Bharat Heavy, Infosys, Satyam, Sobha: India Equity Preview

Feb. 24 (Bloomberg) -- The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of close on Feb. 20. Markets were shut yesterday for a holiday.

The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 2.2 percent to 8,843.21. The S&P CNX Nifty Index on the National Stock Exchange declined 1.9 percent to 2,736.45. The BSE 200 Index retreated 2.1 percent to 1,044.06. SGX CNX Nifty futures for February delivery dropped 1.2 percent to 2,692 at 10:46 a.m. in Singapore today.

Overseas investors sold a net 3.2 billion rupees ($64 million) of Indian stocks on Feb. 19, according to the nation's market regulator.

Bharat Heavy Electricals Ltd. (BHEL IN): India's biggest power equipment maker won a 31.5 billion rupee order to supply generating units to a project in central India. The shares fell 1.4 percent to 1,364.10 rupees.

Infosys Technologies Ltd. (INFO IN): The nation's second- largest software developer is evaluating BCC and Ciber Novasoft, European providers of services based on SAP AG's software, as acquisition targets, the Economic Times reported yesterday, citing two unidentified persons familiar with the discussions. The shares retreated 2.6 percent to 1,177.15 rupees.

Satyam Computer Services Ltd. (SCS IN): The Indian software provider at the center of the nation's biggest corporate fraud inquiry will seek approval from regulators next week for its plan to sell a stake to a strategic investor. The company said it won orders worth $250 million in the last seven weeks. Satyam fell 1.4 percent to 45.55.

Sobha Developers Ltd. (SOBHA IN): The Indian real estate developer had its stock rating downgraded to "underweight" from "equal-weight" and had its price target cut 79 percent at Morgan Stanley, citing weak demand. Sobha slid 0.9 percent to 80.60 rupees.

Tata Power Ltd. (TPWR IN): India's biggest electricity generator outside state control may not bid for projects that can generate 4,000 megawatts of electricity. Raising funds in the current situation is difficult, said Banmali Agrawala, executive director. Tata Power fell 1.9 percent to 737.9 rupees.

UltraTech Cement Ltd. (UTCEM IN): India's second-biggest producer of the material had its rating raised to "equal- weight" from "underweight" at Morgan Stanley. The shares declined 0.5 percent to 416.95.