GLOBAL MARKETS ROUNDUP * Nifty futures on the Singapore Exchange rose 0.44 percent. The MSCI-Asia Pacific index excluding Japan was up 0.43 percent. * Asian shares rose and the euro hit multi-month highs on Wednesday as signs of progress in resolving the U.S. "fiscal cliff" budget crisis and expectations of more aggressive monetary stimulus from the Bank of Japan lifted riskier assets. * U.S. stocks rallied on strong volume on Tuesday, capping off the S&P 500's best two-day run in a month, on confidence that a deal would be struck in Washington to avoid painful spending cuts and tax hikes that could hurt the economy. FACTORS TO WATCH * Reliance Power's majority shareholders to sell 5.4 pct stake to comply with regulatory norms INDIAN STOCKS TO WATCH For additional press items double click NOTE: Reuters has not verified third-party stories and does not vouch for their accuracy. TOP NEWS * The Indian parliament cleared a path for more foreign investment in the banking sector by approving a bill to increase shareholders' voting rights, after dropping a controversial clause allowing banks to trade in commodity futures. (Reuters) * India's parliament will not vote during this session on a long-awaited insurance bill aimed at raising the foreign investment cap to 49 percent from 26 percent in the industry, Finance Minister P. Chidambaram said on Tuesday. (Reuters) * Standard & Poor's on Tuesday raised Greece's sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe's efforts to keep the country part of the euro. (Reuters) ENERGY/COMMODITIES * Reliance Industries has agreed to an audit by the Comptroller and Auditor General of India of its spending in KG-D6 gas block, the Rajya Sabha was informed by Minister of State for Petroleum and Natural Gas Panabaaka Lakshmi on Tuesday. (Press Trust of India via Economic Times) here * Russia's Rosneft has invited the overseas investment arm of Oil and Natural Gas Corp to jointly explore two blocks in the Sea of Okhotsk, Indian Oil Minister Veerappa Moily said on Tuesday. (Reuters) * Videocon Group on Tuesday said it was unlikely to go ahead with a 200 billion rupees steel and power plants at Jamuria in West Bengal,managing director Rajkumar N Dhoot said on the sidelines of an industry event. (Business Standard) here * Cargill is investing in India's burgeoning processed food sector with a $73 million corn milling unit, the head of its India operation said. (Reuters) * Gerresheimer AG has acquired a 75 percent stake in the Delhi-based firm Triveni Polymers for an undisclosed amount, the German Company said. (Business Standard) here FINANCIAL/REGULATORY * Shriram City Union Finance Ltd has got competition regulator CCI's approval for a proposed merger of its two group companies through a multi-stage transaction. (Press Trust of India via Economic Times) here MEDIA * Bharat Business Channel Ltd, which operates direct-to-home business services under the Videocon d2H brand, is planning to raise up to 7 billion rupees via initial public offering (IPO). (Business Standard) here NOTE: Reuters has not verified third-party stories and does not vouch for their accuracy. (Compiled by Manoj Rawal; Editing by)
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