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Aurobindo, Indian Oil, Piramal, Reliance: India Stocks Preview

Oct. 20 (Bloomberg) -- 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 185.76, or 0.9 percent, to 19,983.13. The S&P CNX Nifty Index on the National Stock Exchange declined 0.8 percent to 6,027.30. The BSE 200 Index slid 0.7 percent to 2,545.18. SGX S&P CNX Nifty Index futures for October delivery retreated 0.3 percent to 6,008 as of 10:54 a.m. in Singapore.

Oil refiners:

India’s government may give refiners including Indian Oil Corp. (IOCL IN) 100 billion rupees ($2.3 billion) to partly compensate them for selling fuels below cost in the six months ended Sept. 30, Business Line reported, citing unidentified people. The refiners lost 310 billion rupees in the six months, according to the report. Indian Oil fell 0.7 percent to 403.35 rupees. Bharat Petroleum Corp. (BPCL IN) gained 1.2 percent to 707.75 rupees and Hindustan Petroleum Corp. (HPCL IN) climbed 0.2 percent to 493.85 rupees.

Drugmakers Aurobindo Pharma Ltd. (ARBP IN) and Jubilant Life Sciences Ltd. (JOL IN) were rated “buy” in new coverage at Goldman Sachs Group Inc., which cited an improving revenue outlook, greater capacity utilization and easing balance sheet concerns. The brokerage has a share-price estimate of 1,545 rupees for Aurobindo Pharma and a forecast of 408 rupees for Jubilant Life Sciences, according to a report by analysts including Balaji V. Prasad. Aurobindo advanced 1.8 percent to 1,139 rupees. Jubilant dropped 0.2 percent to 302.5 rupees.

Ballarpur Industries Ltd. (BILT IN): The papermaker was rated new “overweight” by Princy Singh, an analyst at JPMorgan. The brokerage set a price estimate of 50 rupees per share. The stock fell 1.5 percent to 35.2 rupees.

HDFC Bank Ltd. (HDFCB IN): India’s third-largest bank by market value had second-quarter profit of 9.12 billion rupees, according to a statement sent to the Bombay Stock Exchange. The shares fell 1.2 percent to 2,368.85 rupees.

Piramal Healthcare Ltd. (PIHC IN): The Indian drugmaker’s board will consider on Oct. 22 a proposal to buy back shares of the company, according to a statement on the Bombay Stock Exchange. Piramal added 1.7 percent to 539.40 rupees.

Peninsula Land Ltd. (PENL IN): The Indian real-estate developer backed by Franklin Templeton Investments and Samira Habitats, a Mumbai builder, will develop a coastal township near the city catering to wealthy people, the companies said in a joint statement yesterday. Peninsula fell 0.8 percent to 65.75 rupees.

Reliance Industries Ltd. (RIL IN): India’s most valuable company will shut a crude oil unit at the older of its two refineries at Jamnagar, India, in November for about a month, Reuters reported, citing five people it didn’t identify. The company operates two refineries at the same location and the older plant includes two 330,000 barrel-a-day crude oil distillation units. Reliance spokesman Manoj Warrier in Mumbai declined to comment when called today by Bloomberg News. The shares lost 0.3 percent to 1,044.4 rupees.

Tata Teleservices Maharashtra Ltd. (TTLS IN): The phone service provider was rated “sell” at Religare Capital Markets by equity analyst Rumit Dugar, who initiated coverage on the stock. The shares slid 0.8 percent to 24.3 rupees.

To contact the reporters on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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