LIC Housing, Ranbaxy, Reliance, Spicejet: 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, rose 176.86, or 1 percent, to 17,727.49. The S&P CNX Nifty Index on the National Stock Exchange increased 0.8 percent to 5,320. The BSE 200 Index added 0.6 percent to 2,191.50. SGX S&P CNX Nifty Index futures for June delivery rose 0.7 percent to 5,354.5 as of 11:06 a.m. in Singapore.

Sugar Companies: The government allowed additional exports of sugar as domestic stockpile swelled from the highest output in three years. Mills and traders have been permitted to ship 500,000 metric tons, Rural Development Minister Vilasrao Deshmukh told reporters yesterday after markets closed.

Balrampur Chini Mills Ltd. (BRCM) , the nation’s second- biggest sugar producer, rose 2.2 percent to 57.7 rupees. Shree Renuka Sugars Ltd. (SHRS) , the biggest refiner, gained 0.8 percent to 58 rupees.

Godrej Consumer Products Ltd. (GCPL) : The Indian toiletries maker was downgraded to “hold” from “buy” by Abhijeet Kundu, an analyst at Antique Stock Broking Ltd. with a price estimate of 417 rupees per share. The shares dropped 1.2 percent to 405.95 rupees.

Indian Oil Corp. (IOCL IN), Bharat Petroleum Corp. (BPCL IN), Hindustan Petroleum Corp. (HPCL IN): India may raise fuel prices when a group of ministers meets today. The government wants to cut revenue losses at state refiners, an oil ministry official said. Indian Oil climbed 2.8 percent, while Bharat Petroleum and Hindustan Petroleum climbed 0.2 percent.

Jaiprakash Power Ventures Ltd. (JPVL) : The power generator was rated “underperform” in new coverage at First Global Securities Ltd. The shares slid 0.9 percent to 43.60 rupees.

LIC Housing Finance Ltd. (LICHF) : The home-loan arm of India’s largest insurer was rated new “underperform” at Macquarie Research by equity analyst Mudit Painuly. The shares rose 2.4 percent to 221.90 rupees.

Mahindra & Mahindra Financial Services (MMFS) Ltd: The auto-financing unit of India’s largest maker of tractors and sport-utility vehicles was rated new “underperform” at Macquarie Research. The shares fell 0.2 percent to 615.65 rupees.

Ranbaxy Laboratories Ltd. (RBXY) : The U.S. Food and Drug Administration has started inspecting a new manufacturing facility of India’s biggest drugmaker at Mohali in Punjab, the Economic Times reported, citing two unidentified persons. If the inspection is successful, it could pave the way for Ranbaxy to start supplying drugs to the U.S. market almost three years after they were halted from its two main plants, the report said. The shares slid 0.7 percent to 511.65 rupees.

Reliance Industries Ltd. (RIL) : India’s biggest company by market value may set up a floating liquefied natural gas terminal in Jamnagar or Kakinada, CNBC-TV18 reported, citing people it didn’t identify. Spokesman Manoj Warrier declined to comment on the report. The shares gained 2.9 percent to 870.50 rupees.

Sahara Housing Finance Co. (SHFC IN): India’s stock market regulator ordered Sahara Commodity Services Corp. and Sahara Housing Investment Corp. to refund subscribers of its convertible debentures, according to an e-mailed statement. Sahara Housing Finance declined 0.4 percent to 78 rupees.

SpiceJet Ltd. (SJET) : The budget carrier has sought clearance from the Reserve Bank of India to raise $270 million from Canada’s export finance agency Export Development Canada for funding fleet expansion, the Mint reported without saying where it got the information. The shares lost 2 percent to 27.2 rupees.

Shriram Transport Finance Co. Ltd. (SHTF IN): The truck financier was rated new “neutral” at Macquarie Research. The shares dropped 1.3 percent to 594.05 rupees.

To contact the reporters on this story: Pratish Narayanan in Mumbai at pnarayanan9@bloomberg.net;

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

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