Tata Steel, Ranbaxy, NTPC, Reliance Power, Ackruti: India Equity Preview
The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 432.20, or 2.1 percent, to 20,156.89. The S&P CNX Nifty Index on the National Stock Exchange dropped 2 percent to 6,071.65. The BSE 200 Index retreated 2.1 percent to 2,562.61. SGX S&P CNX Nifty Index futures for November climbed 0.2 percent to 6,093 as of 10:58 a.m. in Singapore.
Ackruti City Ltd. (AKCL IN): Citigroup Inc., through a unit, bought a 2.6 percent stake in the builder of homes for 838 million rupees ($18.7 million), purchasing 1.9 million shares at 441.01 rupees apiece, according to the National Stock Exchange. The stock fell 1.9 percent to 468.45 rupees in Mumbai trading.
Adani Power Ltd. (ADANI IN): The generation arm of India’s biggest coal importer is aiming to expand its capacity to 16,000 megawatts by 2014 after doubling it to 2,000 megawatts by December, Chief Executive Officer Ravi Sharma said in New Delhi. The company is considering buying coal mines and power plants overseas, he said. The shares rose 0.4 percent to 137.95 rupees.
Balrampur Chini Mills Ltd. (BRCM IN): India’s second- biggest sugar maker posted a fourth-quarter loss of 783.4 million rupees, compared with a profit of 427.3 million rupees, a year earlier, according to a statement filed with the National Stock Exchange. The shares retreated 4.7 percent to 89.20 rupees in Mumbai trading.
Britannia Industries Ltd. (BRIT IN): The cookie maker was raised to “hold” from “sell” by Gaurang Kakkad, an analyst at Religare Securities Ltd. with a 12-month share price estimate of 450 rupees. The stock fell 1.8 percent to 423.90 rupees.
Cipla Ltd. (CIPLA IN): The drugmaker was raised to “market perform” from “underperform” by Nimish Mehta, an analyst at MP Advisors Pvt. with a price estimate of 324 rupees. The stock fell 0.7 percent to 329.65 rupees.
Educomp Solutions Ltd. (EDSL IN): The computer training company was raised to “outperform” from “neutral” by analysts including Sunil Tirumalai at Credit Suisse Group AG. The shares declined 8.6 percent to 512.2 rupees.
Hindustan Petroleum Corp. (HPCL IN): The nation’s third- biggest state refiner plans to borrow $200 million overseas in the year ending March 31, Finance Director B. Mukherjee said Nov. 12. The refiner reported second-quarter profit of 20.9 billion rupees, according to a statement to the Bombay Stock Exchange. The shares declined 0.4 percent to 452.50 rupees.
Infrastructure Development Finance Co. (IDFC IN): The state-run lender to power and road projects plans to raise $425 million selling debt overseas next quarter, Managing Director Rajiv Lall said in New Delhi. The shares fell 5.2 percent to 190.1 rupees.
India Cements Ltd. (ICEM IN): The building materials manufacturer expects to report a profit in the third quarter, Managing Director N. Srinivasan said Nov. 12. The shares dropped 3.1 percent to 116.15 rupees.
Indian Oil Corp. (IOCL IN): The nation’s biggest refiner posted a more than 18-fold increase in second-quarter profit from a year earlier to 52.9 billion rupees, beating analysts’ estimates, after the government compensated it for selling fuels below cost. The shares declined 1.3 percent to 402.55 rupees.
Kingfisher Airlines Ltd. (KAIR IN): India’s second-biggest domestic carrier said its fiscal second-quarter net loss narrowed to 2.3 billion rupees from 4.19 billion rupees as sales rose and costs were little changed. The stock fell 5 percent to 80 rupees.
Larsen & Toubro Ltd. (LT IN): India’s biggest engineering company’s venture with Galfar Engineering & Contracting SAOG, an Omani construction company, won a contract valued at 294.1 million rials ($764 million), according to a statement on the Muscat bourse from Galfar. The shares declined 2.3 percent to 2,080.25 rupees.
NTPC Ltd. (NATP IN): The nation’s electricity generator approved investing 31.9 billion rupees in the Pakri Barwadih coal mining project, the company said in a statement to the Bombay Stock Exchange. The shares fell 0.1 percent to 192.20 rupees.
Power Grid Corp. of India (PWGR IN): The nation’s biggest transmission company approved the sale of its shares at 90 rupees apiece, with a 5 percent discount for retail investors and employees, the company said in a statement to the Bombay Stock Exchange. The shares fell 1.7 percent to 99.55 rupees.
Ranbaxy Laboratories Ltd. (RBXY IN): India’s largest drugmaker was downgraded to “sell” from “reduce” by Bino Pathiparampil, an analyst at India Infoline Ltd., with a 12- month price estimate of 411 rupees. The shares retreated 1.4 percent to 576.20 rupees.
Reliance Capital Ltd. (RCAPT IN): The owner of India’s largest mutual fund manager said second-quarter profit fell to 1.12 billion rupees from 1.56 billion rupees a year earlier as total income declined, according to a statement to the Bombay Stock Exchange. The shares fell 3.7 percent to 784.20 rupees.
Reliance Communications Ltd. (RCOM IN): India’s No. 2 wireless operator reported second-quarter profit fell 40 percent to 4.46 billion rupees in the three months ended Sept. 30, the Mumbai-based company said in a statement to the Bombay Stock Exchange. The shares retreated 3.5 percent to 169.90 rupees.
Reliance Infrastructure Ltd. (RELI IN): The builder of a mass rapid transit system in Mumbai had a profit of 3.6 billion rupees in the three months ended Sept. 30, it said in a statement to the Bombay Stock Exchange on Nov. 12. The shares declined 1.2 percent to 1,049.40 rupees.
Reliance Power Ltd. (RPWR IN): Billionaire Anil Ambani’s company reported second-quarter profit rose to 2.35 billion rupees from 1.95 billion rupees a year earlier, according to a statement on the Bombay Stock Exchange. The shares retreated 3.9 percent to 183.35 rupees.
Shipping Corp. of India Ltd. (SCI IN): The nation’s largest sea carrier expects to receive approval from the nation’s capital markets regulator for its proposed share sale in two days, Chairman S. Hajara told reporters in Mumbai. Shipping Corp. also plans to spend $1 billion annually on capital expenditure for the next three to four years, he said. The shares fell 2.8 percent to 173.15 rupees.
SRF Ltd. (SRF IN): The Haryana-based maker of refrigerant gases has won 871,079 carbon credits for a project that reduces emissions of greenhouse gas HFC-23, the first issuance of credits for such a project since June 2, according to the United Nations’ website on Nov. 12. The shares sank 6.5 percent to 391.25 rupees.
State Bank of India (SBIN IN): The nation’s biggest lender has hired six banks to help it raise 500 million euros ($686 million) to 750 million euros from a sale of bonds, Reuters reported Nov. 12, citing IFR. The shares fell 4.7 percent to 3,026.80 rupees.
Tata Power Ltd. (TPWR IN): India’s biggest power generator outside state control reported second-quarter profit, including that of its units, of 6.73 billion rupees, according to an e- mailed statement. The shares declined 1.6 percent to 1,375.95 rupees.
Tata Steel Ltd. (TATA IN): India’s biggest producer of the alloy reported net income of 19.8 billion rupees in the three months ended Sept 30, compared with a 27.1 billion rupee loss a year earlier, according to a Nov. 12 statement. The shares dropped 3.8 percent to 606.95 rupees.
Unitech Ltd. (UT IN): India’s second-biggest developer by assets said second-quarter profit fell 2.3 percent to 1.74 billion rupees for the three months ended Sept. 30, the company said in a statement to the Bombay Stock Exchange.
Separately, the shares were downgraded to “neutral” from “overweight” by Saurabh Kumar, an analyst at JPMorgan Chase & Co., with a six-month price estimate of 85 rupees per share. The stock fell 5.7 percent to 81.45 rupees.
To contact the editor responsible for this story: Darren Boey at email@example.com