Jaiprakash defers share sale in Jaypee Infratech
Engineering and construction company Jaiprakash Associates has deferred a planned sale of shares in its unit, Jaypee Infratech, after share prices of the subsidiary fell 8.5% on Wednesday, the parent company said. “In view of an unusual fall in the share price of Jaypee Infratech... Jaiprakash Associates has decided to defer the offer for sale,” the company said. Jaiprakash Infratech planned to sell 98.5 million shares to raise up to $94 million to meet Sebi’s guidelines on minimum public shareholding.
ITC now most influential stock in Sensex pack
Diversified group ITC on Thursday surpassed Reliance Industries as the most influential stock on the Sensex, following a spurt in the stock price. At the end of trade, ITC commanded 9.69% weight in the BSE 30-share index, Sensex, while RIL had 9.61% weight, followed by Infosys (8.06%).
Goldman upgrades DLF to ‘buy’ on upcoming plans
Goldman Sachs upgraded its rating for DLF to ‘buy’ from ‘neutral’, citing upcoming residential project launches worth R13,000 crore over the next three quarters. Goldman said DLF would also benefit from expected cuts in interest rates and continued debt reduction. The investment bank raised its 12-month target price on DLF shares to R295 from R224.
BofAML upgrades ONGC, Oil India to ‘buy’
Bank of America Merrill Lynch upgraded its ratings on state-run producers Oil and Natural Gas Corp (ONGC) and Oil India to ‘buy’ from ‘neutral’, citing the prospect of imminent hikes in state-administered gas prices. The oil ministry will soon send recommendations on a hike in gas prices to the Cabinet for consideration, a ministry source said on Wednesday.
UBS cuts Tata Motors’ forecasts for two fiscals
UBS on Thursday cut Tata Motors’ fiscal 2013 and 2014 earnings-per-share estimates by 6% after the automaker warned its luxury unit, Jaguar Land Rover, is likely to report a lower Ebitda margin in the October-December quarter. UBS maintained its ‘sell’ rating after the Tata announcement on Wednesday, citing expensive valuations, although the investment bank raised its price target to R255 from R250.
Korea’s Mirae eyes ETFs for India from global basket
South Korea's Mirae Asset Group is evaluating