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Bharti, Maruti, ONGC, Reliance, State Bank: 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 39.01, or 0.2 percent, to 19,007.53. The S&P CNX Nifty Index on the National Stock Exchange dropped 0.3 percent to 5,696.50. The BSE 200 Index declined 0.1 percent to 2,355.80. SGX S&P CNX Nifty Index futures for January delivery declined 0.1 percent to 5694.5 as of 11:17 a.m. in Singapore.

Indian metal and energy producers: Steel Authority of India Ltd. (SAIL IN), Coal India Ltd. (COAL IN) and NMDC Ltd. (NMDC IN) are part of a group of state-run metal and energy companies that may consider a bid for Riversdale Mining Ltd., a Sydney-based coal producer, C.S. Verma, chairman of the consortium said on Jan. 21. Rio Tinto Group, which offered A$3.9 billion ($3.9 billion) for the company, said on Jan. 21 that it received unconditional approval from the Australian Treasurer for the purchase. Steel Authority fell 0.4 percent to 167.7 rupees, Coal India retreated 0.5 percent to 314.15 rupees and NMDC dropped 0.4 percent to 270.5 rupees.

Ashok Leyland Ltd. (AL IN): The nation’s second-biggest truckmaker said third-quarter profit fell to 434 million rupees ($9.5 million) from 1.05 billion rupees a year earlier, according to a statement to the stock exchange on Jan. 22. The shares rose 1.3 percent to 59.3 rupees.

Bank of India (BOI IN): The state-controlled lender was raised to “hold” from “sell” at Deutsche Bank AG. The brokerage increased its share-price estimate to 460 rupees from 450 rupees, according to a report by analysts including Manish Shukla. Separately, the lender was raised to “overweight” from “neutral” by Tejas Mehta, an analyst at HSBC Holdings Plc with a price estimate of 546 rupees per share. The shares jumped 6.6 percent to 460.9 rupees.

Bharat Forge Ltd. (BHFC IN): The biggest automotive forgings maker said third-quarter net income rose to 826 million rupees from 380 million rupees a year earlier, according to a statement to the Bombay Stock Exchange. The shares gained 1.2 percent to 348.1 rupees.

Bharti Airtel Ltd. (BHARTI IN): The company may announce within a week the commercial start of its third-generation mobile-phone service, the Press Trust of India reported, citing Sanjay Kapoor, chief executive officer for India and South Asia. The shares dropped 1.2 percent to 336.05 rupees.

Chambal Fertilizers & Chemicals Ltd. (CHMB IN): The maker of farm chemicals said third-quarter net income rose to 1.07 billion rupees from 797 million rupees a year earlier, according to a statement to the stock exchange on Jan. 22. The shares rose 0.6 percent to 76.85 rupees.

Godrej Consumer Products Ltd. (GCPL IN): India’s second- largest maker of bath soap reported third-quarter net income of 664 million rupees, from 562 million rupees a year earlier. The shares fell 3 percent to 401.05 rupees.

Indian Oil Corp. (IOCL IN): The nation’s largest refiner and Oil India Ltd. (OINL IN), a state-owned energy exploration company, plan to relinquish onshore oil blocks they were investigating in Libya because they’re not commercially exploitable, Hindu Business Line said, citing Oil India’s Chairman and Managing Director Nayan Mani Borah. Indian Oil surged 4.8 percent to 327.8 rupees, while Oil India decreased 2.5 percent to 1,252.3 rupees.

Maruti Suzuki India Ltd. (MSIL IN): The company raised prices of its models by as much as 2.3 percent with effect from Jan. 17, Mayank Pareek, managing executive officer, marketing and sales, said in a telephone interview on Jan. 21. The shares retreated 0.8 percent to 1248.65 rupees.

Natco Pharma Ltd. (NTCPH IN): The drugmaker plans to seek a compulsory license from India’s government to manufacture Bayer AG’s cancer drug Nexavar, the Economic Times reported. Natco will approach the commerce ministry to apply for the license after March, the report said, without saying where it got the information. The shares dropped 1.7 percent to 300.45 rupees.

Oil & Natural Gas Corp. (ONGC IN): India’s largest energy- exploration company is producing 300,000 barrels a day of crude oil from its fields off India’s west coast, compared with normal output of 320,000 barrels a day, the state-run explorer said in an e-mailed statement on Jan. 22. The company restarted production from its Mumbai High block on Jan. 21 after shutting it down earlier following a leak in an undersea pipeline carrying crude oil. ONGC dropped 2.5 percent to 1,105.55 rupees.

Reliance Industries Ltd. (RIL IN): The biggest company by market value posted an increase in third-quarter profit that missed analysts’ estimates after natural gas production fell. Net income rose 28 percent to 51.4 billion rupees, short of the 52.1 billion-rupee average of 17 analyst estimates compiled by Bloomberg. The shares gained 1.8 percent to 986.8 rupees.

State Bank of India (SBIN IN): The nation’s largest lender said third-quarter net income rose to 28.3 billion rupees from 24.8 billion rupees a year earlier, according to an e-mailed statement to the National Stock Exchange on Jan. 22. The profit compared with the 27 billion-rupee average of 29 estimates compiled by Bloomberg News. Separately, the lender was raised to “neutral” from “underweight” by Tejas Mehta, an analyst at HSBC Holdings Plc with a price estimate of 2,740 rupees per share. The shares climbed 2.4 percent to 2,596.9 rupees.

Tata Motors Ltd. (TTMT IN): The stock was raised to “buy” from “neutral” at UBS AG by equity analyst Sonal Gupta, with a 12-month target price of 1,500 rupees a share. The shares dropped 0.6 percent to 1187.4 rupees.

Tata Steel Ltd. (TATA IN): The nation’s biggest producer of the alloy got bids worth at least 173.66 billion rupees on the third and final day of its follow-on public offer, according to the National Stock Exchange website. Separately, the company said it priced shares to be sold in the follow-on offer at 610 rupees apiece, according to a stock exchange filing on Jan. 22. The shares retreated 0.7 percent to 629.55 rupees.

Tech Mahindra Ltd. (TECHM IN): The company reported third- quarter profit of 2.57 billion rupees on Jan. 21. The shares fell 0.8 percent to 690.45 rupees.

TVS Motor Co Ltd. (TVSL IN): The stock was raised to “buy” from “neutral” at LKP Shares & Securities Ltd. by equity analyst Ashwin Patil, with a 12-month target price of 86 rupees. The shares gained 0.2 percent to 62.15 rupees.

To contact the reporters on this story: Adi Narayan in Mumbai at anarayan8@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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