MSCI's broadest index of Asia-Pacific shares outside Japan was nearly flat, after managing small gains the day before, while Japan's Nikkei stock average opened up 0.2 percent after a public holiday on Monday.
Here are top 10 Indian stocks to track today:
Gujarat Pipavav: Gujarat Pipavav raised Rs 350 crore through qualified institutional placement and a preferential allotment. Promoters injected Rs 150 crore out of amount. The company plans to cut debt.
Tata Coffee: Tata Coffee reported a sharp jump in operating profit margins to 21.6 per cent for the quarter to June 2012 from 18.5 per cent in the year ago period. The company’s US business showed recovery after four straight quarters of disappointment.
Divi’s Laboratories: The company’s revenue visibility is strong. Bank of America-Merrill Lynch has put a buy on the company with a target of Rs 1,200. The current share price is Rs 1,049. The free cash flow is likely to surge as the company is expected to spend less on capital expenditure.
Hindalco: Citi has put a buy on Hindalco. The company’s share price has underperformed the Sensex by 24 per cent over the past one year. Novelis, the Canadian subsidiary, is expected to have stable profit margins going forward. Citi puts a target price of Rs 164. The current share price is Rs 118.
Tata Motors: Credit Lyonnais Securities has downgraded Tata Motors to outperform from buy. The target price was cut to Rs 260 from Rs 330. The company’s current share price is Rs 239. Jaguar Land Rover sales are unlikely to pick up will new launch of vehicles.
Exide Industries: The company posted a strong growth of 24 per cent in net sales to Rs 1,551 crore. The operating profit margins at 15.5 per cent were better than expected. The company took price hikes in battery products and plans to roll out UPS systems.
Godrej Properties: Godrej Properties could see some action today. According to media reports, the company is looking to develop an 110 acre township in Panvel. The company picked up a 35 per cent stake and will get 3.5 m square feet of saleable area.
Aban Offshore: The company’s share price has gained 18.5 per cent over the past one month. The BSE 200 index rose only 4.5 per cent. According to the market buzz, the company is likely to get around Rs 450 crore for a thermal power project it plans to sell.
Praj Industries: Praj Industries could be in the limelight today. According to the buzz on the street, Praj Industries is likely to get Rs 215 crore order from Australia. Praj Industries shares rose 14 per cent over the past one month while the BSE 200 index has gained only 4.5 per cent.
Castrol India: Kotak has downgraded Castrol to ‘reduce’ from ‘accumulate’. This is largely because the the lubricant market growth has been sluggishdue to the economic slowdown and inflationary pressures. This has been compounded by continuing input cost pressure and rupee depreciation which have impacted margins.
(with inputs from Reuters)