Ashok Leyland, Bajaj Auto, State Bank: India Stocks 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 30.66, or 0.2 percent, to 19,121.83. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.2 percent to 5,740.75. The BSE 200 Index increased 0.2 percent to 2,368.37. SGX S&P CNX Nifty Index futures for April delivery added 0.7 percent to 5,798 as of 10:38 a.m. in Singapore.

Ashok Leyland Ltd. (AL) : The second-biggest commercial vehicle maker was cut to “neutral” from “outperform” at Macquarie Group Ltd., which cited the prospects of slower volume growth over the next two years. The brokerage reduced its share- price forecast to 58 rupees from 91 rupees, analysts led by Amit Mishra wrote in a report. The shares fell 1.2 percent to 52.9 rupees.

Bajaj Auto Ltd. (BJAUT) : The nation’s second-largest motorcycle maker was raised to “outperform” from “underperform” at Macquarie Group Ltd., which cited the outlook for growth in sales of two-wheeler vehicles. The brokerage has a share-price forecast of 1,650 rupees, according to a report by analysts led by Amit Mishra, who took over coverage of the stock. The brokerage’s previous price estimate was 1,190 rupees. The shares rose 1 percent to 1452.55 rupees.

Bajaj Corp Ltd. (BJCOR) : The maker of hair-care products was raised to “buy” from “hold” by Aniruddha Joshi, an analyst at Anand Rathi Securities, with a 12-month share-price estimate of 672 rupees. The stock rose 1.4 percent to 511.65 rupees.

Hero Honda Motors Ltd. (HH) : The nation’s biggest motorcycle maker was downgraded to “sell” by B. Rao, an analyst at Deutsche Bank, who set the 12-month share-price estimate at 1,600 rupees. The stock fell 5.2 percent to 1,766.85 rupees.

IDBI Bank Ltd. (IDBI) : The state-run lender plans to raise about $250 million through an Asian Development Bank- guaranteed overseas bond sale, the Hindu Business Line reported, citing IDBI Chairman R.M. Malla. The shares gained 2.9 percent to 149.55 rupees.

MMTC Ltd. (MMTC) : The Indian government may sell a stake in the country’s biggest state-run trading company in September or October, trade secretary Rahul Khullar told reporters in New Delhi yesterday. The shares slid 3.3 percent to 1,039.65.

Pipavav Shipyard Ltd. (PIPV) : The shipbuilder is in talks with investors to complete the sale of a stake of as much as 26 percent in two weeks, Chairman Nikhil Gandhi said in a phone interview yesterday, without naming the investors. The investment may be a combination of shares purchased from exchanges and a sale by founders, Gandhi said. Pipavav climbed 9 percent to 88.95.

Power Finance Corp. (POWF IN): The state-owned lender to power projects had a profit of 6.06 billion rupees ($136 million) for the three months ended March, the company said in a filing to the Bombay Stock Exchange on April 19. The shares fell 0.9 percent to 245.65 rupees.

Reliance Industries Ltd. (RIL) : India’s largest listed company raised fuel exports from the world’s biggest refining complex by 6 percent in the first half of April as demand from Southeast Asia boosted shipments to Singapore. Shipments of fuel products from the Jamnagar facility climbed to at least 800,000 metric tons from 755,000 tons in the first 15 days of March, according to ship-tracking data compiled by Bloomberg and vessel fixtures from Clarkson Research Services Ltd. The shares climbed 0.3 percent to 1,011.65 rupees.

State Bank of India (SBIN) Ltd: The nation’s biggest lender raised its minimum loan rate by 25 basis points to 8.5 percent with effect from April 25, it said in an exchange filing. The shares dropped 0.7 percent to 2,733.35.

Zee Entertainment Enterprises Ltd. (Z) : The broadcaster’s price estimate was raised to 145 rupees a share from 125 rupees at JPMorgan Chase & Co. The shares were rated “neutral.” The shares jumped 7.7 percent to 134.8 rupees.

To contact the reporters on this story: Kartik Goyal in New Delhi at kgoyal@bloomberg.net

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

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