Biocon, DB Realty, Idea, 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, fell 220.26 points, or 1.2 percent, to 18,858.04. The S&P CNX Nifty Index on the National Stock Exchange declined 1.2 percent to 5,660.65. The BSE 200 Index also fell 1.2 percent to 2,329.92. SGX S&P CNX Nifty Index futures for July delivery fell 0.3 percent to 5,649 as of 11:12 a.m. in Singapore.

Drugmakers: Lupin Ltd. (LPC) was raised to “outperform” by Kartik A. Mehta, an analyst at Daiwa Capital Markets. The brokerage raised the price target 9 percent to 490 rupees. The analyst also upgraded Biocon Ltd. (BIOS) , the biggest biotechnology company, to “hold” and raised the price target 13 percent to 351 rupees. Glenmark Pharmaceuticals Ltd. (GNP) was upgraded to “underperform” and the target prices was raised 12 percent to 298 rupees. Lupin fell 1.3 percent to 455.4 rupees. Biocon slid 1.7 percent to 358.2 rupees. Glenmark Pharmaceuticals dropped 0.5 percent to 309.95 rupees.

Power producers: Reliance Power Ltd. (RPWR) and Lanco Infratech Ltd. (LANCI) , the two biggest power producers, had until 5 p.m. on July 9 to prove they’ve arranged financing to build solar power plants or risk losing licenses and as much as $41 million in bank guarantees, said Bharat Bhargava, director at the Ministry of New and Renewable Energy. Reliance Power lost 0.2 percent to 118.65 rupees. Lanco fell 0.4 percent to 24.45 rupees.

DB Realty Ltd. (DBRL) : Indian investigators have imposed a 70 billion-rupee fine on Etisalat DB Telecom India Pvt., a venture between DB Realty and Emirates Telecommunications Corp., for foreign-exchange violations related to the sale of wireless permits, the Press Trust of India reported on July 8, citing officials it didn’t identify. The shares jumped 11.8 percent to 85.4 rupees.

Hindalco Industries Ltd. (HNDL) : A panel of Indian ministers will decide whether to allocate a coal block to the nation’s second-largest aluminum maker pending environmental clearance, according to a notice on the environment ministry’s website. The shares retreated 3.9 percent to 188.1 rupees.

Idea Cellular Ltd. (IDEA) : U.S.-based private equity Providence Equity Partners may exit from the Indian mobile-phone operator, the Business Standard reported without saying where it got the information. Providence holds 9.99 percent in Idea, the report said. The shares rose 1 percent to 81.65 rupees.

Indian Oil Corp. (IOCL IN): The nation’s largest refiner bought 1 million barrels each of Nigerian EA and Erha crude from Royal Dutch Shell Plc, said two people who participate in the market. The shares fell 1.1 percent to 338.55 rupees.

Reliance Industries Ltd. (RIL) : The nation’s biggest company by market value may boost natural gas output at India’s biggest deposit after two years as it awaits ships that will connect deepwater wells drilled this year to pipelines, a person with knowledge of the matter said. The shares fell 1.8 percent to 854.85 rupees.

To contact the reporters on this story: Karthikeyan Sundaram in New Delhi at kmeenakshisu@bloomberg.net

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

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