Essar Oil, DLF, Hindalco, United Spirits, Shipping: 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, unless stated otherwise.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 56.77, or 0.3 percent, to 20,875.71. The S&P CNX Nifty Index on the National Stock Exchange lost 0.4 percent to 6,275.70. The BSE 200 Index retreated 0.3 percent to 2,652.54. SGX S&P CNX Nifty Index futures for November dropped 0.1 percent to 6,305.5 as of 10:36 a.m. in Singapore.

Bharat Petroleum Corp. (BPCL IN): India’s second-biggest state-run refiner posted a second-quarter profit of 21.4 billion rupees ($483 million) from a loss of 1.59 billion rupees a year earlier, according to its statement to the Bombay Stock Exchange yesterday. The shares rose 1.6 percent to 755.75 rupees.

Divi’s Laboratories Ltd. (DIVI IN): The drugmaker was downgraded to “accumulate” from “buy” with a price estimate of 756 rupees a share by Manoj Garg, an analyst at Emkay Global Financial Services Ltd. The stock declined 2.6 percent to 721.70 rupees.

DLF Ltd. (DLFU IN): India’s biggest developer said second- quarter profit fell to 4.2 billion rupees in the three months ended Sept. 30, from 4.4 billion rupees a year earlier, according to a statement on the website of the National Stock Exchange. The stock fell 0.1 percent to 362.70 rupees.

Essar Oil Ltd. (ESOIL IN): The operator of India’s second- biggest non-state refinery plans to expand the capacity of its Vadinar refinery to 20 million metric tons a year from an originally planned 18 million tons at an additional cost of 17 billion rupees, according to an e-mailed statement yesterday. The shares fell 0.8 percent to 152 rupees.

Hindalco Industries Ltd. (HNDL IN): The country’s biggest aluminum producer was downgraded to “neutral” from “outperform” by Rakesh Arora, an analyst at Macquarie Group with a 12-month price estimate of 240 rupees a share.

Separately, Novelis Inc., the U.S.-based company controlled by Hindalco, Chief Executive Officer Philip Martens said the aluminum can-maker will add jobs in the U.S. and emerging markets as demand grows. The shares dropped 1.2 percent to 228.10 rupees.

Jaiprakash Associates Ltd. (JPA IN): A builder of dams, roads and bridges may raise $500 million next year by selling shares in its Jaiprakash Power Ventures Ltd. unit, the Economic Times reported, citing the company’s Chief Financial Officer Rahul Kumar. Jaiprakash Associates rose 0.5 percent to 139 rupees. Jaiprakash Power Ventures (JPVL IN) climbed 1.1 percent to 65.75 rupees.

McLeod Russel India Ltd. (MCLR IN): The world’s biggest tea grower was downgraded to “buy” from “strong buy,” with a price estimate of 273 rupees a share by Sanjay Manyal, an analyst at ICICIdirect. The stock gained 1.5 percent to 241.60 rupees.

Oil & Natural Gas Corp. (ONGC IN): India’s government may sell shares in the nation’s biggest explorer in April, Press Trust of India reported, citing V.P. Gupta, deputy secretary in the department of disinvestment. The shares rose 0.8 percent to 1,348.05 rupees.

Prime Focus Ltd. (PRIF IN): The visual effects creator sold 10.6 million shares worth 729.8 million rupees to large investors, the company said in a statement to the National Stock Exchange yesterday. The shares increased 2.9 percent to 77.15 rupees.

Shipping Corp. of India (SCI IN): The nation’s largest sea- carrier controlled by the government ordered 29 vessels worth $1.3 billion and plans to acquire 33 more by March 2012, according to a statement that cited a reply to parliament by the Minister of Shipping, G.K. Vasan. The shares rose 1.1 percent to 181.85 rupees.

Tata Motors Ltd. (TTMT IN): The owner of Jaguar Land Rover was raised to “buy” from “accumulate” by Chirag Shah, an analyst at Emkay Global Financial Services Ltd., with a price estimate of 1,550 rupees a share. The stock climbed 2.6 percent to 1,302.50 rupees.

United Spirits Ltd. (UNSP IN): The nation’s biggest liquor maker was rated “underweight” in new coverage by Percy Panthaki, an analyst at HSBC Holdings Plc., with a share price estimate of 1,310 rupees. The stock retreated 1.5 percent to 1,473.40 rupees.

To contact the reporter on this story: Rakteem Katakey in New Delhi at rkatakey@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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