Adani, Bharat Heavy, Reliance, Tata Steel: 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, fell 137.94, or 0.7 percent, to 18,998.02. The S&P CNX Nifty Index on the National Stock Exchange declined 0.8 percent to 5,701.3. The BSE 200 Index decreased 0.8 percent to 2,345.5. SGX S&P CNX Nifty Index futures for May delivery dropped 0.6 percent to 5,686.5 as of 10:57 a.m. in Singapore.

Adani Enterprises Ltd. (ADE) : India’s biggest coal importer agreed to pay about A$1.85 billion for Australia’s Abbot Point coal export terminal, Reuters said, citing three unidentified people familiar with the sale. The state government of Queensland is selling the terminal as part of A$15 billion asset-sale program. The shares climbed 0.7 percent to 629 rupees.

Bharat Heavy Electricals Ltd. (BHEL) : India’s biggest power-equipment maker was raised to “buy” from “neutral” at Goldman Sachs Group Inc., which cited the company’s order book, its “negligible” debt and high cash balance, as well as its valuations. The brokerage raised its share-price estimate to 2,530 rupees from 2,432 rupees, analysts led by Ishan Sethi wrote in a report. The shares added 0.5 percent to 2,010.9 rupees.

Birla Power Solutions Ltd. (BLPS) : The maker of portable generators is seeking to raise $100 million from private equity investors this year to fund a planned expansion into thermal and solar power, the Economic Times reported, citing an interview with P.V.R. Murthy, the company’s managing director. The shares surged 4.8 percent to 1.1 rupees.

BGR Energy Systems Ltd. (BGRL) : The maker of equipment for power, oil and petrochemical industries was cut to “neutral” from “buy” at Goldman Sachs Group Inc., which said the stock is “fairly valued.” The brokerage lowered its share- price forecast to 595 rupees from 608 rupees, analysts led by Ishan Sethi wrote in a report. The shares decreased 2.6 percent to 535.1 rupees.

Castrol India Ltd. (CSTRL) : The company was cut to “sell” from “reduce” by Priyank Chandra, an analyst at Dolat Capital Market Ltd. The stock declined 0.5 percent to 465.25 rupees.

Hero Honda Motors Ltd. (HH) : India’s biggest motorcycle maker sold 517,099 vehicles in April, compared with 371,652 units a year earlier, according to an e-mailed statement. The shares retreated 1.2 percent to 1,689.25 rupees.

ICICI Bank Ltd. (ICICIBC) : India’s second-biggest lender is in talks with banks to raise at least $500 million selling bonds to investors overseas, according to two people familiar with the situation. Charudatta Deshpande, ICICI Bank’s spokesman in Mumbai, did not respond to two e-mails seeking confirmation. The shares slid 1.5 percent to 1,098.3 rupees.

Infosys Technologies Ltd. (INFO) : India’s second-largest software exporter, plans to step up hiring in the U.S., China and other overseas markets as it seeks to check rising employee turnover and boost profit, Chief Operating Officer S.D. Shibulal said in an interview. The shares increased 0.6 percent to 2,922.55 rupees.

Jaiprakash Associates Ltd. (JPA) : The builder of dams, roads and bridges was cut to “neutral” from “buy” at Goldman Sachs Group Inc., which cited the “limited areas of potential positive surprise” given the concerns over the company’s debt levels. The brokerage kept its share-price forecast of 106 rupees, analysts led by Ishan Sethi wrote in a report. The shares declined 0.1 percent to 92.5 rupees.

Spice Mobility Ltd. (SPCEM) : The handset maker will renames itself S Mobility as it invests 10 billion rupees ($226 million) on research and building new products, part of a change of strategy to become a mobile-internet company, the Economic Times reported, citing an interview with Chairman Bhupendra Kumar Modi. The shares dropped 1.6 percent to 99.3 rupees.

Reliance Industries Ltd. (RIL) : The Indian government has asked the company to drill 11 wells in the year ending March 31, S.K. Srivastava, director general at the country’s oil regulator, told reporters in New Delhi. The company will submit a drilling plan in two weeks, he said. The shares slid 1.9 percent to 964.75 rupees.

Tata Steel Ltd. (TATA) : The biggest producer of the alloy will boost investment in China by 5 percent in 2012 to maintain market share, China Daily reported, citing an interview with Managing Director Hemant Madhusudan Nerurkar. The company won’t make investments in its rolling mills in Wuxi in the eastern province of Jiangsu or Xiamen in southern Fujian province this year, the newspaper cited Nerurkar as saying. The shares fell 0.3 percent to 614.65 rupees.

TVS Motor Co. (TVSL IN): The motorcycle maker was downgraded to “accumulate” from “buy” by Sudhir Kukreja, an analyst at Dolat Capital Market Ltd. The shares gained 0.3 percent to 56.5 rupees.

Ranbaxy Laboratories Ltd. (RBXY) : Mylan Inc.’s lawsuit seeking to force the U.S. Food and Drug Administration to act on Ranbaxy Laboratories Ltd.’s application to sell a generic version of Lipitor was dismissed yesterday by a federal judge in Washington. Ranbaxy, the largest drugmaker by sales, climbed 0.1 percent to 458.2 rupees.

State Bank of India (SBIN) : The nation’s largest bank plans to raise about 200 billion rupees in a rights offer and is in talks with the government for approval, Chairman Pratip Chaudhuri said in Chennai. The shares lost 4 percent to 2,692.7 rupees.

Steel Authority of India Ltd. (SAIL) : The steelmaker was downgraded to “reduce” from “accumulate” by Kamlesh Bagmar, an analyst at Prabhudas Lilladher Pvt. The shares dropped 0.3 percent to 158.85 rupees.

To contact the reporter on this story: Siddharth Philip in Mumbai at sphillip3@bloomberg.net.

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

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