Oct. 21 (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 110.98, or 0.6 percent, to 19,872.15. The S&P CNX Nifty Index on the National Stock Exchange declined 0.8 percent to 5,982.10. The BSE 200 Index slid 0.6 percent to 2,531.12. SGX S&P CNX Nifty Index futures for October delivery climbed 0.3 percent to 6,031 as of 10:46 a.m. in Singapore.
Oil refiners: Bharat Petroleum Corp. (BPCL IN) and Hindustan Petroleum Corp. (HPCL IN) had their ratings lowered at Citigroup Inc., which said stocks are already pricing in diesel deregulation and that a further re-rating will depend on the government addressing some issues. Bharat Petroleum was cut to “hold” from “buy” while its share-price estimate was raised to 746 rupees from 713 rupees, according to a report by Saurabh Handa and Garima Mishra. The analysts reduced Hindustan Petroleum’s rating to “sell” from “buy” and increased the stock’s forecast to 511 rupees from 493 rupees. Bharat Petroleum gained 0.9 percent to 714.25 rupees. Hindustan Petroleum dropped 0.6 percent to 491 rupees.
Ashok Leyland Ltd. (AL IN): India’s second-biggest commercial vehicle maker said second-quarter profit rose 88 percent to 1.67 billion rupees, according to a statement sent to the National Stock Exchange. The shares gained 1.2 percent to 75.50 rupees.
Essar Oil Ltd. (ESOIL IN): India’s second-biggest non-state refiner is close to buying oil and gas exploration assets in Africa to feed its refineries, Economic Times reported, citing Managing Director Naresh Nayyar. Essar has identified at least six blocks in countries including Nigeria, Libya and Madagascar, according to the report. The stock fell 1.4 percent to 138.6 rupees.
HCL Technologies Ltd. (HCLT IN): The software-services provider was cut to “hold” from “buy” at BNP Paribas, which said margins are unlikely to recover in the near term and advised investors to switch to Infosys Technologies Ltd. (INFO IN). The brokerage reduced its share-price estimate for HCL to 450 rupees from 500 rupees, according to a report by Abhiram Eleswarapu and Avinash Singh. HCL declined 3 percent to 426.1 rupees. Infosys advanced 0.3 percent to 3,018.6 rupees.
Indiabulls Real Estate Ltd. (IBREL IN): The developer said profit in the second quarter jumped almost 11 times as home sales climbed. Net income rose to 508.6 million rupees ($11.5 million) in the three months ended Sept. 30 from 46.9 million rupees a year earlier, the Mumbai-based developer said in a statement to the Bombay Stock Exchange. Sales climbed more than fourfold to 3.24 billion rupees. The shares added 2 percent to 209.35 rupees.
Power Grid Corp. of India Ltd. (PWGR IN): The nation’s biggest transmission company, said second-quarter profit climbed 42 percent to 6.51 billion rupees, according to a statement sent to the Bombay Stock Exchange. Power Grid slid 1 percent to 104.25 rupees.
Tulip Telecom Ltd. (TTSL IN): The Indian wireless service provider was rated new “overweight” at HSBC Holdings Plc by equity analyst Rajiv Sharma. The shares added 0.5 percent to 177.70 rupees.
To contact the editor responsible for this story: Linus Chua at firstname.lastname@example.org