Ashok Leyland, Engineers India, Kalpataru, Orchid: 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, advanced 0.7 percent to 17,503.47. The S&P CNX Nifty Index on the National Stock Exchange rose 0.7 percent to 5,255.15 The BSE 200 Index increased 0.7 percent to 2,216.99. SGX CNX Nifty Index futures for May delivery gained 0.4 to 5,270 at 10:39 a.m. in Singapore.
Ashok Leyland Ltd. (AL IN): India’s second-biggest truckmaker plans to spend 12 billion rupees ($270 million) in capital expenditure and an additional 8 billion rupees for ventures in the next two years, according to an e-mailed statement from the company yesterday. The stock fell 1.5 percent to 54.95 rupees.
Bata India Ltd. (BATA IN) The shoe manufacturer’s first quarter profit rose to 143.3 million rupees from 103.3 million rupees. The stock declined 2.2 percent to 288.25 rupees.
Engineers India Ltd. (ENGR IN): India’s government called for managers to help sell 10 percent, or 5.6 million shares, of Engineers India, a company that provides design and engineering services for petroleum, power and fertilizer sectors. The shares lost 0.5 percent to 2455.75 rupees.
Hindustan National Glass & Industries Ltd. (HNGI IN): The maker of glass bottles and vials has entered into a venture with OMCO International NV to set up a factory for designing, marketing and sale of moulds for glass packaging products. The stock rose 2.1 percent to 226.6 rupees.
Hindustan Zinc Ltd. (HZ IN): India’s largest producer of the metal used to galvanize steel was cut to “neutral” from “buy” by Prabhat Awasthi and Alok Kumar Nemani, analysts at Nomura Holdings Inc., who said the stock is “fairly valued” at current levels. The shares added 1.8 percent to 1,230 rupees.
ING Vysya Bank (VYSB IN): The bank’s fourth quarter profit rose to 679.1 million rupees from 491.3 million rupees. The stock rose 1.7 percent to 305.05 rupees.
Kalpataru Power Transmission Ltd. (KPP IN): The transmission line towers company plans to raise as much as $110 million by selling shares to large investors at 1,074.20 rupees apiece. The shares advanced 1.3 percent to 1088.2 rupees.
Kirloskar Brothers Ltd. (KKB IN): The machine tools and agricultural implements company has bought a 90 percent stake in South Africa-based Braybar for 110 million rupees, it said in a statement to the Bombay Stock Exchange. The stock rose 3.7 percent to 284.05 rupees.
Maruti Suzuki India Ltd. (MSIL IN): The maker of half the cars sold in the country is merging its six insurance units on instructions from regulators, the Economic Times reported, citing people it didn’t identify. The shares advanced 1.5 percent to 1,289.4 rupees.
Mindtree Ltd. (MTCL IN): The information technology company was cut to “equal-weight” from “overweight” by Vipin Khare and Gaurav Rateria, analysts at Morgan Stanley, who cited the uncertainty around the company’s plans to develop and sell a 3G smartphone. The stock sank 10 percent to 575.4 rupees.
MMTC Ltd. (MMTC IN): The country’s biggest state-run trading company has asked the government to lower the import duty on raw gold, the Business Standard reported, citing Chairman Sanjiv Batra. The shares rose 0.8 percent to 31,448.6 rupees.
Orchid Chemicals & Pharmaceuticals Ltd. (OCP IN): The drugmaker has settled a patent litigation with Forest Laboratories Inc. to sell a copy of Namenda, a drug used to treat Alzheimer’s disease. Orchid Chemicals rose 2.2 percent to 156.55 rupees.
Panoromic Universal Ltd. (PRU IN): The information technology company said it will issue 5 bonus shares for one share. The share fell 0.6 percent to 291.1 rupees.
Patni Computer Systems Ltd. (PATNI IN): The software services provider was raised to “neutral” from “underweight” by Yogesh Aggarwal, an analyst at HSBC Securities and Capital Markets (India) Pvt., with a price estimate of 565 rupees per share. Patni dropped 2.6 percent to 534.5 rupees.
Sterlite Industries (India) Ltd. (STLT IN): India’s largest copper producer was cut to “neutral” from “buy” by Nomura Holdings’ analysts Awasthi and Nemani, who said the stock is “fairly valued” at current levels. Sterlite advanced 1.2 percent to 823.25 rupees.
Reliance Industries Ltd. (RIL IN): The country’s biggest non-state refiner is planning to sell natural gas to retail customers in the U.S., the Economic Times reported, citing a person it did not identify. The shares advanced 1.8 percent to 1,035.05 rupees.