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Aurobindo, Tata Steel, National Aluminium: India Equity Preview

Feb. 25 (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 545.92, or 3 percent, to 17,632.41. The S&P CNX Nifty Index on the National Stock Exchange declined 3.2 percent to 5,262.70. The BSE 200 Index decreased 3 percent to 2,163.72. SGX S&P CNX Nifty Index futures for March delivery climbed 0.5 percent to 5,315 at 10:20 a.m. in Singapore.

Miners: National Aluminium Co. (NACL IN) is seeking to form a venture with Hindustan Copper Ltd. (HCP IN) to develop the Malanjkhand mines in the central Indian state of Madhya Pradesh, B.L. Bagra, finance director at National Aluminium, said in an interview. National Aluminium rose 3.2 percent to 425.4 rupees and Hindustan Copper dropped 7.2 percent to 293.85.

Aurobindo Pharma Ltd. (ARBP IN): The drugmaker was cut to “out performer” from “buy” at Karvy Stock Broking Ltd. The brokerage lowered its revenue and earnings estimates for Hyderabad-based Aurobindo after U.S. regulators restricted imports from a facility supplying drugs to Pfizer Inc. Karvy health-care analysts Rahul Sharma and Nishith Sanghvi also reduced their target price by 28 percent, expecting the shares to reach 235 rupees, according to a note to clients yesterday. The shares plunged 17 percent to 170.15 rupees.

Tata Steel Ltd. (TATA IN): The U.K. unit of India’s biggest producer of the alloy signed a definitive agreement on the sale of assets of Teesside Cast Products to Sahaviriya Steel Industries UK Ltd. in a transaction valuing the business at $469 million, according to an e-mailed statement. The shares dropped 3.9 percent to 602.65 rupees.

To contact the reporters on this story: Andrew Macaskill in New Delhi at amacaskill@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

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