Dr. Reddy’s, Essar, Maruti, Reliance: 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 116.36, or 0.6 percent, to 18,268.54. The S&P CNX Nifty Index on the National Stock Exchange lost 0.6 percent to 5,485.80. The BSE 200 Index decreased 0.6 percent to 2,272.41. SGX S&P CNX Nifty Index futures for June delivery lost 0.5 percent to 5,460 as of 11:01 a.m. in Singapore.

Textile makers: Farmers in India, the world’s second- biggest cotton producer, planted 2.01 million hectares (4.97 million acres), compared with 1.44 million hectares a year earlier, the farm ministry said in a statement. Arvind Ltd. (ARVND IS) fell 1.7 percent to 81.95 rupees. Bombay Dyeing & Manufacturing Ltd. (BD IN) rose 2.8 percent to 374.8 rupees.

Pharmaceutical Exporters: India’s finance ministry extended an incentive program for exporters by three months, the Economic Times reported, citing an individual it didn’t identify. The program, which provides for a refund on taxes such as customs duty, was set to expire on June 30. Dr. Reddy’s Laboratories Ltd. (DRRD IN) fell 0.1 percent to 1,562.1 rupees. Lupin Ltd. (LPC) lost 0.1 percent to 438.85 rupees. Ipca Laboratories Ltd. (IPCA) rose 0.5 percent to 346.85 rupees. Aurobindo Pharma Ltd. (ARBP) dropped 2.8 percent to 175.85 rupees.

Essar Oil Ltd. (ESOIL) : Essar Group plans to acquire more coal and iron ore assets in Indonesia, Australia and Africa as it seeks to boost supply to meet domestic Indian needs, Chief Executive Officer Prashant Ruia said. “We’re looking at investing overseas, including in Indonesia, Australia and Africa to access natural resources,” Ruia said in a Bloomberg TV interview at the World Economic Forum on East Asia in Jakarta yesterday. “Coal and iron ore are two major possibilities and, going forward, oil and gas.” Essar Oil declined 3.5 percent to 126 rupees.

Godrej Properties Ltd. (GPL) : The Mumbai-based developer was rated new “underweight” with a target price of 605 rupees a share by JPMorgan. Godrej decreased 1.7 percent to 655.75 rupees.

Indian Oil Corp. (IOCL IN): The nation’s largest refiner bought about 4 million barrels of Nigerian crude oil from Royal Dutch Shell Plc for loading in August, said three traders, who asked not to be identified because they’re not authorized to speak to the media. The stock fell 1.7 percent to 313.65 rupees.

Maruti Suzuki India Ltd. (MSIL) : The biggest carmaker allowed striking workers at its Manesar plant to form a separate union, Business Standard reported today, citing S.Y. Siddiqui, the carmaker’s human resources head. The shares climbed 1 percent to 1,226.65 rupees.

Reliance Industries Ltd. (RIL) , Reliance Industrial Infrastructure Ltd. (RIIL) : Reliance, India’s biggest company by market value will acquire Bharti Enterprises Ltd.’s stake in its general and life insurance joint ventures with France’s Axa SA, according to e-mailed statements from both Indian companies. Reliance will hold 57 percent and Reliance Industrial Infrastructure 17 percent in the life and general insurance companies. The transaction’s value wasn’t disclosed.

Reliance fell 1 percent to 944.5 rupees. Reliance Industrial climbed 2.7 percent to 569.45 rupees. Bharti Airtel Ltd. (BHARTI) dropped 0.7 percent to 373.95 rupees.

Wipro Ltd. (WPRO) : India’s third-largest software- services provider plans to hire 7,500 people in India, West Asia and Africa in the year ending March 31, 2012, for its technology outsourcing business, the Business Line reported today, citing an interview with Anand Sankaran, a senior vice president at the company. The software exporter dropped 0.3 percent to 437.45 rupees.

To contact the reporters on this story: Madelene Pearson in Mumbai at mpearson1@bloomberg.net Adi Narayan in Mumbai at anarayan8@bloomberg.net

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

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