Essar Shipping, GMR, Hindalco, Reliance: 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 155.04, or 0.8 percent, to 19,445.22. The S&P CNX Nifty Index on the National Stock Exchange climbed 0.8 percent to 5,833.75. The BSE 200 Index climbed 0.5 percent to 2,378.69. SGX S&P CNX Nifty Index futures for April delivery was little changed at 5,870 as of 10:58 a.m. in Singapore.

Essar Shipping Ports & Logistics Ltd. (ESRS) : India’s largest shipping company by market value was rated “outperform” in new coverage at Credit Suisse Group AG, which cited the growth in traffic at the company’s port business and an expansion of its shipping fleet. The brokerage has a price forecast of 108 rupees, analysts led by Anubhav Aggarwal wrote in a report. The shares rose 2.1 percent to 94.15 rupees.

GMR Infrastructure Ltd. (GMRI) : The infrastructure company said Macquarie SBI Infrastructure Investments invested about $200 million in one of its units. The shares climbed 3.6 percent to 40.50 rupees.

Hindalco Industries Ltd. (HNDL) : India’s top aluminum maker signed an accord to borrow 78.75 billion ($1.8 billion) rupees in loans for an aluminum smelter in the state of Madhya Pradesh, according to a statement sent to the National Stock Exchange. The shares gained 1.9 percent to 209.15 rupees.

ICICI Bank Ltd. (ICICIBC) : India will consider any downstream investments made by the lender as a foreign direct investment, said R.P. Singh, secretary in the Department of Industrial Policy & Promotion. The shares rose 0.6 percent to 1,116.20 rupees.

Kalpataru Power Transmission Ltd. (KPP) : The maker of transmission line towers won new orders valued at 9.5 billion rupees, according to a statement to the Bombay Stock Exchange. The company has more than 55 billion rupees of orders currently, the statement said. The shares rose 1.3 percent to 134.85 rupees.

Kingfisher Airlines Ltd. (KAIR) : The airline approved allotting 231.9 million shares to a group of lenders on conversion of compulsorily convertible preference shares, it said in a statement to the Bombay Stock Exchange. The paid up share capital of the company will almost double to 4.98 billion rupees after the allotment, according to the statement. The shares dropped 2.7 percent to 39.80 rupees.

Mundra Port & Special Economic Zone Ltd. (MSEZ IN): The largest non-state cargo terminal was raised to “outperform” from “neutral” at Credit Suisse Group AG. The brokerage reduced its share-price forecast to 162 rupees from 180 rupees, according to a report by Anubhav Aggarwal. The shares climbed 0.2 percent to 136.65 rupees.

Plethico Pharmaceuticals Ltd. (PLEP) : The drugmaker recommended a dividend of 2.50 rupees a share, according to a statement to the Bombay Stock Exchange. The shares climbed 1.1 percent to 339.55 rupees.

Reliance Capital Ltd. (RCAPT) : The financial services company controlled by billionaire Anil Ambani was rated new “overweight” at JPMorgan Chase & Co. The shares added 0.5 percent to 583.15 rupees.

Reliance Industries Ltd. (RIL) : India may allocate gas from Reliance’s KG-D6 field in favor of industries such as fertilizers and power, the Economic Times newspaper reported, citing an oil ministry official it didn’t name. Customers of the Reliance gas field are facing a pro-rata cut in shipments after production fell to 50.5 million cubic meters from more than 52 million cubic meters in early March, the paper said. The shares added 1.6 percent to 1,049.1 rupees.

To contact the reporter on this story: Pratish Narayanan in Mumbai at pnarayanan9@bloomberg.net;

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

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