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Sugar Mills, Asahi, Avon, Cals, Reliance: India Equity 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, fell 34.13, or 0.2 percent, to 17,065.15. The S&P CNX Nifty Index on the National Stock Exchange declined 0.1 percent to 5,133.25. The BSE 200 Index increased 0.1 percent to 2,116.20.

Cement Makers: The merger of ACC Ltd. and Ambuja Cements Ltd., units of Holcim Ltd., has been deffered indefinitely, the Business Standard reported, citing unidentified analyst from brokerage firm. ACC climbed 0.5 percent to 1071.7 rupees and Ambuja gained 2.2 percent to 149.85 rupees.

Sugar millers: Sugar output in India, the second-biggest producer, will be little changed in the 2011-2012 crop season from a year ago, Food Minister K.V. Thomas said in New Delhi yesterday. The nation will probably produce 24.6 million metric tons in the year beginning Oct. 1, compared with 24.3 million tons estimated for this year. Bajaj Hindusthan Ltd. (BJH IN), gained 8.8 percent to 43.15 rupees and Balrampur Chini Mills Ltd. (BRCM IN) rose 2.9 percent to 51.45.

Price Manipulation: India’s capital markets regulator barred seven companies, Asahi Infrastructure & Projects Ltd. (ACHF IN), IKF Technologies Ltd. (IKF IN), Avon Corp. (AVOC IN), K Sera Sera Ltd. (KSERA IN), CAT Technologies Ltd. (CCRC IN), Maars Software International Ltd. (MRSSI IN), and Cals Refineries Ltd. (CALS IN), from issuing shares or other convertible instruments after an initial investigation showed they manipulated prices through sales of global depository receipts.

Asahi fell 2.4 percent to 4.88 rupees, IKF rose 0.7 percent to 2.72 rupees, Avon was unchanged at 3.99 rupees, K Sera declined 1.3 percent to 11.3 rupees, CAT Technologies fell 1.8 percent to 10.01 rupees, Maars Software fell 3.9 percent to 0.75 rupees and Cals Refineries retreated 2.6 percent to 0.37 rupees.

Gravita India Ltd. (GRAV IN): The lead-recycling company acquired the remaining 20 percent stake in Metal Inc. it didn’t already own. The unit is expected to add as much as 400 million rupees ($8.28 million) to revenue, it said in a statement to the Bombay Stock Exchange yesterday. Shares rose 15.3 percent to 420.3 percent.

Reliance Industries Ltd. (RIL IN): India’s Supreme Court may hear tomorrow a petition filed by an individual seeking a federal probe into alleged irregularities in the allocation of a drilling contract in the KG basin by Reliance Industries Ltd., according to a court filing in New Delhi yesterday. Manoj Warrier, a spokesman for Reliance, declined to comment on the petition. The shares fell 1.7 percent to 837.6 rupees.

Reliance Capital Ltd. (RCAPT IN): The Indian financial services provider’s general insurance unit plans to sell 26 percent stake, the Business Standard newspaper reported, citing unidentified people close to the development.

Union Bank of India (UNBK IN), Karur Vysya Bank Ltd. (KVB IN): Overseas investors can buy more shares in the two banks after their shareholding in the lenders fell below a caution limit, the nation’s central bank said on its website yesterday. Union Bank advanced 0.2 percent to 242.2 rupees and Karur Vysya rose 0.1 percent to 371.85 rupees.

Videocon Industries Ltd. (VCLF IN): The Indian consumer-electronics maker announced it discovered of oil and gas in Brazil along with its partner Petroleo Brasileiro SA and Bharat Petroleum Corp., according to the statement on filing yesterday.

Yes Bank Ltd. (YES IN): The lender was rated new “outperform” by equity analyst Suresh Ganapathy at Macquarie Research with a 12-month target price of 380 per share. The shares fell 1.5 percent to 285.2 rupees.

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