Dr. Reddy's, Reliance, Ashoka, Bedmutha, Uflex Ltd.: 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’s Sensitive Index, or Sensex, gained 484.54, or 2.4 percent, to 20,687.88. The S&P CNX Nifty Index on the National Stock Exchange rose 2.4 percent to 6,233.90. The BSE 200 Index increased 2 percent to 2,623.94. SGX S&P CNX Nifty Index futures for October delivery climbed 0.2 percent to 6,290 as of 10:23 a.m. in Singapore.

Ashoka Buildcon Ltd. (ASBL IN): The roads developer will make its trading debut on the bourses today. The company, based in Nashik, Maharashtra, received bids for 98.9 million shares compared with 6.22 million shares offered in the sale last month.

Bedmutha Industries Ltd. (BEDM IN): The steel wire manufacturer will make its trading debut today. The company raised 918 million rupees ($20.6 million) selling 42.8 percent of its shares in a sale that was completed on Oct. 1

Cairn India Ltd. (CAIR IN): The Indian government has asked Cairn Energy Plc to resolve taxation, royalty and oil-field management matters concerning the country’s largest oil field in Rajasthan before it seeks approval to sell a controlling stake in Cairn India Ltd. to Vedanta Resources Plc, the Economic Times of India reported. Cairn India added 0.4 percent to 342.7 rupees.

Dr. Reddy’s Laboratories Ltd. (DRRD IN): The drugmaker had its stock rating raised to “buy” from “underperform” by S. Arun, an analyst at Bank of America-Merrill Lynch, who cited increased “business visibility.” The stock rose 1.1 percent to 1,587.1 rupees.

GlaxoSmithKline Pharmaceuticals Ltd. (GLXO IN): GlaxoSmithKline Plc Chief Executive Officer Andrew Witty said the company’s experimental malaria vaccine is showing promise and that results from final clinical trials should be available as soon as next year. GlaxoSmithKline Pharmaceuticals, the local unit, increased 0.3 percent to 2,295.05 rupees.

Reliance Industries Ltd. (RIL IN): India’s most valuable company started marketing its sale of bonds denominated in U.S. dollars, according to a person familiar with the matter. The stock increased 1.7 percent to 1,073.05 rupees.

Uflex Ltd. (UFLX IN): The maker of plastic packaging materials has withdrawn its rights offer. The shares gained 10 percent to 290 rupees.

To contact the reporter on this story: 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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