Axis, Reliance, Subex, Tata Consultancy: 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, unless stated otherwise. Markets were closed on April 22 for a holiday.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, increased 131.25, or 0.7 percent, to 19,602.23. The S&P CNX Nifty Index on the National Stock Exchange gained 0.6 percent to 5,884.70. The BSE 200 Index rose 0.4 percent to 2,415.54. SGX S&P CNX Nifty Index futures for April delivery fell 0.1 percent to 5,895 as of 10:52 a.m. in Singapore.

3i Infotech Ltd. (III) : The software company reported a profit of 634 million rupees ($14 million) in the three months ended March 31, it said April 23. Sales rose 3.3 percent to 6.53 billion rupees in the period. The shares advanced 0.5 percent to 45 rupees.

Apollo Hospitals Enterprise Ltd. (APHS) : India’s second- biggest hospital operator by market value plans to spend 18 billion rupees to add 10 new hospitals in the next two years, Managing Director Preetha Reddy said in Hyderabad April 21. The shares increased 0.7 percent to 480.50 rupees.

Axis Bank Ltd. (AXSB) : India’s top-ranked underwriter of debt sales said profit rose 34 percent 10.2 billion rupees ($230 million) in the fourth quarter ended March 31, it said April 22. It will pay a dividend of 14 rupees on every 10-rupee share, the company said.

Separately, lender was downgraded to “neutral” from “overweight” Seshadri Sen, an analyst at JPMorgan Chase & Co. with a 12-month price estimate of 1,525 rupees per share.

Also, its price estimate was raised to 1,575 rupees a share from 1,448 rupees at Credit Suisse Group AG, while maintaining the “outperform” rating. The shares were little changed at 1,447.55 rupees.

BF Utilities Ltd. (BFUT) : The maker of highways and power plants may sell a 14.9 percent stake in an Indian expressway project to Goldman Sachs Group Inc. for 10 billion rupees, the Economic Times reported, citing a person it didn’t identify. The shares declined 2.7 percent to 869.65 rupees.

Bhushan Steel Ltd. (BHUS) : Honda Motor Co. will buy steel from the Indian company for use in the Brio model to be sold in India, the Nikkan Kogyo newspaper reported, without saying where it obtained the information. The shares fell 0.2 percent to 518.40 rupees.

Biocon Ltd. (BIOS) : India’s biggest biotechnology company has raised insulin prices by 18 percent after getting approval from the government’s drug pricing authority, Chairman Kiran Mazumdar-Shaw said in Hyderabad April 21. The shares gained 0.9 percent to 374.60 rupees.

Coal India Ltd. (COAL) : The world’s biggest producer of the fuel expects to start exploration in Mozambique in three months and has invited tenders, Chairman N.C. Jha told reporters in Kolkata April 21. The shares dropped 1.2 percent to 362.30 rupees.

Dhanlaxmi Bank Ltd. (DHLBK) : The lender reported profit in the three months ended March 31 almost doubled to 111.5 million rupees, it said April 23. The shares rose 2.1 percent to 130.9 rupees.

Dr Reddy’s Laboratories Ltd. (DRRD) : The nation’s second-largest drugmaker will be allowed to sell a generic version of Wyeth’s antidepressant drug starting June 1 following an agreement with the unit of Pfizer Inc. Pfizer spokesman Christopher Loder, who confirmed the agreement in an e-mail yesterday, declined to disclose financial. The shares fell 1.2 percent to 1,656.8 rupees.

HDFC Bank Ltd. (HDFCB) : India’s third-largest lender by market value plans to raise 15 billion rupees from a sale of tier-2 bonds to private investors, the Business Standard newspaper reported, without saying where it got the information. The shares climbed 1.6 percent to 2,410.65 rupees.

Indiabulls Financial Services Ltd. (IBULL) : The retail financial service provider’s profit in the 12 months to March 31 more than doubled to 7.51 billion rupees from 3.10 billion rupees the previous year, according to an e-mail statement. The board has recommended a dividend of 5 rupees for each 2-rupee share, the company told the Bombay Stock Exchange separately. The shares increased 2.7 percent to 180.80 rupees.

Indian Bank (INBK) : The state-owned lender’s profit in the three months ended March 31 rose 7.3 percent to 4.39 billion rupees, it said April 23. The lender plans to raise as much as $1 billion selling medium-term notes and use the proceeds to boost loans in Sri Lanka and Singapore, Executive Director V. Rama Gopal, told reporters April 23 in Chennai, where the company is based. The shares rose 0.2 percent to 239.35 rupees.

Jindal Steel & Power Ltd. (JSP) : The company reported a fourth-quarter profit of 10 billion rupees, according to a statement on the Bombay Stock Exchange April 21. The shares gained 2.7 percent to 695.20 rupees.

JK Tyre & Industries Ltd. (JKI) : The tiremaker plans to acquire companies overseas, the Business Standard reported yesterday, citing Managing Director Raghupati Singhania. The shares rose 3.4 percent to 104.85 rupees.

Kalpataru Power Transmission Ltd. (KPP) : The manufacturer of transmission towers will build a power line from Ukraine’s Rivnenska nuclear power station to the country’s capital Kiev to increase supplies. Ukraine’s state company NEK Ukrenergo and Kalpataru signed the contract worth 129.6 million euros ($189 million) April 22, the Energy and Coal Industry Ministry of the former Soviet state said. The shares dropped 2.1 percent to 132.4 rupees.

Maruti Suzuki India Ltd. (MSIL) : The nation’s biggest carmaker may set up its seventh factory at Rohtak in the northern Indian state of Haryana, the Hindu Business Line reported, citing people it didn’t identify. The shares climbed 3.3 percent to 1,307 rupees.

MindTree Ltd. (MTCL) : The information technology provider reported a fourth-quarter profit of 320 million rupees compared with 544 million rupees a year earlier, according to a statement to the Bombay Stock Exchange April 21.

Separately, its price estimate was cut to 360 rupees a share from 525 rupees at Credit Suisse Group AG. The brokerage kept the rating unchanged at “underperform”. The shares rose 1 percent to 390.20 rupees.

Oil & Natural Gas Corp. (ONGC IN): India’s biggest energy explorer appointed Citigroup Inc. and Rothschild to advise it on buying a stake in Russia’s OAO Bashneft, three people familiar with the matter said. The shares climbed 3.1 percent to 304.20 rupees.

Patni Computer Systems Ltd. (PATNI) : Two executives, Ajay Chamania and Deepak Khosla, have quit the Indian software services provider, the Economic Times reported, citing people it didn’t name. The shares rose 0.1 percent to 479.90 rupees.

Reliance Industries Ltd. (RIL) : India’s biggest company by market value missed analysts’ earnings estimates for the fifth time in six quarters after natural gas production from the nation’s biggest deposit declined. The company also made a gas and condensate discovery in the Cauvery-Palar region, according to a statement to the Bombay Stock Exchange April 21.

The company plans to invest more than 1.5 trillion rupees in the next five years, Press Trust of India reported yesterday. The shares gained 1.4 percent to 1,040.60 rupees.

Steel Authority of India Ltd. (SAIL),: The nation’s second-biggest producer of the alloy plans to invest 28.75 billion rupees to add capacity at its plant in Durgapur, Business Standard reported. The shares fell 0.9 percent to 172.65 rupees.

Subex Ltd. (SUBX) : Accenture Plc is the leading candidate to buy a 60 percent stake in the software developer in a deal valued at between 5 billion rupees and 6 billion rupees ($135 million), the Financial Express reported, citing people familiar with the matter that it didn’t name. Avinash Vashistha, country managing director and co-chairman for India at Accenture said the company isn’t considering the purchase, the newspaper reported. A spokesman for Subex, who wasn’t identified, also said the company wasn’t in talks to sell the stake. The shares declined 2.9 percent to 77.75 rupees.

Supreme Industries Ltd. (SI) : The plastic product maker’s group profit in the quarter ended March 31 rose 12 percent to 482.7 million rupees from a year ago, according to an e-mailed statement. The shares added 0.3 percent to 155.50 rupees.

Tata Consultancy Services Ltd. (TCS) : The largest software services exporter was cut to “neutral” from “outperform” at Credit Suisse Group AG, which cited its “weak” volume growth and the “strong” performance of its shares. The brokerage reduced its price estimate to 1,275 rupees from 1,325 rupees, analysts led by Bhuvnesh Singh wrote in a report today. The shares dropped 2.2 percent to 1,192.1 rupees.

Tata Motors Ltd. (TTMT) : The company’s Jaguar Land Rover is considering building an engine plant in the U.K. that could create more than 1,000 jobs, the Sunday Telegraph reported yesterday, citing sources close to the company. The shares fell 0.6 percent to 1,243.75 rupees.

Yes Bank Ltd. (YES) : Rabobank Groep, the world’s biggest agricultural lender, has no immediate plans to sell its stake in India’s Yes Bank after receiving its own banking license in the South Asian nation. The shares dropped 4.1 percent to 317.55 rupees.

To contact the reporters on this story: Anoop Agrawal in Mumbai at aagrawal8@bloomberg.net; Rakteem Katakey in New Delhi at rkatakey@bloomberg.net

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

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