Elecon, Ranbaxy, TIL, Mangalore Refinery, Mediaone: India Equity Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 54.28, or 0.3 percent, to 17,195.81. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.4 percent to 5,156.65. The BSE 200 Index increased 0.4 percent to 2,176.67. SGX S&P CNX Nifty Index futures for May delivery rose 0.7 percent to 5,185.0 at 11:02 a.m. in Singapore today.
Adani Enterprises Ltd. (ADE IN): The trading company was downgraded to “neutral” from “buy” by Sandip Bansal, an analyst at UBS AG, with a price estimate of 630 rupees per share. The stock fell 0.1 percent to 580.75 rupees.
Bajaj Auto Ltd. (BJAUT IN): The nation’s second-largest motorcycle maker was downgraded to “neutral” from “overweight” by Sachin Gupta, an analyst at HSBC Securities and Capital in Mumbai, with a price estimate of 2,400 rupees per share. The stock rose 0.9 percent to 2,145.5 rupees.
Bajaj Hindusthan Ltd. (BJH IN): India’s biggest sugar maker was cut to “underperform” from “outperform” by Arya Sen, an analyst at Credit Suisse Group AG, who said the company’s high operating leverage and lower value added from byproducts put its earnings at “significant risk” in a down-cycle. The shares gained 0.8 percent to 109.7 rupees.
Elecon Engineering Co. (ELCN IN): The Gujarat-based maker of conveyors and cranes won orders worth 2.09 billion rupees ($46 million) for material handling equipment, it said in a statement to the Bombay Stock Exchange. The shares fell 0.7 percent to 78.05 rupees.
Fortis Healthcare Ltd. (FORH IN): Government of Singapore Investment Corp. bought a 6.58 percent stake in the Indian healthcare provider, the Straits Times reported, citing the Indian company. Fortis, which bought a stake in Singapore-based Parkway Holdings Ltd., plans to raise about $85 million by selling 22.35 million shares to GIC Special Investments, GIC’s private equity and infrastructure investment unit, via a preferential allotment, the newspaper said. The shares fell 1.1 percent to 163.06 rupees.
Godrej Consumer Products Ltd. (GCPL IN): Sara Lee Corp. agreed to sell its 51 percent stake in the Godrej Sara Lee Ltd. Indian venture to Godrej Consumer Products for 185 million euros ($233.7 million). The shares fell 2.1 percent to 298.45 rupees.
Kotak Mahindra Bank Ltd. (KMB IN): The lender is holding talks with the India unit of Citigroup Inc. about a possible purchase of CitiFinancial Consumer Finance India Ltd., which provides home and personal loans to consumers, LiveMint reported, citing a Kotak Mahindra Bank executive it didn’t identify. The shares rose 3 percent to 768.5 rupees.
Mediaone Global Entertainment Ltd. (MONE IN): The Chennai- based TV and film producer and distributor deferred a proposal to issue bonus shares, it said in a statement to the Bombay Stock Exchange. The shares rose 3.3 percent to 89 rupees.
Mangalore Refinery & Petrochemicals Ltd. (MRPL IN): The refining unit of Oil & Natural Gas Corp. said quarterly profit fell 58 percent to 2.53 billion rupees from the same period a year earlier. Separately, it said it will shut a crude distillation and a hydrocracker this month cutting output of jet fuel, kerosene and diesel. The shares rose 1.3 percent to 74.65 rupees.
OnMobile Global Ltd. (ONMB IN): The provider of services for mobile phones was rated “hold” in new coverage by Himanshu Shah, an analyst at HDFC Securities Ltd., with a price estimate of 395 rupees per share. The stock dropped 5.4 percent to 334.85 rupees.
Ranbaxy Laboratories Ltd. (RBXY IN): The European Union may renew tariffs as high as 32 percent on antibiotics from Indian companies, including the nation’s biggest drugmaker, according to the European Commission’s Official Journal. Ranbaxy is among Indian companies complaining to the World Trade Organization about European customs rules, a commission spokesman said yesterday. The shares advanced 0.4 percent to 459.65 rupees.
Reliance Power Ltd. (RPWR IN): The operator of power projects controlled by Billionaire Anil Ambani is considering setting up a new gas-fired power plant in Andhra Pradesh instead of Dadri in Uttar Pradesh, the Economic Times reported on its website, citing an official it didn’t identify. The shares were little changed at 144.7 rupees.
TIL Ltd. (TIL IN): The maker of construction machinery, forklifts and excavators expects sales to grow at least 35 percent this year as India boosts infrastructure spending, Chief Financial Officer Alok Banerjee said. The shares fell 3.7 percent to 425.65 rupees.
Union Bank of India (UNBK IN): The state-owned lender was raised to “buy” from “hold” by Jyothi Varma, an analyst at KR Choksey Shares & Securities Pvt., with a price estimate of 341 rupees per share. The stock rose 3.1 percent to 300.95 rupees.
Wipro Ltd. (WPRO IN): India’s third-largest software provider wants to go after countries that are increasing their spending as it looks for more business opportunities, Co-Chief Executive Officer Girish Paranjpe told CNBC. The shares rose 1.9 percent to 680.9 rupees.