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, dropped 85.97, or 0.5 percent, to 18,432.25. The S&P CNX Nifty Index on the National Stock Exchange of India Ltd. lost 0.5 percent to 5,546.80. The BSE 200 Index slid 0.4 percent. SGX S&P CNX Nifty Index futures for July delivery sank 0.9 percent to 5,497.5 as of 11:12 a.m. in Singapore.
Asian Paints Ltd. (APNT) : A producer of decorative paints and varnishes was cut to “reduce” from “accumulate” at Elara Securities India Pvt. by equity analyst Anand Shah. The 12-month target price is 3,164 rupees per share. The shares added 0.1 percent to 3,143 rupees.
Dabur India Ltd. (DABUR) : A maker of packaged honey, traditional medicine and hair oil, was cut to “reduce” from “add” by Manoj Menon, at Kotak Institutional Equities, citing valuations. The share-price target was kept unchanged at 110 rupees a share. The stock climbed 0.1 percent to 110.55 rupees.
Idea Cellular Ltd. (IDEA) The telecom operator has increased its tariff on some plans by up to 20 percent, the Press Trust of India reported, without saying where it got the information. The shares increased 1.6 percent to 91.6 rupees.
Jet Airways India Ltd. (JETIN) : India’s biggest carrier was downgraded to “hold” from “buy” by Rashesh Shah, an analyst at ICICIdirect, with a 12-month target price of 520 rupees per share. The shares declined 0.2 percent to 478.3 rupees.
Lupin Ltd. (LPC) : The world’s largest maker of drugs to fight tuberculosis may start selling as many as 12 products in the U.S. this year to accelerate profit growth, said Executive Director Nilesh D. Gupta. Separately, the company denied sale of its local business, Business Line reported citing Chairman D.B. Gupta. The shares lost 3.3 percent to 448.8 rupees.
Marg Ltd. (MRGC) : The infrastructure company won a 2.4 billion rupees order from Bhavnagar Energy Co. The shares lost declined 1.2 percent to 93.8 rupees.
Marico Ltd. (MRCO) : The maker of hair-care products expects to boost its revenue from food business to 25 percent from 15 percent after introducing new breakfast snacks, Bloomberg UTV reported today, without saying where it got the information. The company is looking to buy companies in the South East Asian and African countries, according to the report. The shares surged 7 percent to 166.9 rupees.
Reliance Industries Ltd. (RIL) : The Competition Commission of India approved Reliance’s purchase of Bharti Enterprises Ltd.’s stake in its general and life-insurance joint ventures with Axa SA, according to a statement on the regulator’s website. The shares lost 1.2 percent to 860.85 rupees.
Steel Authority of India Ltd. (SAIL) : India’s second- biggest producer scrapped a $1.2 billion plan to build its first natural gas-fired factory with Japan’s Kobe Steel Ltd., anticipating a shortage of the fuel, the country’ steel secretary P.K. Misra said. The shares fell 0.3 percent to 131.2 rupees.
UCO Bank (UCO) : The state-owned bank expects credit growth in the year that began April 1 to be as much as 20 percent, Chairman Arun Kaul said. The bank will decide soon on raising lending rates after the central bank raised rates on July 26. The shares rose 0.1 percent to 87.1 rupees.
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