore.

Ambuja Cements Ltd. (ACEM IN): The unit of Holcim Ltd. will spend 22 billion rupees ($495 million) to set up a 2.2 million metric ton factory in the northern Indian state of Rajasthan, the Hindu Business Line reported, citing Business Head Ajay Kapur. The shares fell 0.5 percent to 141.20 rupees.

Cairn India Ltd. (CAIR IN): Cairn Energy Plc is in talks with the Indian government and Oil and Natural Gas Corp. over its plan to sell its unit to Vedanta Resources Plc and is hopeful that the transaction will be approved soon, Chief Executive Officer Bill Gammell said, according to the Economic Times. Cairn India retreated 0.9 percent to 336.7 rupees.

HDFC Bank Ltd. (HDFCB IN): The lender plans to raise interest rates on fixed deposits by as much as 0.5 percentage point from Oct. 11, the Times of India reported, citing officials it didn’t identify. The shares fell 1.1 percent to 2,405.75 rupees.

IVRCL Infrastructures & Projects Ltd. (IVRC IN): The construction company plans to raise 10 billion rupees by selling shares to large investors, the Hindu Business Line reported, citing Executive Director R. Balarami Reddy. The shares increased 0.1 percent to 162.70 rupees.

Larsen & Toubro Ltd. (LT IN): India’s largest engineering company was raised to “overweight” from “neutral” by Ashutosh Narkar, an analyst at HSBC Securities. The brokerage set a price estimate of 2,341 rupees per share. The shares increased 0.3 percent to 2,043.35 rupees.

Mahindra & Mahindra Ltd. (MM IN): The country’s biggest sport-utility vehicle maker may sign an agreement by December or January to buy Ssangyong Motor Co., Press Trust of India reported, citing President Pawan Goenka. The shares fell 2.8 percent to 705.05 rupees.

Marico Ltd. (MRCO IN): The maker of hair-grooming products was downgraded to “underweight” from “neutral” by Percy Panthaki, an analyst at HSBC. The brokerage set a price estimate of 132 rupees per share. The stock decreased 3.2 percent to 129.85 rupees.

Nagarjuna Construction Co. (NJCC IN): The road builder and real estate developer was rated “neutral” in new coverage at Goldman Sachs Group Inc., with a share-price estimate of 192 rupees. The stock dropped 3 percent to 152 rupees.

Nirma Ltd. (NIRMA IN): The detergent maker will de-list from stock exchanges, the Times of India reported, without saying where it got the information. The shares rose 3.2 percent to 223.80 rupees.

Reliance Communications Ltd. (RCOM IN): India’s second- largest mobile-phone operator’s share-price estimate was cut to 270 rupees from 420 rupees at UBS AG. The brokerage kept the rating unchanged at “buy”. The stock climbed 1.4 percent to 180.55 rupees.

Rural Electrification Corp. (RECL IN): India’s state- controlled lender to power projects hired Royal Bank of Scotland Group Plc, Credit Agricole CIB and Standard Chartered Plc to help sell $500 million of bonds, Finance Director Hari Das Khunteta said in a phone interview Oct. 8. The company plans to sell the debt in November, he said. The shares rose 0.2 percent to 385.75 rupees.

SKS Microfinance Ltd. (SKSM IN): The microfinance company was ordered by a state High Court to reinstate Suresh Gurumani as a director on the board, Business Standard reported. The shares fell 5.7 percent to 1,229.45 rupees.

Steel Authority of India Ltd. (SAIL IN): India’s second- largest steel producer was cut to “underperform” from “neutral” by Rakesh Arora, an analyst at Macquarie Research. The brokerage set a 12-month price estimate of 186 rupees per share. The stock fell 2 percent to 221.90 rupees.

Tata Steel Ltd. (TATA IN): India’s largest steel producer was cut to “outperform” from “buy” by Pritam Lala, an analyst at Batlivala & Karani Securities. The brokerage set a price estimate of 698 rupees per share. The stock lost 3.6 percent to 626.6 rupees.

To contact the reporters on this story: Ketaki Gokhale in Mumbai at kgokhale@bloomberg.net; Abhishek Shanker in Mumbai at ashanker1@bloomberg.net

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

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