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BLBG Indian Oil, Reliance Industries, Satyam: India Equity Preview
 
Aug. 11 (Bloomberg) -- The following companies may have unusual price changes in Indian trading. Stock symbols are in parentheses and share prices are as of the latest close.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 1 percent to 15,009.77. The S&P CNX Nifty Index on the National Stock Exchange lost 1 percent to 4,437.65. The BSE 200 Index decreased 1.2 percent to 1,826.58. SGX Nifty futures for August delivery rose 0.5 percent to 4,409 at 11:18 a.m. in Singapore today.

Overseas funds sold a net 8.46 billion rupees ($177 million) of Indian stocks on Aug. 7, the Securities & Exchange Board of India said on its Web site. The funds have bought 352.7 billion rupees of Indian stocks this year to date, compared with record net sales of 530 billion rupees for the whole of 2008.

Oil explorers and refiners: Crude oil fell in New York as the dollar strengthened against the euro, reducing the appeal of commodities denominated in the U.S. currency.

Reliance Industries Ltd. (RIL IN), India’s most valuable company owned by billionaire Mukesh Ambani, fell 0.5 percent to 1,988.1 rupees. Indian Oil Corp. (IOCL IN), the nation’s biggest refiner, slid 2.6 percent to 540.15 rupees. Bharat Petroleum Corp. (BPCL IN), the second-biggest state-run refiner fell 4.7 percent to 497.6 rupees. Oil & Natural Gas Corp. (ONGC IN), the biggest state-run explorer, rose 1.9 percent to 1,160.8 rupees.

Sugar producers: White sugar rose to a record in London as India, the world’s biggest consumer and second-largest producer, cut its forecast for monsoon rain, potentially worsening a global supply shortfall.

Rain will be 87 percent of the long-term average in the June-September season, below the 93 percent forecast in June, said Ajit Tyagi, director general at the India Meteorological Department. The reduction in his forecast was the second in three months.

Bajaj Hindusthan Ltd. (BJH IN), India’s biggest producer of the commodity by sales, fell 0.2 percent to 179.65 rupees. Balrampur Chini Mills Ltd. (BRCM IN), the country’s second- largest, declined 0.9 percent to 119.65 rupees. Shree Renuka Sugars Ltd. (SHRS IN), India’s largest sugar refiner, rose 3.4 percent to 180.1 rupees.

Hindalco Industries Ltd. (HNDL IN): The biggest aluminum producer was raised to “buy” from “sell” at UBS AG. The brokerage also raised its target price to 120 rupees from 55 rupees per share. The stock climbed 0.5 percent to 101.85 rupees.

Infosys Technologies Ltd. (INFO IN): The second-largest software services provider had its target price raised by 67 percent to 1,907 rupees per share by Goldman Sachs Group Inc. The stock rose 2.4 percent to 2,087.7 rupees.

Petronet LNG Ltd. (PLNG IN): India’s biggest importer of liquefied natural gas said in a filing to the exchange it signed an agreement with Exxon Mobil Corp. to buy the fuel from the Gorgon project in Australia. Petronet LNG fell 2.3 percent to 65.05 rupees.

Satyam Computer Services Ltd. (SCS IN): India’s highest court dismissed a petition by a group claiming to represent shareholders of Satyam Computer Services Ltd. seeking compensation for losses suffered because of an alleged fraud. Satyam fell 0.3 percent to 102.3 rupees.

Tata Consultancy Services Ltd. (TCS IN): The biggest software services provider had its target price raised 110 percent to 604 rupee per share at Goldman Sachs Group. The shares jumped 5.9 percent to 539.05 rupees.
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