Reuters logo
CORRECTED-(OFFICIAL)-Indian stocks to watch-Nov 9
November 9, 2012 / 3:27 AM / 5 years ago

CORRECTED-(OFFICIAL)-Indian stocks to watch-Nov 9

(Changes sales growth guidance in 2nd bullet point under PHARMA
section to 30-32 pct from 20-22 pct after company corrects)

    GLOBAL MARKETS ROUNDUP          
    * Nifty futures on the Singapore Exchange fell 0.1
percent. The MSCI-Asia Pacific index excluding Japan 
 also fell 0.3 percent.             
    * U.S. stocks fell on Thursday and could be in line for more
weakness as worries about Washington's ability to find a timely
solution to the "fiscal cliff" dominate investor thinking in
coming weeks.         
    * Asian shares fell further on Friday, weighed down by
worries over the risk of a recession in the world's largest
economy as the United States faces a looming fiscal crisis,
while Europe still awaits a bailout for Greece, keeping investor
risk appetite subdued.  
     
    FACTORS TO WATCH       
    * National and regional leaders of the ruling Congress party
will meet outside New Delhi to look at party strategy ahead of
state and national elections in 2013/2014.  
    * Earnings on Friday: State Bank of India, Tata
Steel, Coal India, Hindustan Petroleum Corp
, Bharat Petroleum Corp, Indian Oil Corp
 
    * India's foreign reserves data (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.
    
    TOP NEWS
    * Diageo Plc was close to a deal for a stake in
Indian liquor baron Vijay Mallya's United Spirits Ltd 
after months of talks, sources with direct knowledge of the
matter said, with a deal likely to be announced as soon as
Friday. (Reuters) 
    * Orient-Express Hotels Ltd rejected a $1.2 billion
takeover offer from Indian Hotels Co Ltd as too cheap
and appointed a new chief executive, saying that it was
confident of its prospects as an independent company. (Reuters)
 

    ENERGY/COMMODITIES
    * Oil & Natural Gas Corp.'s quarterly profit
dropped more than 30 percent because of a sharp rise in the
discount it has to give state refiners even as crude prices
fell. (Reuters) 
    * Steel Authority of India Ltd (SAIL) lagged
expectations despite a 12 percent rise in quarterly profit, as
lower sales and higher input costs capped gains. (Reuters)
 
    * India will pay 300 billion rupees ($5.5 billion) to
state-owned fuel retailers forced to sell at cheaper
government-set rates in the first half of the year, said three
sources who saw the finance ministry's confirmation letter.
(Reuters) 
    * Tata Power has bought a 26 percent stake in 
Indonesian coal producer Baramulti Sukses Sarana,
which owns about 1 billion tonnes of coal resources in the South
East Asian country, as it seeks to secure fuel supplies.
(Reuters) 
    
    FINANCIAL/REGULATORY
    * Future Group has signed a non-binding agreement with
Industrial Investment Trust Ltd to sell a controlling
stake in its life insurance joint venture Future Generali, two
people familiar with the development said. (Economic Times)
here
    * Magma Fincorp Ltd Limited bought certain
affiliates of GE Capital India, the unite of General Electric
 said in a statement. (Business Standard)
here
   
    
    PHARMA
    * Sun Pharmaceutical Industries Ltd will pay about
$230 million for U.S.-based Dusa Pharmaceuticals Inc to
gain access to the skin treatment market in the United States
and complement the dermatology business of its Taro
Pharmaceutical Industries Ltd subsidiary. (Reuters)
 
    * Separately, Sun Pharma said it has raised its sales growth
guidance to 30-32 percent for the fiscal year ending March 2013.
(Reuters) 
    * The Supreme Court on Thursday put on hold a Delhi High
Court order that restrained domestic manufacturer Cipla
  from producing Sunitinib, a drug used in the
treatment of renal cancer. (Economic Times)
here
    
    TELECOM
    * Reliance Communications Ltd reported a
larger-than-expected 60 percent drop in quarterly profit,
dragged down by the cost of its debt. (Reuters) 
    * The government will allow telecom firms to borrow from
overseas markets for buying second generation (2G) spectrum when
auctions come up next week, economic affairs secretary Arvind
Mayaram said Thursday. (Financial Express)
    
    RETAIL
    * Private equity firm Actis has joined the race to buy
Cinemax India Ltd, a multiplex chain put up for sale
by its promoters, expecting a valuation of close to 7 billion
rupees, including a debt of 1 billion rupees, said a source
close to the development. (Business Standard) 
here
    * Aditya Birla Nuvo's July-September net profit
rose 42 percent to 3.04 billion rupees from a year ago.
(Reuters) 
    * U.S.-based Knoll  has entered into a dealership
and brand-licensing agreement with Godrej Interio, a unit of the
Jamshed-Godrej-promoted Godrej & Boyce, to manufacture and
market its home and office furniture. (Business Standard)
here
    
    AUTOS
    * Apollo Tyres is incurring a production loss of
up to 50 million rupees per day at its Vadodara plant in Gujarat
due to the ongoing labour unrest, which the firm hopes to end
soon in the next few days, Apollo Tyres Chairman Onkar S Kanwar
said. (Press Trust of India via Economic Times)
here
    * Tata Motors may soon launch its mini commercial
vehicle 'Ace' and passenger variant 'Magic' in South African,
Asean and the Middle Eastern markets, Tata Motors Executive
Director of its Commercial Vehicles Business Ravi Pisharody
said.  (Press Trust of India via Economic Times)
here
    * Ashok Leyland's July-September net profit fell
7.1 percent to 1.43 billion rupees from a year ago. (Reuters)
 
    
    TRANSPORT/INFRASTRUCTURE
    * Shipping Corp of India swung to a July-September
net profit of 2.97 billion rupees from a loss of 1.41 billion
rupees a year ago. (Reuters) 
    * GTL Infrastructure completed the restructuring
its foreign currency convertible bonds worth $300 million.
(Business Standard)
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                   
* Euro near 2-month low as ECB highlights economic woes  
* Oil rebounds after plunge, economy concerns limit rise  
* Foreign institutional investor flows         
* For closing rates of Indian ADRs                      

 (Compiled by Manoj Rawal; Editing by Rafael Nam)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below