Adani, Axis, Bharat Heavy, GAIL, JSW Steel: 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 BSE India Sensitive Index, or Sensex, declined 110.96 points, or 0.7 percent, to 16,051.10. The S&P CNX Nifty Index on the National Stock Exchange of India dropped 0.7 percent to 4,835.40, while the BSE 200 Index slid 0.9 percent to 1,995.82. SGX S&P CNX Nifty Index futures for September delivery rallied 1.7 percent to 4,923 as of 11:12 a.m. in Singapore.

Adani Enterprises Ltd. (ADE) : The company’s stock was downgraded to “underweight” from “neutral” at JPMorgan by equity analyst Shilpa Krishnan. The six-month price estimate is 475 rupees per share. Shares tumbled 5 percent to 541 rupees.

Axis Bank Ltd. (AXSB) : The Securities Appellate Tribunal upheld an order by the Securities and Exchange Board of India imposing a fine of 200,000 rupees on Axis Bank, India’s third- biggest private-sector lender, The Economic Times reported, citing SAT Presiding Officer N.K. Sodhi.

In 2009, Sebi, the market regulator, had found certain deficiencies in Axis Bank’s books and passed an order imposing the fine. Shares dropped 2.8 percent to 1,056 rupees.

Bharat Heavy Electricals Ltd. (BHEL) : The country’s biggest power equipment maker is waiting for market conditions to improve before selling $1 billion in new shares, Press Trust of India reported, citing Praful Patel, Minister for Heavy Industries and Public Enterprises. The shares fell 0.8 percent to 1,586.35 rupees.

Britannia Industries Ltd. (BRIT) : The cookie-maker is looking to expand into the food and beverages industry beyond mainstay biscuits business, the Economic Times reported, citing managing director Vinita Bali. The stock slid 1.8 percent to 455.1 rupees.

GAIL India Ltd. (GAIL) : The nation’s biggest gas distributor is in talks with at least two international energy explorers, including U.S.-based Chevron Corp., to buy stakes in their liquefied natural gas plants in Australia and Algeria, the Economic Times reported, citing an unidentified GAIL India executive. Shares declined 2.9 percent to 409.8 rupees.

GMR Infrastructure Ltd. (GMRI) : The Indian builder of airports, roads and power plants agreed to sell a 30 percent stake in unit GMR Energy (Singapore) Pte to Petronas International Corp., according to an e-mailed statement. The company was separately rated new “buy” at Nirmal Bang Institutional Equities by equity analyst Amit Srivastava. The shares plunged 5.1 percent to 26.9 rupees.

Hindustan Construction Co. (HCC) was rated new “hold” at Nirmal Bang by analyst Amit Srivastava. The shares declined 0.3 percent to 29 rupees.

IRB Infrastructure Developers Ltd. (IRB) : An Indian builder of roads and bridges was rated new “buy” at Nirmal Bang by analyst Amit Srivastava, with a target price of 235 rupees. The shares gained 2 percent to 168.05 rupees.

IVRCL Ltd. (IVRC IN): The Indian builder of roads and ports was rated new “buy” at Nirmal Bang by analyst Amit Srivastava, with a target price of 59 rupees. The shares retreated 0.7 percent to 36.5 rupees.

JSW Steel Ltd. (JSTL) : India’s third-biggest producer of the alloy cut output at its Karnataka plant after the nation’s top court limited iron ore sales in the southern state to online auctions. The shares lost 2.2 percent to 618.6 rupees.

Larsen & Toubro Ltd. (LT) : India’s largest engineering company said the nation’s nuclear equipment market may expand sevenfold once overseas suppliers begin sales. The shares fell 1.7 percent to 1,426.55 rupees.

Pipavav Shipyard Ltd. (PIPV) : A venture between the nation’s biggest shipbuilder by market value and state-owned Mazagon Dock Ltd. to build warships and submarines has been put on hold by India, according to a statement from the defense ministry. The shares rose 0.1 percent to 81.25 rupees.

Reliance Infrastructure Ltd. (RELI) : The project developer controlled by billionaire Anil Ambani was rated new “buy” at Nirmal Bang by analyst Amit Srivastava, with a target price of 724 rupees.

Separately, the stock was raised to “overweight” from ’’neutral’’ by JPMorgan’s Krishnan, with a six-month price estimate of 575 rupees per share. The stock fell 1.3 percent to 422.95 rupees.

Tata Consultancy Services Ltd. (TCS) : Asia’s biggest computer services provider by market value is weighing acquisitions in France, Germany, Japan and the U.S. as it sees a further rise in demand even amid global economic woes. The shares gained 0.7 percent to 996.95 rupees.

To contact the reporter on this story: Karthikeyan Sundaram in New Delhi at kmeenakshisu@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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