Axis Bank, HDFC, Infotech, Reliance Infra, Pfizer: India Equity Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 190.24, or 0.9 percent, to 20,497.64. The S&P CNX Nifty Index on the National Stock Exchange declined 0.9 percent to 6,177.35. The BSE 200 Index decreased 0.8 percent to 2,603.37. SGX S&P CNX Nifty Index futures for October delivery climbed 0.1 percent to 6,199.5 as of 10:44 a.m. in Singapore.
Axis Bank Ltd. (AXSB IN): The lender was downgraded to “underperform” from “market perform” by Brian Hunsaker, an analyst at Keefe, Bruyette & Woods, with a 12-month price estimate of 1,400 rupees a share. The stock fell 1.6 percent to 1563.9 rupees.
Godrej Properties Ltd. (GPL IN): The real estate company controlled by billionaire Adi Godrej was cut to “neutral” from “buy” at Nomura Holdings Inc., which said gains in the share price may be “over” after a surge since its initial public offering and that investors will now focus on “execution.” The brokerage raised its share-price estimate to 733 rupees from 588 rupees, according to a report by Aatash Shah. The stock fell 2 percent to 744.5 rupees.
Housing Development Finance Corp. (HDFC IN): The country’s largest mortgage lender was downgraded to “market perform” from “outperform” by Keefe, Bruyette & Woods’ Hunsaker. The 12-month price estimate is 750 rupees per share. The stock declined 0.9 percent to 733.35 rupees.
Infotech Enterprises Ltd. (INFTC IN): The software services company posted net income of 329.9 million rupees ($7.48 million), 8.7 percent below the mean estimate of 10 analysts surveyed by Bloomberg. The shares declined 7.4 percent to 175.05 rupees.
Pfizer Ltd. (PFIZ IN): The unit of the world’s biggest drugmaker was rated“buy” in new coverage by Vikas Sonawale, an analyst at Religare Capital Markets, with a 12-month share price estimate of 1,400 rupees. The stock fell 0.7 percent to 1,110 rupees.
Reliance Industries Ltd. (RIL IN): India’s most valuable company raised $1.5 billion from its first benchmark sale of bonds denominated in U.S. dollars, according to data compiled by Bloomberg. The shares fell 1.3 percent to 1,059 rupees.
Reliance Infrastructure Ltd. (RELI IN): The company got financing for a 20-mile Mumbai metro project costing 115 billion rupees, it said in an e-mailed statement yesterday. The shares declined 1.9 percent to 1,076.05 rupees.
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