India Equity Preview

Grasim, ACC, Housing Development, ONGC: India Equity Preview

Dec. 2 (Bloomberg) -- The following companies may have unusual price
changes in India trading. Stock symbols are in parentheses and share
prices are from the last close, unless stated otherwise.

The Bombay Stock Exchange's Sensitive Index, or Sensex, gained
272.05, or 1.6 percent, to 17,198.27. The S&P CNX Nifty Index on the
National Stock Exchange rose 1.8 percent to 5,122. The BSE 200 Index
added 1.8 percent to 2,143.47. SGX CNX Nifty Index futures for
December delivery rose 0.5 to 5,158.0 at 10:49 a.m. in Singapore.

Anil Dhirubhai Ambani Group: Three companies controlled by billionaire
Anil Ambani violated overseas borrowing rules, junior Finance Minister
Namo Narain Meena said. Reliance Infrastructure Ltd. (RELI IN) and
Reliance Natural Resources Ltd. (RNR IN) raised funds overseas for
projects and invested the money temporarily in debt mutual funds,
while Reliance Communications Ltd. (RCOM IN) deposited part of its
overseas borrowings with a unit that held the money in bank deposits,
the minister said.

Ravi Sodhi, a spokesman for the Reliance Anil Dhirubhai Ambani Group,
declined to comment when reached on his mobile phone yesterday.

Reliance Infrastructure gained 3.2 percent to 1,080.6 rupees while
Reliance Natural gained 4.4 percent to 70.85 rupees. Reliance
Communications, India's second-largest mobile-phone operator, climbed
2.9 percent to 176.9 rupees.

ACC Ltd. (ACC IN): The nation's biggest cement maker said sales last
month fell 4 percent to 1.66 million metric tons, the company said in
a statement. ACC climbed 1.5 percent to 809.4 rupees.

Aditya Birla Group: The group that controls UltraTech Cement Ltd.
(UTCEM IN), second-largest producer and Grasim Industries Ltd. (GRASIM
IN), the third largest, said sales of the commodity rose 15 percent
last month. Ultratech rose 0.5 percent to 840.95 rupees while Grasim
rose 0.7 percent to 2,398 rupees.

Aurobindo Pharma Ltd. (ARBP IN): The generic-drug maker was rated
"buy" in new coverage at BNP Paribas, which said it expects the
shares to continue their "out-performance" on improving cost
efficiency, a broader range of products in emerging markets, better
visibility on U.S. sales and expanding margins. The stock rose 0.7 to
864.25 rupees.

DLF Ltd. (DLFU IN): The country's biggest developer was rated
"buy" by Samar Sarda, an analyst with Anand Rathi Securities, who
set a price estimate of 445 rupees. It gained 5.4 percent to 370.65
rupees.

Housing Development and Infrastructure Ltd. (HDIL IN): The company was
also rated "buy" by Sarda at Anand Rathi Securities, who set a
price estimate of 436 rupees. It gained 4.5 percent to 340.1 rupees.

Indiabulls Real Estate Ltd. (IBREL IN): The Indian developer was
raised to "overweight" from "underweight" at HSBC Holdings Plc.
The stock rose 3.4 percent to 213.55 rupees.

JSW Steel Ltd. (JSTL IN): India's third-largest steel producer, was
rated "overweight" at HSBC Holdings Plc, which initiated coverage
of the stock. JSW rose 2.3 percent to 1,015.85 rupees.

Oil & Natural Gas Corp. (ONGC IN): The country is considering a
proposal to gradually increase the administered price of natural gas
produced by the nation's biggest exploration company and Oil India
Ltd. (OINL IN), a state-run explorer, the government said.

The price of almost 97 percent of ONGC's gas output is controlled,
Jitin Prasada, junior oil minister, said in a written reply in
parliament in New Delhi yesterday. ONGC fell 0.2 percent to 1,197.8
rupees while Oil India rose 4 percent to 1323.15.

Steel Authority of India Ltd. (SAIL IN): The nation's second-biggest
producer, was rated "neutral" at HSBC Holdings Plc, which initiated
coverage of the stock. The shares rose 3.9 percent to 204.9 rupees.

Sterlite Industries (India) Ltd. (STLT IN): India's largest copper
producer may pay the government about 30 billion rupees for a 49
percent stake in Bharat Aluminum Co., the Economic Times reported,
citing a government official it didn't identify. Sterlite climbed 3.2
percent to 884.65 rupees.

Tata Motors Ltd. (TTMT IN): India's biggest truckmaker sold 54,108
vehicles in November, compared with 32,696 a year ago, the company
said in a statement. It gained 6 percent to 703 rupees.

Tata Steel Ltd. (TATA IN): India's biggest steelmaker was rated
"neutral" by HSBC Holdings Plc's initial coverage of the stock.
Tata Steel rose 0.4 percent to 581.65.