Adani Enterprises, Idea, Mundra, Tata Motors, Wipro: India Stocks Preview
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 137.26, or 0.7 percent, to 20,303.12. The S&P CNX Nifty Index on the National Stock Exchange advanced 0.7 percent to 6,105.80. The BSE 200 Index increased 0.6 percent to 2,582.87. SGX S&P CNX Nifty Index futures for October delivery retreated 0.2 percent to 6,126.5 as of 11:04 a.m. in Singapore.
Adani Enterprises Ltd. (ADE IN): India’s biggest coal importer was rated new “outperform” by Anubhav Aggarwal, an analyst at Credit Suisse Group AG, with a price estimate of 800 rupees per share. The shares were unchanged at 674.05 rupees.
Idea Cellular Ltd. (IDEA IN): India’s third-largest mobile- phone company by value is seeking partnerships with other operators to provide third-generation services, Managing Director Sanjeev Aga said in Mumbai. The shares retreated 2.3 percent to 71.60 rupees.
Indosolar Ltd. (ISLR IN): The maker of solar photovoltaic cells will enter into a “strategic supply agreement” with Hong Kong-based GCL-Poly Energy Holdings Ltd., Managing Director Rahul Gupta said by telephone. The shares gained 2.4 percent to 23.75 rupees.
Info Edge (India) Ltd. (INFOE IN): The operator of an online job posting website was lowered to “equal-weight” from “overweight” at Morgan Stanley. The share-price estimate was increased to 675 rupees from 537.30 rupees. The stock rose 1.8 percent to 646.5 rupees.
Mundra Port & Special Economic Zone Ltd. (MSEZ IN): The company was rated new “neutral” by Credit Suisse’s Aggarwal with a price estimate of 180 rupees per share. The shares plunged 4 percent to 164.3 rupees.
Tata Motors Ltd. (TTMT IN): Moody’s Investors Service raised its corporate family rating for India’s biggest truckmaker to Ba3 from B2 and changed the rating outlook to stable from positive, according to a statement today. The stock climbed 3.2 percent to 1,185.65 rupees.
Visa Steel Ltd. (VISA IN): Visa Steel signed an agreement to set up a steel plant and a power plant in the central state of Madhya Pradesh with a total investment of 40.3 billion rupees, according to a statement on the National Stock Exchange. The shares were unchanged at 40.25 rupees.
Wipro Ltd. (WPRO IN): The third-biggest software services provider was lowered to “neutral” from “overweight” at JPMorgan Chase & Co., which said the company’s sales growth is “disappointing” and lagged behind its competitors. The brokerage raised its share-price estimate to 470 rupees from 456 rupees, according to a report by Viju K George and Nishit Jasani. The stock sank 4.1 percent to 430.35 rupees.
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