US STOCKS-Wall Street slips on weak GDP data, but indexes rise in April
* Nasdaq up for 6th month, longest streak in almost four years
GLOBAL MARKETS ROUNDUP * Nifty futures on the Singapore Exchange down 0.2 percent. The MSCI-Asia Pacific index excluding Japan was 0.09 percent lower. * S&P 500 index futures fell in late trading on Tuesday as early results from the U.S. presidential election started to trickle in. * Asian shares were capped while the safe-haven yen gained on Wednesday as investors remained guarded against the risk of an indecisive outcome in the close-fought U.S. presidential election, with early counting as yet showing no clear winner. FACTORS TO WATCH * World Economic Forum event in New Delhi. Attendees include Canadian Prime Minister Stephen Harper, former UK Prime Minister Gordon Brown, Nestle CEO Paul Bulcke among others. * Tata Motors, Bharti Airtel and Kingfisher Airlines report July-September earnings. INDIAN STOCKS TO WATCH For additional press items double click TOP NEWS * President Barack Obama rolled up victories in Wisconsin and Pennsylvania on Tuesday and limited Republican challenger Mitt Romney's path to victory as U.S. voters decided between two starkly different visions for the country. * Canadian firms will be able to export uranium and nuclear reactors to India for the first time in almost four decades under an agreement between the two nations, their prime ministers said, but more work is needed to implement the deal. (Reuters) FINANCIAL/REGULATORY * L&T Finance Holdings, the financial services arm of Larsen & Toubro, is close to buying out Pantaloon Retail's stake in the latter's general insurance joint venture Future Generali India Insurance Company. A formal announcement is expected within the next 2-3 weeks, said three sources directly involved in the ongoing transaction. (Economic Times) link.reuters.com/nuc83t * Reliance Capital reported July-Sept net profit of 4.01 billion rupees from 330 million rupees a year ago as total income from operations rose 56.23 percent to 24.31 billion rupees from 15.56 billion rupees a year earlier. (Reuters) * The government will soon allow foreign institutional investors to invest in asset reconstruction companies, a measure that could encourage firms that deal with non-performing loans to list on stock exchanges. (Economic Times) link.reuters.com/wuc83t * The Aditya Birla group, led by Kumar Mangalam Birla, has taken charge of its mutual fund joint venture with Sun Life Financial of Canada by buying one per cent stake from the latter. (Business Standard) ENERGY/COMMODITIES * India's Hindalco Industries warned rising input costs may impact performance in coming quarters after higher costs and lower production volumes in its aluminium business resulted in a 29 percent fall in its quarterly profit from domestic operations. (Reuters) * India's Tata Power Company Ltd posted a surprise second-quarter loss, hit by higher finance and depreciation costs at its power projects and lower revenue from its coal units. The company posted a consolidated net loss of 838 million rupees ($15.4 million), compared with a consolidated net loss of 11.9 billion rupees a year earlier. Revenue rose 22 percent to 76.49 billion rupees, helped by the commissioning of new units. (Reuters) * Oil India said its July-Sept net profit was down 16.15 percent to 9.55 billion rupees from 11.39 billion rupees a year ago as net sales for the quarter fell 26.09 percent to 24.02 billion rupees from 32.5 billion rupees a year earlier. (Reuters) * State-run transmission utility Power Grid Corporation said it is planning to enter the distribution network segment as a part of its expansion plan and is already in talks with Odisha in this regard. (Economic Times) link.reuters.com/vuc83t INFRASTRUCTURE * Malaysian sovereign fund Khazanah and SBI Macquarie have emerged as potential investors in Bangalore-based diversified conglomerate GMR Group's road assets. (Economic Times) link.reuters.com/puc83t * Mukesh Ambani-controlled Reliance Industries is in the fray to acquire Hotel Leelaventure -promoted IT park in Chennai for 1.72 billion rupees, said people familiar with the matter. (Times of India) link.reuters.com/quc83t * A multi-billion rupees deal between private equity firm IL&FS Investment Managers and real estate developer Logix Group has been stalled, with investors get cautious about backing realty projects. (Economic Times) link.reuters.com/tuc83t PHARMA * Sun Pharmaceutical Industries is expected to make a provisioning of around $320 million towards a liability claimed by American drug maker Wyeth, sources said. (Business Standard) HOTELS * Indian Hotels Company Ltd, whose flagship Taj Mahal Palace hotel in Mumbai overlooks the city's harbour and iconic Gateway of India arch, reported a net loss of 63.6 million rupees ($1.2 million)for the quarter ended September. It had posted a net profit of 83.5 million rupees in the year-ago period. (Reuters) * Mahindra Holidays & Resorts India on Tuesday announced it had acquired a 49 percent stake in Infinity Hospitalities Group Co Ltd for an undisclosed sum, following which it had added a new resort in Bangkok, Mac Boutique Suites, which would have 77 rooms. (Business Standard) AVIATION * Indian carrier Kingfisher Airline's creditors have asked it to bring in fresh equity or an investor by Nov. 30, the chairman of State Bank of India told Reuters. Kingfisher may not be able to fly if it does not infuse enough capital, hurting its ability to get investors, Pratip Chaudhuri said on Tuesday. (Reuters) RETAIL * Private equity A-listers are racing to buy a minority stake in Jyothy Laboratories after the home grown FMCG major embarked on raising 5.5 billion rupees, said people briefed on the matter. (Times of India) link.reuters.com/ruc83t AUTOS * A month after Bajaj Auto's Discover overtook Splendor, Hero MotoCorp's flagship bike has regained pole position as the largest-selling two-wheeler brand in the world. (Economic Times) link.reuters.com/suc83t 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 eyes U.S. presidential race, AUD shines * Oil up with Wall Street as U.S. goes to the polls * Foreign institutional investor flows * For closing rates of Indian ADRs (Compiled by Manoj Rawal; Editing by Subhadip Sircar)
* Nasdaq up for 6th month, longest streak in almost four years
April 28 U.S. stocks looked set to open little changed on Friday after data showed the economy grew at its weakest pace in three years in the first quarter, while investors remained cautious due to simmering tensions between North Korea and the United States.