Adani, Mphasis, NTPC, Patni, Tech Mahindra: 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, lost 81.73, or 0.4 percent, to 20,221.39. The S&P CNX Nifty Index on the National Stock Exchange fell 0.4 percent to 6,082. The BSE 200 Index retreated 0.4 percent to 2,573.73. SGX S&P CNX Nifty Index futures for October delivery fell 0.3 percent to 6,090 as of 11:12 a.m. in Singapore.

Adani Enterprises Ltd. (ADE IN): India’s biggest coal importer was lowered to “hold” from “buy” at Citigroup Inc., which cited the outperformance by the company’s shares. The brokerage raised its share-price estimate to 706 rupees from 448 rupees, according to a report by Citigroup analysts led by Venkatesh Balasubramaniam. The stock rose 0.7 percent to 678.55 rupees.

Central Bank of India (CBOI IN): The Indian state-run lender signed an agreement with International Finance Corp., the World Bank’s private investment arm, to fund economic development projects in 14 states in the South Asian country, according to a statement issued by the bank. The shares were little changed at 238.75 rupees.

Gyscoal Alloys Ltd. (GYSC IN): The manufacturer of stainless steel commences trading today. The company raised 546.5 million rupees ($12 million) selling 7.7 million shares at 71 rupees a piece.

Mphasis Ltd. (MPHL IN): The software developer was initiated at “buy” at UBS AG with a share-price estimate of 900 rupees by Diviya Nagarajan, who said revenue and margins are likely to improve over the next few quarters. The stock gained 0.1 percent to 625.2 rupees.

NTPC Ltd. (NATP IN): India’s largest power producer posted a drop in profit for the third straight quarter after expenditure outpaced growth in sales. Net income in the three months ended Sept. 30 fell 2 percent to 21.1 billion rupees from a year earlier, the company said in a statement to the National Stock Exchange. The stock fell 1.1 percent at 205.25 rupees.

Patni Computer Systems Ltd. (PATNI IN): The software developer was initiated at “buy” by UBS’s Nagarajan with a share-price estimate of 600 rupees, who said the company is “on the verge” of a potential turnaround. The stock climbed 0.1 percent to 465.7 rupees.

Prestige Estates Projects Ltd. (PEPL IN): The Indian developer in a mall venture with CapitaMalls Asia Ltd. commences trading today. The company raised 12 billion rupees selling shares at 183 rupees apiece.

Tech Mahindra Ltd. (TECHM IN): BT Group Plc, Britain’s largest phone company, may sell part of its 30 percent stake in India’s Tech Mahindra Ltd. in the stock market, according to three people with direct knowledge of the matter.

Separately, the company was initiated at “neutral” by UBS’s Nagarajan with a share-price estimate of 875 rupees. The stock rose 2.8 percent at 786.35 rupees.

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