Asian Paints, Bajaj Auto, Oberoi Realty: 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, fell 186.25, or 1 percent, to 18,345.03. The S&P CNX Nifty Index on the National Stock Exchange declined 0.8 percent to 5,499. The BSE 200 Index decreased 0.9 percent to 2,273.35.

Asian Paints Ltd. (APNT) : The maker of decorative paints and varnishes will be joining the MSCI India Index as of the close on May 31, index provider MSCI Inc. said in a statement following a review. Shares rose 0.9 percent to 2,793.5 rupees.

Bajaj Auto Ltd. (BJAUT) : The automaker was rated new “buy” by Gaurant Dadwal, an analyst at Jaypee Capital Services Ltd. The 12-month target price is 1,532 rupees a share. The shares declined 2.8 percent to 1,299.65 rupees.

Bank of India (BOI) : The state-run lender will be joining the MSCI India Index as of the close on May 31, index provider MSCI Inc. said in a statement following a review. The stock slid 0.6 percent to 393.4 rupees.

Dabur India Ltd. (DABUR) : The maker of packaged honey, traditional medicine and hair oil will be joining the MSCI India Index as of the close on May 31, index provider MSCI Inc. said in a statement following a review. Shares gained 0.8 percent to 100.2 rupees.

Dish TV India Ltd. (DITV) : The provider of direct-to- home satellite television services will replace Essar Shipping, Port & Logistics Ltd. (ESRS IN) in the Bombay Stock Exchange 200 Index effective from May 18, the bourse said in an e-mailed statement yesterday. Dish TV rose 1 percent to 68.6 rupees. Essar Shipping fell 6 percent to 93.4 rupees.

McNally Bharat Engineering Co. (MCNA IN): The Indian engineering-services provider was raised to “buy” from “outperform” by Renjith Sivaram, an analyst at Batlivala & Karani Securities. The target price is 293 rupees a share. The shares declined 0.2 percent to 188.35 rupees.

Mundra Port & Special Economic Zone Ltd. (MSEZ IN): The largest non-state cargo terminal is among companies to be added to the MSCI India Index. Shares added 0.4 percent to 138.7 rupees.

Oberoi Realty Ltd. (OBER) : The Mumbai-based developer was rated “buy” in new coverage at Citigroup Inc., which said the stock was a “lower-risk play” on the Indian property market. The brokerage has a share-price estimate of 287 rupees, analysts led by Surendra Goyal wrote in a report. The shares retreated 0.6 percent to 230.1 rupees.

Patel Engineering Ltd. (PEC) : The construction company was raised to “reduce” from “sell” by Rupa Shah, an analyst at Prabhudas Lilladher. The 12-month target price is 153 rupees per share. The shares fell 0.6 percent to 151.55 rupees.

Power Finance Corp. (POWF IN): The lender to Indian utilities set the price of shares in a share sale at 203 rupees each, Power Secretary P. Uma Shankar said in an interview yesterday. The shares rose 0.7 percent to 217.5 rupees.

Shalimar Paints Ltd. (SHP) : The majority shareholders of the Kolkata-based company may seek to sell their entire 62.8 percent stake, the Financial Express reported, without saying where it got the information. Kansai Nerolac Paints Ltd. (KNPL IN) and Sherwin-Williams Co. (SHW IN) are potential buyers, it said. Shalimar’s shares added 0.3 percent to 342.15 rupees.

Shriram Transport Finance Co. (SHTF IN): The Indian truck financier will join the MSCI Emerging Markets Index after a semi-annual review, according to a statement by MSCI Inc. The stock will also join the MSCI India Index. The shares lost 3.6 percent to 616.6 rupees.

State Bank of India (SBIN) : The nation’s largest lender may defer its plan for a rights issue because the government doesn’t have the money to keep its shareholding in the company unchanged at 59 percent, the Economic Times reported, citing a finance ministry official it didn’t identify. The stock dropped 1.3 percent to 2,616.3 rupees.

Tata Steel Ltd. (TATA) : India’s largest producer of the alloy sought the civil aviation ministry’s approval to build an airport in the eastern city of Jamshedpur, CNBC-TV18 reported yesterday, citing people it didn’t identify. The steelmaker has proposed an investment of 8 billion rupees, the report said. B. Muthuraman, vice chairman of Tata Steel, didn’t immediately respond to a call to his office and an e-mail seeking comment. The shares lost 2.7 percent to 577.8 rupees.

Titan Industries Ltd. (TTAN) : The nation’s top jewelry retailer is among companies to be added to the MSCI India Index. The stock added 1.2 percent to 4,025.05 rupees.

To contact the reporters on this story: Ruth David in Mumbai at rdavid9@bloomberg.net; Shikhar Balwani in Mumbai at sbalwani@bloomberg.net

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

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