Dabur, Nestle India, Dr. Reddy's, Marico, Tata Power: India Equity Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 0.8 percent to 17,471.03. The S&P CNX Nifty Index on the National Stock Exchange declined 0.9 percent to 5,241.10. The BSE 200 Index decreased 0.7 percent to 2,227.34.
Dabur India Ltd. (DABUR IN): The maker of products including shampoos and beverages was downgraded to “hold” from “buy” at Antique Stock Broking by equity analyst Abhijeet Kundu. The target price is 219 rupees. The stock rose 1.1 percent to 208 rupees.
Dr Reddys Laboratories Ltd. (DRRD IN): India’s second- largest drugmaker by revenue was rated new “hold” at Ambit Capital by equity analyst Anshuman Gupta. The 12-month target price is 1,514 rupees. The shares fell 1.1 percent to 1,454.25 rupees.
IndusInd Bank Ltd. (IIB IN) was rated new “buy” at UBS AG by equity analyst Ajitesh Nair. The target price is 250 rupees. The stock rose 0.1 percent to 210.35 rupees.
Marico Ltd. (MRCO IN): The maker of hair-grooming products was raised to “buy” from “hold” at Antique Stock Broking by Kundu. The target price is 138 rupees. The shares rose 4 percent to 130.25 rupees.
Nestle India Ltd. (NEST IN): The unit of the world’s biggest foodmaker was raised to “buy” from “hold” at Antique Stock Broking by Kundu. The target price is 3,418 rupees. The stock fell 1.9 percent to 3,033.95 rupees.
Rural Electrification Corp. (RECL IN): The Indian central bank halted further purchases of shares by foreign investors in Rural Electrification, which finances generation projects in the country, as they approached their limit, the central bank said in a statement. Overseas funds need to get approval from the regulator, it said. The shares fell 0.8 percent to 296.5 rupees.
Sun Pharmaceutical Industries Ltd. (SUNP IN): India’s largest drugmaker by market value was rated new “buy” at Ambit Capital by analyst Gupta. The 12-month target price is 2,067 rupees. The shares fell 1.6 percent to 1,771.4 rupees.
Tata Power Co. (TPWR IN): India’s biggest non-state generator hired Citigroup Inc. to help it raise 3.5 billion rupees ($74 million) from bond sales, a person familiar with the matter said. The company also said it plans to set up solar facilities with capacity of 300 megawatts by 2013. The shares fell 0.7 percent to 1,304.95 rupees.