Adani, Hindustan Copper, SKS Microfinance and SJVN: India Equity Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, lost 216.02, or 1.1 percent, to 20,005.37. The S&P CNX Nifty Index on the National Stock Exchange fell 1.1 percent to 6,012.65. The BSE 200 Index retreated 0.9 percent to 2,550.97. SGX S&P CNX Nifty Index futures for October delivery retreated 0.1 percent to 6,025 as of 10:42 a.m. in Singapore.
Ashok Leyland Ltd. (AL IN): India’s second-biggest commercial vehicle maker expects full-year sales to increase 50 percent as the economy expands, the Financial Times said, citing Chairman Dheeraj Hinduja. The stock fell 1.3 percent to 77.3 rupees.
Adani Enterprises Ltd. (ADE IN): India’s biggest coal importer won the right to develop a coal block in India’s Orissa state with estimated reserves of 1.6 billion metric tons, the Press Trust of India reported, citing a statement from the company. The shares fell 0.4 percent to 676.15 rupees.
Asian Paints Ltd. (APNT IN): The largest paint-maker was raised to “overweight” from “neutral” by Percy Panthaki, an analyst at HSBC Holdings Plc, with a price estimate of 2,954 rupees per share. The stock sank 3.5 percent to 2,502.6 rupees.
Bharti Airtel Ltd. (BHARTI IN): The largest mobile-phone operator and Aircel Cellular Ltd. may buy the planned Indian wireless broadband business of Qualcomm Inc, the Economic Times reported, citing unidentified industry officials. Bharti lost 2.1 percent to 321.95 rupees.
Biocon Ltd. (BIOS IN): The drugmaker had its stock rating raised to “equal-weight” from “underweight” at Morgan Stanley and the share-price estimate increased to 443 rupees from 286 rupees. The stock was little changed at 431.7 rupees.
Hindustan Copper Ltd. (HCP IN): India’s largest miner of the ore expects to sell shares to the public in this financial year, Chairman Shakeel Ahmed said in an interview with Bloomberg UTV television channel. The shares rose 0.4 percent to 440.35 rupees.
SJVN Ltd. (SJVN IN): The state-owned power utility is talking to a private company to build solar power projects in the state of Karnataka, Reuters reported, citing Managing Director H.K. Sharma. It may set up a 50-megawatt wind project in Gujarat state, according to the report. The shares retreated 0.4 percent to 24.15 rupees.
SKS Microfinance Ltd. (SKSM IN): India’s biggest provider of small loans cut its interest rate to 24.55 percent from 26.99 percent, Bloomberg-UTV reported, citing people it didn’t identify. The shares climbed 3.8 percent to 1,026.05 rupees.
State Bank of India (SBIN IN): The nation’s biggest lender has directed its overseas branches to stop transactions with Iranian companies, the Financial Express reported, without saying where it got the information. State Bank gained 0.2 percent to 3,187.9 rupees.
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