Indian stocks to watch-Jan 8
GLOBAL MARKETS ROUNDUP * Nifty futures on the Singapore Exchange was flat. The MSCI-Asia Pacific index, excluding Japan was down 0.3 percent. * Asian shares steadied on Tuesday but prices were capped by investor caution ahead of corporate earnings season for the last quarter of 2012 and the European Central Bank's policy meeting later in the week. * U.S. stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits. EVENTS TO WATCH * The Supreme Court is likely to order more mining after it allowed eight iron ore mines to re-start operations in the southern Indian state in early September 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. FINANCIAL/REGULATORY * The Indian government is likely to approach parliament next month to water down retrospective tax rules that damaged investor confidence, two finance ministry officials said on Monday, a move that may help settle British-based Vodafone Group Plc's long-running $2 billion tax dispute. (Reuters) * Finance minister P Chidambaram has said that the difficult phase for the economy is over and that the focus should now shift to higher growth. (Economic Times) here * The Reserve Bank of India said on Monday it has relaxed overseas borrowing limits for infrastructure finance companies, a move that will enable companies in the investment-hungry sector to raise funds more easily. (Reuters) * India's central bank allowed less than one-year debt securities to be included as underlying securities for repo in corporate bonds and credit default swaps (CDS), a measure aimed at boosting the corporate bond market. (Reuters) * The government may opt to sell stake in the now state-owned financial institution IFCI Ltd after it revamps the company's board, a ministry official source said. (Economic Times) here * The Central Board of Excise and Customs has issued an order making it mandatory for companies to pay indirect taxes even if a stay plea is pending before an appellate body, a move some industry representatives describe as "draconian". (Economic Times) here ENERGY/COMMODITIES * The KG-D6 block operated by Reliance Industries Ltd may not be able to produce more than 40-50 million standard cubic metres a day (mmscmd) natural gas without new discoveries, a significant drop from earlier estimates, company sources said. (Business Line) here * Reliance Industries (chairman Mukesh Ambani and his close friend Anand Jain, co-promoters of Navi Mumbai Special Economic Zone (NMSEZ), plan to denotify the 2,140-hectares SEZ land and develop the same as an IT park and an integrated township, an unidentified source told Times of India. (Times of India) toi.in/nsWW1a TECH * American Express Co, which outsources projects worth nearly $1 billion a year to India, has stopped giving fresh work to its software vendors in the country, said executives at the software exporters who declined to be identified. (Mint) here TELECOMS * An appeal by Russian conglomerate Sistema's Indian mobile phone unit challenging a Supreme Court order last year to revoke its cellular permits awarded in a scandal-tainted sale is due to come up for hearing on Thursday, the court's website showed. (Reuters) PHARMA * The Supreme Court has issued a notice to the government on a plea that licences for sale and marketing of Gardasil and Crevarix, vaccines for prevention of cervical cancer, should be revoked as the drugs are "unsafe" and the permits were granted without adequate research. Gardasil and Crevarix are being marketed in India by MSD Pharmaceutical, a subsidiary of Merck, and GlaxoSmithKline Plc , respectively. (Economic Times) here * Financial institutions, led by Life Insurance Corporation, have declined to participate in the open offer made by GlaxoSmithKline for its Indian subsidiary GlaxoSmithKline Consumer Healthcare, terming the 3900 rupees-a-share offer unattractive, institutional sources said. (Business Standard) RETAIL * Diageo's mandatory tender offer to buy up to 26 percent of shares in India's United Spirits has been postponed as the deal has yet to receive local regulatory approvals, a source with direct knowledge of the matter said on Monday. (Reuters) * Marico Ltd plans to split its services business Kaya into a separate listed firm, chairman Harsh Mariwala said, in a move that could help improve valuations of the parent company that has been weighed down by the weak performance of its services arm. (Economic Times) here AUTOS * Bajaj Auto Ltd on Monday launched yet another 100 cc motorcycle, the Discover 100 T, at the upper end of the mass market segment, pricing at 50,500 rupees in New Delhi. (Economic Times) here AIRLINES * Lenders to bankrupt Kingfisher Airlines have decided to take legal action against the airline company for its failure to repay over 70 billion rupees debt despite repeated reminders, banking sources said. (Economic Times) here DEFENCE Europe's Airbus said on Monday it had beaten Russian competition to be selected as the preferred bidder to supply six A330 aerial refueling tankers to India. (Reuters) 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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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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