Indian stocks to watch-Feb 22

Fri Feb 22, 2013 8:40am IST

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GLOBAL MARKETS ROUNDUP
    * Nifty futures on the Singapore Exchange fell 0.2
percent. The MSCI-Asia Pacific index, excluding Japan  
 rose 0.3 percent.   
    * Asian shares edged higher on Friday, recouping the
previous day's steep losses, as investors reassessed the Federal
Reserve's commitment to its current accommodative policy while
weak U.S. and European data clouded growth prospects.
 
    * U.S. stocks fell for a second straight day on Thursday and
the S&P 500 posted its worst two-day loss since November
after reports cast doubt over the health of the U.S. and
euro-zone economies. 
    
    FACTORS TO WATCH
    * Foreign reserves, bank lending (1130 GMT)
    
    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
    * India plans to raise about $880 million next month cutting
its stakes in Steel Authority of India Ltd and 
National Aluminium Co Ltd, sources with direct
knowledge of the matter said. (Reuters) 
    * India's austerity push in a budget to be unveiled on
Thursday threatens to have the unintended impact of adding to
inflationary pressure, hampering chances for rapid interest rate
cuts that the government wants, central bank officials told
Reuters. (Reuters) 
    * The Reserve Bank of India has softened its stance on
allowing real estate firms and brokerages to apply for banking
licences, said sources familiar with the developments. (Business
Standard)
here
    * South African insurance group Sanlam has acquired
a further 3.7 percent in Shriram Transport Finance Co Ltd
 for nearly 1 billion rand ($113 million), raising its
stake to about 10 percent. (Reuters) 
    
    ENERGY/COMMODITIES
    * Gujarat Gas Co Ltd said October-December net
profit more than doubled to 701.2 million rupees from 246.5
million rupees a year ago. (Reuters) 
    * Essar Steel, one of the largest private steel
makers by assets, is raising $1.1 billion to fund its capital
expenditure and refinance high cost domestic debt, Bankers who
have financed Essar Steel projects said. (Financial Chronicle)
here

    RETAIL
    * The government will address the clause which requires
foreign multi-brand retailers to compulsorily source 30 percent
of the value of their manufactured products from small and
medium enterprises, India's Commerce Minister Anand Sharma told
Financial Express. (Financial Express)
here
    * Imax Corp, a maker of movie cameras and
projection equipment for giant screens, plans to open 10 to 15
theaters each in Brazil and India as it seeks growth in emerging
markets, its chief executive told Reuters. (Reuters)
 
    
    IT
    * A former Infosys Ltd executive is challenging
the IT outsourcing industry's billing model by charging for
results instead of basing fees on the time and labour put in by
the armies of staff working for India's big firms. (Reuters)
 
    
    TELECOMS
    * Sistema said on Thursday that its Indian mobile
phone unit would cease operations in almost half its regions as
it prepares to bid in a spectrum auctions re-run. (Reuters)
 

    AUTOS
    * Tata Group and AirAsia Bhd may jointly build
Tata Motors Ltd' low-cost vehicles in Malaysia, three
people familiar with the development said. (Mint)
here
    * Proxy advisory firm Institutional Investors Advisory
Services has opposed the proposed appointment of the son of the
chairman of TVS Motor Co Ltd to the board of directors
at the motorcycle maker. (Business Standard)
here
    * Nissan Motor Co and Renault SA will
invest about 30 billion yen ($320 million) in a new car assembly
plant in India, the Nikkei said. (Reuters) 
    
    AIRLINES
    * The sudden display of caution by Etihad Airways over
taking a stake in Jet Airways is the legacy of a string
of failed forays by Gulf investors into India. (Reuters)
 
    * Fresh hurdles have emerged in the way of the Naresh
Goyal-promoted Jet Airways' deal with Etihad Airways, with the
Abu Dhabi-based airline putting a host of conditions, Business
Standard reported, citing sources close to the deal. (Business
Standard)
here

    
NOTE: Reuters has not verified third-party stories and does not
vouch for their accuracy.
    
    

 (Compiled by Manoj Rawal)
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