September 17, 2012 / 3:28 AM / 5 years ago

Indian stocks to watch-Sept 17

GLOBAL MARKETS      
   * Nifty futures on Singapore Exchange rose 1.3
percent while the MSCI-Asia Pacific index excluding Japan
 rose 0.1 percent. 
   * U.S. stocks rose for a fourth straight session on Friday to
close out the week at nearly five-year highs after the Federal
Reserve took bold action to spur the economy, a move that could
keep equities buoyed in the coming months.      
   * Asian stocks held steady on Monday and gold, oil and copper
hovered near multi-month highs, after markets rallied late last
week on hopes that fresh stimulus measures from the developed
world's big central banks will support flagging growth.
 

    FACTORS TO WATCH   
    * RBI to release policy review (Around 1100 IST, 0530GMT).
    
    INDIAN STOCKS TO WATCH
    TOP NEWS
    * Indian Prime Minister Manmohan Singh warned that a
prolonged policy logjam could slow economic growth to 5 percent,
a day after India unexpectedly unveiled long-delayed reforms
aimed at reviving growth and preventing a credit-rating
downgrade. (Reuters) 
     * India's beleaguered government roared back to life in
dramatic fashion on Friday, announcing big bang reforms as part
of package of measures aimed at reviving growth and staving off
a ratings downgrade. (Reuters)  
    * India on Friday eased the sourcing requirements for
foreign retail chains looking to invest in the country, removing
one of the key barriers that had hobbled the entry of new
investment. (Reuters)  
    * India decided to allow foreign airlines to buy stakes of
up to 49 percent in local carriers, a long-awaited policy move
that could provide a lifeline to the country's debt-laden
airlines by opening up a fresh source of funding. (Reuters)
 
    * Kingfisher Airlines, hungry for funds, said on
Friday it will now be able to re-engage with prospective
investors in a "more meaningful manner," after the government
allowed foreign carriers to invest in local airlines. (Reuters)
 
    * India relaxed the FDI limit in cable broadcast
distributors to 74 percent from the earlier 49 percent.
(Economic Times)
here
    * Power exchanges in India have greeted the government's
decision to allow 49 percent foreign investment in the sector,
as it will help inject capital and global practices in the vital
interface between buyers and sellers of electricity, and make
the market more competitive. (Economic Times)
here
    * India's cabinet approved stake sales in four state
companies on Friday: Hindustan Copper Ltd, National
Aluminium Co Ltd, MMTC Ltd and Oil India Ltd
. (Reuters) 
    
    * A spate of long-delayed reforms unleashed by India to
shore up government finances is unlikely to be rewarded by an
immediate interest rate cut, with the central bank expected to
hold rates steady on Monday as it wages a protracted battle with
inflation. 
    
    FINANCIAL/REGULATORY
    * India is all set to announce several 'nuts and bolts'
policy measures aimed at making it easier for some sectors to
raise overseas loans, removing irritants holding up large
projects, and prod industry to press ahead with investments,
officials involved in the exercise said. (Economic Times)
here
    * India's spending on major subsidies including fuel,
fertiliser and food is likely to hit 2.4 percent of GDP in the
current fiscal year, up from 1.9 percent targeted in the federal
budget, finance minister P. Chidambaram said. (Reuters)
 
    
    TELECOMS
    * Bharti Airtel's mobile phone tower unit has
filed for an initial public offering which sources said on
Friday could raise nearly $1 billion in the country's biggest
IPO in more than two years. 
    * Bharti Airtel Ltd and the local unit of Vodafone
Group Plc saw a decline in their customer base in
August, their first such fall, as carriers disconnected inactive
users in a clean-up drive. (Reuters) 
    
    ENERGY/COMMODITIES
    * The government cancelled over the weekend a total of four
coal blocks allocated to private companies. Those affected are: 
Tata Sponge Iron Ltd, JSW Steel Ltd, Bhushan
Steel Ltd and SKS Ispat. 
here

    PHARMA
    * Mitsui & Co is buying an additional 25 percent stake in
Arch Pharmalabs  for 3.72 billion rupees ($68.36
million), a move that will raise its shareholding in the
Mumbai-based privately-held company to 30 percent, according to
an application to foreign investment regulators. (Economic
Times)here

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                   
* Dollar pinned down by Fed, markets wary of yen         
* Oil prices push higher as Fed stimulus supports         
* Foreign institutional investor flows         
* For closing rates of Indian ADRs                      
($1 = 54.4150 Indian rupees)

 (Compiled by Divya Chowdhury; Editing by Rafael Nam)

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