Indian stocks to watch-Dec 11

Tue Dec 11, 2012 8:51am IST

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GLOBAL MARKETS ROUNDUP  
    * Nifty futures on the Singapore Exchange 0.45
percent higher. The MSCI-Asia Pacific index excluding Japan
 is also 0.14 percent up.     
    *  U.S. stocks edged higher on Monday as technology shares
bounced back after recent weakness and McDonald's posted strong
monthly sales. 
    *  Asian shares and the euro steadied on Tuesday, drawing
support from expectations that the U.S. Federal Reserve will
take fresh economic stimulus measures this week.  
      
    FACTORS TO WATCH  
    * Bharti Infratel IPO opens for retail subscription.
    * Banking reform bill likely to be voted in India's
parliament.
                                                              
    INDIAN STOCKS TO WATCH
For additional press items double click 
   
     MACRO/POLICY
     * The Indian government on Tuesday is expected to seek a
vote in the lower house of parliament on easing voting rules of
shareholders to attract foreign investment and separately allow
the central bank more powers. (Reuters)
    * The finance ministry is looking to shave off nearly 5
percent or around 700 billion rupees from its budgeted
expenditure for the year by insisting that government
departments release funds only after accounting for money
released earlier and ensuring that they do not bunch spending in
the last quarter, according to government officials. (Times of
India)
link.reuters.com/qyt54t
    * The finance ministry has asked the Reserve Bank to
consider giving infrastructure status to the housing sector, and
relax provisioning norms for it so banks can extend attractive
loans to buyers. (Economic Times)
link.reuters.com/vyt54t
    * Insurance regulator, IRDA has said that the government's
move to increase the investment limit of country's largest
insurer, LIC to 30 percent is "imprudent". (Economic Times)
link.reuters.com/wyt54t
    * Foreign institutional investors have pitched for a
reduction in the withholding tax rates on their investments in
Indian debt and simplification of know your customer norms to
attract foreign capital into the country. (Economic Times)
link.reuters.com/xyt54t
         
   AVIATION
   *  Etihad, which was also in talks with Jet, has
agreed to pick up a 48 per cent stake in Kingfisher 
for a little over 30 billion rupees. The deal's official
announcement is likely to come around December 18. (Mumbai
Mirror)
link.reuters.com/qav54t
    
    TELECOM
    * Bharti Infratel Ltd, the telecommunications tower arm of
top Indian mobile carrier Bharti Airtel, said it will
allot shares worth $120 million to cornerstone investors as part
of its up to $832 million initial public offering. (Reuters)
 
    * The income tax department is seeking to reopen the case it
lost against British telecom major Vodafone and wants
the matter heard afresh by a larger bench. (Financial Express)
link.reuters.com/pyt54t
    * Russian conglomerate Sistema  has warned
India that a lack of progress in a dispute over telecoms
licenses is putting bilateral relations at risk ahead of a visit
by President Vladimir Putin later this month. (Reuters)
 
    * State-run telecom operator Mahanagar Telephone Nigam Ltd
(MTNL), which operates in Delhi and Mumbai, is set to raise
between 50 billion rupees and 70 billion rupees this financial
year by issuing sovereign bonds -those backed by the government
- to reduce its debt burden. (Business Standard)
       
    AUTO
    * Great Wall Motor Co is in talks to open a
plant in India, a move that would make it the first Chinese
carmaker to operate in the country without a partner. (Reuters)
 
    * India may consider diplomatic efforts to ask the Sri
Lankan government to bring down import tariff on automobiles in
the wake of the island nation hiking duties that has affected
exports from the country. (Economic Times)
link.reuters.com/zyt54t
    * The new year is expected to give automobile industry some
respite, as import tariffs for critical components imported from
the Asean block, India's largest trading partner, are slated to
halve from January, thus cushioning the impact of incessantly
rising costs of auto components. (Economic Times)
link.reuters.com/cav54t
    
    RETAIL
    * A day after Parliament gave the go-ahead to foreign
supermarkets to invest in India, Tesco Plc's top boss came
calling on Tata officials to outline the UK-based company's
plans for one of the world's most lucrative retail markets,
according to reports. (Economic Times)
link.reuters.com/dyt54t
    
    RESOURCES/ENERGY
    * India has set a share sale in state miner NMDC Ltd
 for  Wednesday, the company said, in a deal which
sources said could add up to $1.1 billion to government efforts
to ease its yawning budget deficit. The government may on
Tuesday announce a floor price for the NMDC issue in a range of
145 rupees to 150 rupees a share, said two sources with direct
knowledge who asked not to be named as details are not yet
public. (Reuters) 
    * After prolonged wrangling, power generator NTPC 
and coal producer Coal India appeared to have ironed
out differences over the fuel supply agreement (FSA) and said
the pact will be signed in a month's time. (Press Trust of India
in Economic Times)
link.reuters.com/ryt54t
    * Hindustan Petroleum Corp Ltd has told the Oil
Ministry that its proposed 240 billion rupees refinery at Barmer
in Rajasthan will be unviable unless it is given all of the
crude oil that Cairn India produces from oilfields in the state.
(Press Trust of India in Economic Times)
link.reuters.com/syt54t
    * The DGH has rejected Reliance Industries' 
proposal to do a single test to confirm three natural gas
discoveries in the flagging KG-D6 block, saying separate tests
are required as the three finds are distant and unconnected.
(Press Trust of India in Economic Times)
link.reuters.com/tyt54t
    * Even as domestic gas production has fallen 8 per cent, Oil
India Ltd is planning to set up a liquefied natural
gas (LNG) receiving terminal in India. The company plans to set
up a 2.5-million tonne (mt) capacity terminal. (Business
Standard)
link.reuters.com/fav54t
    * The coal ministry is yet to make much progress in getting
companies that have been allotted captive coal blocks to sign
so-called power purchase agreements (PPAs) with state-owned
power distribution companies, as it has been asked to do by the
power ministry. (Mint)
link.reuters.com/kav54t
    
    INFRA
    * The government said it has so far awarded barely 11.5
percent of the targeted projects for construction of 8,800 km of
highways during the fiscal. (Press Trust of India in Economic
Times)
link.reuters.com/bav54t
    * Chennai-based public sector undertaking, Neyveli Lignite
Corporation Limited, is contemplating seeking
additional compensation from Bharat Heavy Electricals Limited
 for the loss it had incurred due to the latter's delay
in the execution of its 500-Mw (2x250 Mw) power plant at
Neyveli. (Business Standard)
link.reuters.com/hav54t
    
      AGRI COMMODITIES
    * Cargill said it has signed an agreement with Wipro
 to acquire the latter's flagship brand Sunflower
Vanaspati. (PTI in Economic Times)
link.reuters.com/dav54t
    
    NOTE: Reuters has not verified third-party stories and does
not vouch for their accuracy.
    
        OTHER FACTORS TO WATCH                                  
    
* Indian debt/FX factors to watch                   
* Euro survives Italy worry, Fed in focus                
                                            
* Brent oil gains after Chinese oil imports grow          
   
* Foreign institutional investor flows         
* For closing rates of Indian ADRs                      


 (Compiled by Manoj Rawal; Edited by Subhadip Sircar)
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