Reliance Communications, Hindalco, Cairn: 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, rose 265.57, or 1.5 percent, to 17,728.61. The S&P CNX Nifty Index on the National Stock Exchange advanced 1.6 percent to 5,310. The BSE 200 Index increased 1.7 percent to 2,178.71.

Cairn India Ltd. (CAIR IN): The operator of India’s biggest onshore oilfield was raised to “buy” from “add” at IIFL by equity analyst Bhaskar Chakraborty. The 12-month target price is 335 rupees a share. The stock advanced 3.7 percent to 325.85 rupees.

Helios & Matheson Information Technology Ltd. (HMIT IN): The Indian software developer said the nation’s capital markets regulator imposed a fine of 5 million rupees ($109,000) on Jan. 31, citing violation of regulations, according to a statement on the National Stock Exchange on Feb. 11. The company will appeal to the Securities Appellate Tribunal, it said. The stock added 1.6 percent to 31.8 rupees.

Hindalco Industries Ltd. (HNDL IN): India’s largest aluminum maker reported a 7.7 percent gain in third-quarter profit in a statement to the Bombay Stock Exchange on Feb 12. Net income climbed to 4.6 billion rupees, or 2.40 rupees per share, in the three months ended Dec. 31. The median profit estimate of 19 analysts surveyed by Bloomberg News was 5.53 billion rupees. Hindalco lost 2.2 percent to 210.95 rupees.

India Cements Ltd. (ICEM IN): The company was raised to “buy” from “hold” at JM Financial Institutional Securities by equity analyst Jay Asher. The 12-month target price is 100 rupees per share. The stock rose 0.2 percent to 89.95 rupees.

Kingfisher Airlines Ltd. (KAIR IN): India’s second-biggest domestic carrier, reported a third-quarter loss of 2.54 billion rupees. The stock added 4.1 percent to 42 rupees.

Reliance ADA Group Companies: Billionaire Anil Ambani’s group said in an e-mailed statement Feb. 12 that the Central Bureau of Investigation examined “a few” of its officials, after reporting it knows the brokers who spread “sensational charges” that caused shares of group companies to tumble on Feb. 9. The bureau “is reportedly examining a large number of telecom companies and their officials” on “various matters relating to the years 2001 to 2008,” Reliance ADA Group said. Reliance Communications Ltd. (RCOM IN), which is scheduled to report earnings today, rose 0.6 percent to 97.15 rupees. Reliance Infrastructure Ltd. (RELI IN) rose 5.4 percent to 617.15 rupees. Reliance Power Ltd. (RPWR IN) rose 2.5 percent to 114.9 rupees.

Reliance Industries Ltd. (RIL): India’s biggest company by market value was raised to “buy” from “hold” at VCK Share & Stock Broking Services Ltd. by equity analyst Rina Sanghavi. The 12-month price target is 1,022 rupees per share. The stock added 1.1 percent to 909.95 rupees.

To contact the reporters on this story: Kartik Goyal in New Delhi at kgoyal@bloomberg.net; Madelene Pearson in Mumbai at mpearson1@bloomberg.net

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

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