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Godrej Consumer, ITC, Hindalco, ACC, Ispat: India Equity Preview

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Dec. 3 (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, rose 142.70, or 0.7 percent, to 19,992.70. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.9 percent to 6,011.70. The BSE 200 Index increased 0.7 percent to 2,516.19. SGX CNX Nifty Index futures for December delivery gained 0.4 to 6,047 at 10:42 a.m. in Singapore.

Metal stocks: BNP Paribas initiated coverage of India’s non-ferrous metal stocks with a “neutral” view, citing the risk of earnings disappointment.

Hindalco Industries Ltd. (HNDL IN) was rated “buy,” Hindustan Zinc Ltd. (HZ IN) “hold,” while National Aluminium Co. (NACL IN) and Sterlite Industries (India) Ltd. (STLT IN) were started at “reduce” ratings, according to a report by Alok Rawat and Karan Gupta.

Hindalco rose 2.4 percent to 218.75 rupees, while Hindustan Zinc gained 1.5 percent to 1,200.5 rupees. National Aluminium advanced 1.7 percent to 373.3 rupees, while Sterlite added 3.4 percent to 169.8 rupees.

ACC Ltd. (ACC IN): The biggest cement maker closed its 900,000 metric ton-capacity cement factory in India’s Maharashtra state following orders from the state pollution control board, the Times of India reported, without saying where it got the information. The stock lost 0.1 percent to 999.85 rupees.

Ackruti City Ltd. (AKCL IN): The Securities and Exchange Board of India barred the founders of Ackruti, Murli Industries Ltd. (MRLI IN) and Welspun Corp. (WLCO IN) from dealing in their own shares, the regulator said in an order posted on its website yesterday. Ackruti gained 2.9 percent to 384.05 rupees, Murli advanced 0.3 percent to 89.05 rupees and Welspun Corp. lost 0.6 percent to 219.4 rupees.

Canara Bank Ltd. (CBK IN): The state-controlled lender will raise 20 billion rupees ($442 million) by selling shares to funds, the Financial Chronicle reported, citing a bank official it didn’t identify. The stock declined 0.4 percent to 741.45 rupees.

Godrej Consumer Products Ltd. (GCPL IN): The company controlled by billionaire Adi Godrej bought Naturesse Consumer Care Products Ltd. and Essence Consumer Care Products Ltd., which own the brands Swastik and Genteel respectively, from Muskan Projects Pvt., according to a statement today on the Bombay Stock Exchange. The shares slid 1.5 percent to 409.4 rupees.

ITC Ltd. (ITC IN): India’s biggest cigarette company has stopped making cigarettes at all its plants because of ambiguity over the type of pictorial health warnings to be carried on the packs as required by the government, the Press Trust of India reported yesterday, citing a company spokesperson it didn’t name. ITC fell 0.3 percent to 170.9 rupees.

Jindal Steel & Power Ltd. (JSP IN): The nation’s second-biggest producer of the alloy by market value was rated “hold” in new coverage at Citigroup Inc., which said the share price has already factored in the company’s “solid business.”

The brokerage has a share-price estimate of 676 rupees, according to a report by analysts including Atul Tiwari. The stock gained 1.3 percent to 669.6 rupees.

Ispat Industries Ltd. (NDEN IN): Reports that ArcelorMittal may buy a stake in the steelmaker are “entirely speculative,” the company said in a statement to the National Stock Exchange yesterday. The shares rose 0.3 percent to 18.7 rupees.

Jagran Prakashan Ltd. (JAGP IN): The newspaper publisher was rated “buy” in new coverage by Harrish Zaveri, an analyst at Deutsche Bank AG, with a 12-month price estimate of 185 rupees per share. The stock gained 2.4 percent to 139.4 rupees.

Kingfisher Airlines Ltd. (KAIR IN): The airline was rated new “overweight” by Princy Singh, an analyst at JPMorgan Chase & Co. The brokerage has a share-price estimate of 83 rupees. Jet Airways India Ltd. (JETIN IN) was rated new “overweight” with a share price target of 1,090 rupees. Kingfisher lost 0.7 percent to 69.05 rupees and Jet Airways fell 3.1 percent to 810.3 rupees.

Reliance Power Ltd. (RPWR IN): Billionaire Anil Ambani’s company will invest 60 billion rupees to double the power generation capacity at its Rosa thermal power plant in the northern Indian state of Uttar Pradesh, the Press Trust of India reported, citing a company statement. The shares advanced 0.3 percent to 162.85 rupees.

Shipping Corp. of India Ltd. (SCI IN): The country’s biggest sea carrier got bids for 2.3 times the shares it offered to investors, data on the National Stock Exchange’s website showed. State Bank of India has approved a loan worth 20 billion rupees to the carrier for acquiring nine vessels, Press Trust of India reported yesterday, citing the shipping company’s director J.N. Das. The shares gained 1.8 percent to 146.85 rupees.

Tube Investments Of India (TI IN): The producer of steel tubes and cold rolled steel strips was rated “buy” in new coverage by equity analyst Gautam Chhaochharia at UBS. The price estimate is 197 rupees per share. The stock advanced 1.1 percent to 142.2 rupees.

Tulip Telecom Ltd. (TTSL IN): The wireless service provider, was rated “buy” in new coverage by Neeraja Natarajan and other analysts at Nomura Holdings Inc. with a share-price estimate of 230 rupees. The stocks gained 1.7 percent to 183.9 rupees.

VA Tech Wabag Ltd. (VATW IN): The water treatment company will partner with Japan’s Sumitomo Corp., according to a statement today on the Japanese company’s website. The stock rose 0.5 percent to 1,649.5 rupees.

Videocon Industries Ltd. (VCLF IN): The consumer-electronics maker plans to sell $150 million to $200 million of convertible bonds by January, Suresh M. Hegde, the group finance head, said yesterday. The shares advanced 1.8 percent to 232.55 rupees.

To contact the reporters on this story: Thomas Kutty Abraham in Mumbai at tabraham4@bloomberg.net; Shikhar Balwani in Mumbai sbalwani@bloomberg.net.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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