Future Ventures, Hindalco, Kotak, Reliance: 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, was little changed at 18,528.96. The S&P CNX Nifty Index on the National Stock Exchange was little changed at 5,551.10. The BSE 200 Index increased 0.1 percent to 2,287.89. SGX S&P CNX Nifty Index futures for May delivery fell 0.1 percent to 5,549 as of 10:51 a.m. in Singapore.

Oil Refiners: Indian Oil Corp. (IOCL IN), Bharat Petroleum Corp. (BPCL IN) and Hindustan Petroleum Corp (HPCL IN) were downgraded to “sell” from “hold” by Rohit Nagraj, an analyst at Centrum Broking Pvt. Indian Oil fell 2.5 percent to 344.2 rupees, Bharat Petroleum declined 1.7 percent to 655 and Hindustan Petroleum retreated 3.1 percent to 387.95.

Aurobindo Pharma Ltd. (ARBP) : The Indian drugmaker had profit of 5.63 billion rupees ($126 million) for the year ended March 31, unchanged from a year earlier, the company said in a statement to the National Stock Exchange. The stock fell 0.6 percent to 181.35 rupees.

Dr. Reddy’s Laboratories Ltd. (DRRD IN): The nation’s second-largest drugmaker by revenue is seeking to buy the Doktor Mom brand from Mumbai-based J.B. Chemicals & Pharmaceuticals Ltd. (JBCP), the Business Standard reported, citing people familiar with the development that it didn’t identify. J.B. Chemicals may sell the unit to Johnson & Johnson, the newspaper reported on April 21. Dr. Reddy’s fell 0.6 percent to 1,597.05 rupees. J.B. Chemicals dropped 0.4 percent to 153.1 rupees.

Future Ventures India Ltd. (FVIL IN): The company controlled by Kishore Biyani will begin trading on the bourses today. The company got bids for 1.13 billion shares, compared with 750 million shares offered in an initial public offering last month.

Hindalco Industries Ltd. (HNDL) : India’s largest aluminum maker reported a 6.6 percent increase in fourth-quarter profit, it said in a statement to the Bombay Stock Exchange. Net income, excluding that of unit Novelis Inc., rose to 7.08 billion rupees in the three months ended March 31. The stock advanced 0.5 percent to 202.6 rupees.

Housing Development Finance Corp. (HDFC) : India’s largest mortgage lender plans to sell at least 5 billion rupees of bonds, according to a person familiar with the matter. The one-year notes will be priced to yield 9.95 percent, said the person, who asked not to be identified because the details are private. The shares were little changed at 664.55 rupees.

Infosys Technologies Ltd. (INFO) : The nation’s second- largest software exporter plans to buy a consulting company that operates in Europe or Japan, the Hindu Business Line newspaper reported citing Chief Operating Officer S. D. Shibulal. The shares rose 0.5 percent to 2,908.55 rupees.

Kotak Mahindra Bank Ltd. (KMB) : The Indian lender increased its base rate by 50 basis points to 9.25 percent starting today, the bank said in an e-mailed statement yesterday. The shares fell 0.8 percent to 428.9 rupees.

Mahindra & Mahindra Financial Services (MMFS) Ltd: The financial services unit of India’s largest sport-utility vehicle and tractor maker plans to extend operations to China, South Korea and South Africa, Business Standard reported, citing Managing Director Ramesh Iyer. The shares advanced 1.3 percent to 733.05 rupees.

Mafatlal Industries Ltd. (MFI) : The textile company agreed to sell its 30,910 square meters of property in Mumbai to Gliders Buildcon LLP, owned by India’s Ajay Piramal Group, for 6.06 billion rupees, according to a statement to Bombay Stock Exchange yesterday. The shares surged 4.3 percent to 206.8 rupees.

Reliance Industries Ltd. (RIL) : India’s most valuable company has stopped supplying gas to non-priority users like refiners and steel plants, the Business Standard newspaper reported, without saying from where it got the information. India’s oil ministry in April ordered sales be stopped to ‘non- core’ users, Press Trust of India reported on April 25.

Separately, the company may expand its refining business outside India later in the decade to take advantage of a rising global demand for fuel, the company’s general manager said.

Current overcapacity in the refining market will deter Reliance from expanding overseas until after 2015, when it expects demand to catch up with supply, Anand Sansare said at a World Refining Association conference in Abu Dhabi, the capital of the United Arab Emirates. The shares added 0.5 percent to 959.3 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: Reinie Booysen at rbooysen@bloomberg.net

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