Canara Bank, Escorts, Godrej Properties and Infosys: India Equity Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 46.36, or 0.3 percent, to 17,955.82. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.3 percent to 5,393.90. The BSE 200 Index increased 0.4 percent to 2,287.54.
Aluminum Producers: India’s aluminum exports may rise within the next two quarters due to falling inventories at the London Metals Exchange and the revaluation of China’s yuan, the Business Standard said, citing A.K. Sharma, the director for production at National Aluminium Co. (NACL IN), the nation’s second-biggest maker of the metal. The shares climbed 1.2 percent to 435.15 rupees.
Hindalco Industries Ltd. (HNDL IN), the biggest aluminum producer, declined 0.5 percent to 150.15 rupees. Separately, Hindalco was raised to “overweight” from “neutral” by Daniel Kang, an analyst at HSBC Securities Asia Ltd., with a share price estimate of 185 rupees.
Canara Bank Ltd. (CBK IN): Profit surged to 10.1 billion rupees ($216 million) in the first quarter through June 30, from 5.55 billion rupees a year earlier, according to its notice to the Bombay Stock Exchange. The shares rose 1.1 percent to 478.95 rupees.
Development Credit Bank Ltd. (DEVB IN): The lender’s first- quarter loss narrowed to 29 million rupees from 353 million rupees a year earlier, according to its stock exchange filing. The stock climbed 7 percent to 48.85 rupees.
Escorts Ltd. (ESC IN): The maker of tractors may raise prices by as much as 4 percent by September because of rising raw material costs, the Hindu Business Line reported, citing Rohtash Mal, chief executive officer at its Agri Machinery Group. Escorts may also invest as much as 1 billion rupees during the year to expand, the report said. The shares gained 1.1 percent to 209.45 rupees.
Godrej Properties Ltd. (GPL IN): The real estate company controlled by billionaire Adi Godrej said first-quarter profit rose more than sevenfold to 224 million rupees. Sales more than doubled, according to the company’s statement to the stock exchange. The stock increased 2.8 percent to 704.45 rupees.
Infosys Technologies Ltd. (INFO IN): The software exporter was downgraded to “market perform” from “outperform” by Hitesh Kuvelkar, an analyst at First Global. The shares rose 0.6 percent to 2,777 rupees.
Max India Ltd. (MAX IN): The chairman of the operator of hospitals and insurance businesses, Analjit Singh, may progressively increase his stake in the company by as much as 5 percent this year, the Economic Times reported, citing a person familiar with the matter it didn’t identify. The stock fell 0.9 percent to 163.2 rupees.
Nagarjuna Fertilizers & Chemicals Ltd. (NFCL IN): The company may invest 50 billion rupees to set up a 1 million ton urea plant in Nigeria with a local partner, the Business Standard reported, citing Chairman K.S. Raju. The stock advanced 0.5 percent to 32.45 rupees.
Reliance Industrial Infrastructure Ltd. (RIIL IN): The operator of petroleum pipelines increased first-quarter net income to 64.7 million rupees from 51 million rupees a year earlier, according to its stock exchange filing. The shares fell 0.5 percent to 941.1 rupees.
State Bank of Travancore (SBTR IN): The lender’s net income in the three months to June 30 fell to 1.5 billion rupees from 1.8 billion rupees a year earlier, according to its Bombay Stock Exchange filing. The stock rose 1.2 percent to 670 rupees.
Sterlite Technologies Ltd. (SOTL IN): The maker of fiber- optic cables increased first-quarter profit by 22 percent to 556 million rupees ($11.9 million), according to its filing to the Bombay Stock Exchange. The shares fell 3.8 percent to 113.05 rupees.
Tata Motors Ltd. (TTMT IN): The owner of Jaguar and Land Rover raised prices of its Nano car by as much as 4 percent for the customers who kept their orders after the carmaker allotted sales of the first 100,000 units, according to an e-mailed statement on July 16. The shares rose 2.8 percent to 832.4 rupees.
Tata Steel Ltd. (TATA IN): India’s biggest producer of the alloy said it sold its entire stake in Malaysia’s Southern Steel Bhd. for $72 million as part of a reorganization. The company held 27.03 percent in the Penang-based company through its unit NatSteel Holdings Pte, according to a Tata Steel filing to the Bombay Stock Exchange. The shares fell 0.8 percent to 508.75 rupees.
Titagarh Wagons Ltd. (TWL IN): The maker of rail wagons plans to expand its business in the Gulf countries, the Business Standard reported, citing Chairman J.P. Chowdhary. The shares gained 0.2 percent to 377.6 rupees.