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Bharat Heavy, Ramky, Reliance, Wipro: India Stocks Preview

April 28 (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, unless stated otherwise.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 96.66, or 0.5 percent, to 19,448.69. The S&P CNX Nifty Index on the National Stock Exchange fell 0.6 percent to 5,833.90. The BSE 200 Index dropped 0.4 percent to 2,402.93. SGX S&P CNX Nifty Index futures for April delivery added 0.4 percent to 5,883.5 as of 11:12 a.m. in Singapore.

Bharat Heavy Electricals Ltd. (BHEL IN): India’s biggest power-equipment maker was cut to “hold” from “buy” at Citigroup Inc. The brokerage reduced its share-price estimate to 2,202 rupees from 2,785 rupees, analysts led by Venkatesh Balasubramaniam wrote in a report. The shares slid 2.6 percent to 2,015.55 rupees.

NMDC Ltd. (NMDC IN): Asia’s third-largest iron ore producer is seeking a partner to help build a power plant in the Indian state of Chhattisgarh to supply the company’s planned $3.6 billion steel mill, Executive Director Kumar Raghavan said in an interview yesterday. The shares fell 0.1 percent to 276.1 rupees.

Oil & Natural Gas Corp. (ONGC IN): The country’s largest state-owned oil explorer gave notice of two discoveries in Vadtal and North Kadi, according to an e-mailed statement yesterday. Production rose to 62.03 million metric tons of oil equivalent in the year ended March 31 from 60.93 million tons a year earlier, it said in the statement. The shares rose 2.5 percent to 311.4 rupees.

Ramky Infrastructure Ltd. (RMKY IN): The infrastructure company plans to spend 25 billion rupees ($564 million) building three power plants to give uninterrupted supply to its industrial parks, the Economic Times reported, citing M. Goutham Reddy, a company director. The shares dropped 1.1 percent to 282.95 rupees.

Reliance Industries Ltd. (RIL IN): India’s government called a meeting next week to find out why gas output from the company’s KG-D6 block has fallen, the Press Trust of India reported, citing Oil Secretary S. Sundareshan. The shares fell 1.5 percent to 986.1 rupees.

Thermax Ltd. (TMX IN): The energy equipment maker won a 3.66 billion-rupee order for a 120 megawatt power plant, it said in a statement to the Bombay Stock Exchange yesterday. The shares rose 1.3 percent to 658.85 rupees.

United Breweries Ltd. (UBBL IN): The owner of India’s biggest beer brand increased net income 53 percent to 400.9 million rupees in the fourth quarter, the company said in a filing to the Bombay Stock Exchange. The shares fell 0.1 percent to 464.95 rupees.

Wipro Ltd. (WPRO IN): The nation’s third-largest software exporter was downgraded to “underperform” from “outperform” by Shradha Agarwal an analyst at Batlivala & Karani Securities. The 12-month target price was lowered to 450 rupees per share. The shares fell 2.9 percent to 451.1 rupees.

To contact the reporter on this story: Abhishek Shanker in Mumbai at

To contact the editor responsible for this story: Darren Boey at

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