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Indian stocks to watch-March 7
March 7, 2013 / 3:07 AM / 5 years ago

Indian stocks to watch-March 7

GLOBAL MARKETS ROUNDUP        
    * Nifty futures on the Singapore Exchange fell 0.3
percent. The MSCI-Asia Pacific index, excluding Japan  
 was down 0.34 percent.           
    * Asian shares fell on Thursday after two strong days of
gains, as investors focused on meetings of the central banks of
Japan, Britain and the euro zone for signs of more policy
stimulus, while solid U.S. economic data underpinned the dollar.
        
    * Wall Street mostly edged higher on Wednesday, with the Dow
 hitting another record, helped by a private payroll
survey that bodes well for the monthly jobs report due at the
week's end.         
          
    FACTORS TO WATCH 
    * India's ruling Congress party will host an party meeting,
intending to build parliamentary consensus for a land
acquisition bill it wants to pass in the current session. 

    INDIAN STOCKS TO WATCH
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NOTE: Reuters has not verified third-party stories and does not
vouch for their accuracy.
    
    FINANCIAL/REGULATORY
    * The government is looking to cut withholding tax rate for
foreign investments in all types of corporate bonds, as it eyes
fresh measures to top up the budget proposals when finance
minister P Chidambaram replies to the debate in parliament, an
unnamed senior finance ministry official said. (Economic Times)
 
    * SEBI will allow the listing of preference shares on stock
exchanges to make it easier for banks and infrastructure
companies to raise funds, The Economic Times reported without
citing sources. (Economic Times)
 
    * Citigroup's former CEO, Vikram Pandit has held
preliminary talks with a few private equities and Indian
government officials to potentially become a co-applicant for a
banking licence in India, Business Standard reported, citing two
sources familiar with the developments. (Business Standard)
 
    * Indian banks' advances were sluggish at the end of 10
months in the ongoing financial year to March, provisional data
from the Reserve Bank of India showed on Wednesday. (Reuters)
 
    * NYSE Euronext has launched the sale of its 4.8
percent stake in the Multi-Commodity Exchange of India (MCX)
 in a deal that could raise up to $46 million, a source
with direct knowledge said. (Reuters) 
    
    ENERGY/COMMODITIES
    * Coal India Ltd said it might have to slash
prices of its high-quality coal, Business Standard reported
citing an unidentified top company executive. (Business
Standard)
 
    * The finance ministry and the Planning Commission support
the coal ministry's view that the government should reject a
plan that seeks to sell coal to power plants at a uniform price
by taking a weighted average cost of the fuel from local and
imported sources, according to coal secretary S.K. Srivastava.
(Mint)
 
    *Indian ship builder ABG Shipyard Ltd and Tano
Capital, a private investment fund of former Franklin Templeton
president Chuck Johnson, are selling unlisted Italian electric
motor maker Cemp for about 3 billion rupees, or $55 million,
said people directly briefed on the matter. (Times of India)
 
    
    TELECOMS
    * India will allow Norway's Telenor  to offset the
16.58 billion rupees that had been paid by its former partner
Unitech Ltd in 2008 to obtain mobile permit in all 22
regions, an official with direct knowledge of the developments
told The Economic Times. (Economic Times)
 

    AUTOS
    * Mahindra and Mahindra Ltd says employees at its
Nashik plant continue to strike, adding a production loss of
around 500 vehicles and will have no immediate impact on sales.
(Reuters) 
    * Separately, Mahindra and Mahindra set the floor price for
its stake sale in Mahindra Holidays and Resorts India Ltd
 at 270 rupees per share. (Reuters) 

    AIRLINES
    * Singapore-based low-cost carrier Tiger Airways 
is exploring the possibility of a strategic partnership with an
India-based airline, Singapore, Commercial Director, Kaneswaran
Avili told Press Trust of India in an article carried by The
Economic Times. (PTI in Economic Times)
 
    
    PHARMA
    * Elder Pharmaceuticals Ltd to create joint
venture with KOSE Corporation of Japan wherein KOSE will hold 60
percent of the cosmetic products JV and the remainder will be
held by Elder. (Reuters) 

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

 (Compiled by Manoj Rawal)

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