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Larsen, IRB Infrastructure, Bharti Airtel: 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, rose 266.53, or 1.4 percent, to 19,508.89. The S&P CNX Nifty Index on the National Stock Exchange advanced 1.6 percent to 5,857.35. The BSE 200 Index increased 1.6 percent to 2,423.94. SGX CNX Nifty Index futures for December delivery lost 0.1 to 5,870.0 at 10:40 a.m. in Singapore.

Andhra Bank (ANDB IN): The state-run lender will increase its minimum-lending rate by 50 basis points to 9 percent from Dec. 13, the bank said in an e-mailed statement on Dec. 11. It also increased the prime lending rate by 25 basis points to 13 percent. The shares rose 3.4 percent to 146.85 rupees.

Bank of Baroda (BOB IN) The state-run lender will increase its prime lending rate by 75 basis points to 13.25 percent effective Dec. 13, the bank said in an e-mailed statement on Dec. 11. The shares were little changed at 880.05 rupees.

Bharti Airtel Ltd. (BHARTI IN): The nation’s largest mobile-phone operator plans to invest $400 million in the Democratic Republic of Congo over the next three years, according to a company statement. Bharti fell 2.2 percent to 331 rupees.

Hindalco Industries Ltd. (HNDL IN): India’s largest aluminum maker’s Novelis Inc. unit sold $2.5 billion of bonds in the largest U.S. junk offering in two months. Hindalco’s shares rose 2.7 percent to 215.3 rupees.

Indian Oil Corp. (IOCL IN): India’s government will defer selling shares in the nation’s biggest refiner until March, the Mint newspaper reported, citing an unidentified Disinvestment Ministry official. The stock rose 2.8 percent to 366.6 rupees.

Infrastructure Development Finance Co. (IDFC IN): The state-run lender to power and road projects was rated “buy” in initial coverage by Abhinesh Vijayaraj, an analyst at Tata Securities Ltd., with a 12-month price estimate of 223 rupees per share. The shares rose 4.2 percent to 172.15 rupees.

IRB Infrastructure Developers Ltd. (IRB IN): The builder of roads and bridges was raised to “buy” from “reduce” by Saion Mukherjee and other analysts at Nomura Holdings Inc.

Separately, the company was rated “buy” in new coverage by Nimit Shahat, an analyst at Daiwa Securities Capital Markets, with a price estimate of 310 rupees per share. The shares jumped 6.2 percent to 203.95 rupees.

ITC Ltd. (ITC IN): The cigarette maker will resume production only after the government clarifies its directions on pictorial warnings that must be printed by tobacco companies on packets, the Business Line reported, citing Chairman Y.C. Deveshwar. The company closed its plants Dec. 1, the paper said. The shares rose 1.8 percent to 170.3 rupees.

JSW Steel Ltd. (JSTL IN): The third-largest producer of the alloy was raised to “buy” from “neutral” by Pritesh Vinay and other analysts at Goldman Sachs Group Inc. The stock slid 2.4 percent to 1,040.55 rupees.

Larsen & Toubro Ltd. (LT IN): The nation’s biggest engineering company and Russia’s ZAO Atomstroyexport may form a venture to make equipment for nuclear power projects in India, the Hindu Business Line newspaper reported, without saying from where it got the information. The shares added 0.2 percent to 1,943.75 rupees.

Power Finance Corp Ltd. (POWF IN): The state-owned lender to power projects was rated “buy” in initial coverage by Tata Securities’s Vijayaraj, with a 12-month price estimate of 376 rupees per share. The stock rose 2.6 percent to 304.85 rupees.

Rallis India Ltd. (RALI IN): The agrochemicals company controlled by the Tata group was raised to “buy” from “overweight” by Nitin Gosar, an analyst at IFCI Financial Services, with a 12-month share-price estimate of 1,582 rupees. The shares rose 0.6 percent to 1,288.95.

Rural Electrification Corp Ltd. (RECL IN): The state-controlled lender to power projects was rated “buy” in initial coverage by Tata Securities’s Vijayaraj, with a 12-month price estimate of 386 rupees per share. The stock rose 2.5 percent to 304.15.

Wipro Ltd. (WPRO IN): India’s third-largest software exporter was downgraded to “underperform” from “outperform” by Moshe Katri, an analyst at Cowen & Co.

Separately, the company said in a statement it won a five-year outsourcing contract from south India-based Vasan Eye Care. Wipro gained 3.2 percent to 450.95 rupees.

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