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Indian stocks to watch-May 30
May 30, 2012 / 3:37 AM / 6 years ago

Indian stocks to watch-May 30

GLOBAL MARKETS        	
    * The near-month derivative contract for India's NSE index
at Singapore Exchange fell 0.6 percent, while MSCI Asia
ex-Japan edged down 1.6 percent. 	
    * Asian shares slipped on Wednesday, hurt by fears that
Spain's banking woes will push up the country's borrowing costs
to unsustainable levels although falls were limited on hopes
that Greece would stay in the euro zone and for China stimulus
steps.            	
    * U.S. stocks rose on Tuesday as signs Greece would stay in
the euro zone were enough to spark buying in what has been a
weak month for equities, while Facebook plumbed new lows on high
volume.                 	
	
    FACTORS TO WATCH            	
    * India's Mahindra & Mahindra, the country's
biggest utility vehicles manufacturer, releases its results for
the quarter to March, looking to avoid a third straight fall in
profits as it struggles with high commodity prices and a
weakening rupee. 	
    * DLF, India's No 1. developer, is expected to
announce a drop in quarterly profit as the company is dragged
down by high debt of about $4.2 billion and slow house.	
    * India's state-run gas utility GAIL India Ltd to
details its fourth quarter result. 	
    * Debt-laden Indian carrier Kingfisher Airlines 
and low-cost carrier Spicejet report quarterly results
on Wednesday. 	
    This will be the first result declaration by Kingfisher
Airlines after it ran into severe trouble and was forced to
suspend international operations and curtail its schedule by
more than half.	
    * India's top salt and soda ash maker Tata Chemicals
 will hold a press conference to announce Q4 and FY12
results. (1030 GMT) 	
    * Speciality Restaurants will list in Indian markets after
raising $34 million in an IPO.	
    * India's money supply data (1230 GMT)	
    	
    INDIAN STOCKS TO WATCH	
    EARNINGS	
    Chinese demand for its luxury Jaguar Land Rover models
propelled fourth-quarter net profit at Tata Motors',
capping a bumper year for the Indian automaker, which reported a
rise in net profit to 135 billion rupees ($2.42 billion) for the
year to March 31 from 92.7 billion the previous year.
 	
    * India's state-run Oil & Natural Gas Corp's net
profit more than doubled to 56.44 billion rupees in the
March-quarter from 27.91 billion rupees a year ago, as the
company benefited from higher crude oil prices and foreign
exchange fluctuations. (Reuters) 	
    * Sun Pharma said Jan-March net profit rose 85.1
percent to 8.2 billion rupees from a year earlier.
 	
    * HPCL Jan-March net profit rose more than
four-fold to 46.31 billion rupees from a year ago.
 	
    * Steel Authority of India Ltd (SAIL), the
country's largest domestic steel producer, is optimistic about
demand prospects after beating market estimates with a 3 percent
rise in quarterly profit. 	
    * Shree Renuka Sugars Jan-March net profit
fell81.16 percent to 55 million rupees from a year ago.
 	
    * Jindal Stainless Jan-March net profit fell 71.7
percent to 185.5 million rupees from a year ago. 	
	
    ENERGY/COMMODITIES	
    * Indian state-fuel retailers could cut retail prices of
gasoline by about two rupees a litre from next month if global
oil prices and the rupee stabilise at current levels, said S.Roy
Choudhury, chairman of Hindustan Petroleum Corp.
 	
    * Essar Group may list their North American steel business
with an initial public offering (IPO) in Canada, or mull other
strategic options, as one of India's largest private
conglomerates looks to pare debts. (Times of India)	
    * The Competition Commission of India has approved Reliance
Industries' proposal to buy stake in media entities
Network18 and TV18 Broadcast. (Business
Standard)	
    * A group of government ministers meeting in New Delhi may
approve a new proposal from the coal ministry to open up
alternative coal blocks. (Financial Express)	
    	
    FINANCIAL/REGULATORY	
    * Indian federal government's large borrowing could crowd
out credit to the private sector, Duvvuri Subbarao, governor of
the Reserve Bank of India said on Tuesday. 	
    * Finance Minister Pranab Mukherjee will meet the chairmen
and managing directors of state-run banks on June 12 to review
their performance in the previous financial year and will also
discuss the road map for the current financial year. (Business
Standard)	
    * Prime Minister Manmohan Singh said on Tuesday he will step
down should allegations of corruption against him and his
cabinet over the allocation of coal blocks are proven. (Economic
Times)	
    * State Bank of India on Tuesday said it would
reduce the proportion of net non-performing assets (NPAs) from
1.8 per cent to 1.62 per cent this financial year. (Business
Standard)	
    * State Bank of India plans to cut interest rates
by 2 to 5 percentage points for the Small and Medium Enterprises
(SME) sector. At present, the interest rates for these SMEs is
in the 12-17 percent range. (Business Line)	
    * Companies may now have to inform shareholders about the
policies taken by them to tackle corruption. They may also have
to inform shareholders of how many complaints they receive, as
well as how many they resolve. 	
    That's part of the framework a government committee,
constituted by the Ministry of Corporate Affairs, has submitted
in its report on implementing business responsibility norms.
(Business Standard)	
    * Flagging the risks of fiscal slippage and liquidity
squeeze, the Reserve Bank of India on Tuesday said state
governments must exercise more discipline in spending and
improve coordination in their market borrowing. (Business
Standard)	
    * The fact that Delhi continues to be a revenue-surplus
state would help the city government reduce its fiscal deficit
by around 18 per cent in 2012-13 over the previous financial
year, despite a jump in capital expenditure. (Business Standard)	
    * The number of corporate loans referred to the corporate
debt restructuring (CDR) cell in April was the highest in any
month since the cell was set up in 2001, according to senior
officials. (Financial Express)	
    * The government will direct banks to recast 350 billion
rupees in loans to the textile industry. (Mint)	
 	
    AUTO	
    *Auto makers are planning yet another price hike, the third
this year, to offset rising input costs pressures and a
devaluating rupee. (Economic Times)	
    * Japanese two-wheeler maker Yamaha Motor is 
looking to scale up research and development (R&D) operations in
India, with an aim to designing the country's cheapest
motorcycle indigenously and shoring up volumes in the domestic
market. (Business Standard)	
    	
    RETAIL	
    * Hindustan Unilever Ltd is contemplating
integrating its food services business, Unilever Food Solutions
(UFS), with its Out of Home arm to help create new opportunities
for its packaged food brands like Knorr and Kissan. (Economic
Times)	
    	
    TELECOMS	
    * The government will review its policy of issuing 20-year
telecom licences because of rapid changes in technology, market
size and valuations, which can set up the prospect of
underpricing scarce airwaves. (Times of India)	
	
    AIRLINES	
    * State-owned Air India will not take delivery of
any Dreamliner aircraft from Boeing Co until the two
parties agree on a compensation package for a delay, India's
civil aviation minister Ajit Singh said. (Reuters)
 	
    	
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 hits fresh 2-year low                             	
* Brent below $107, heading for worst month in 2 yrs      	
* Foreign institutional investor flows         	
* For closing rates of Indian ADRs                      	
	
 (Compiled by Divya Chowdhuri; Editing by Rafael Nam)

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