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Indian stocks to watch-Nov 2
November 2, 2012 / 3:17 AM / 5 years ago

Indian stocks to watch-Nov 2

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NOTE: Reuters has not verified third-party stories and does not
vouch for their accuracy.
    * Nifty futures on the Singapore Exchange rose 0.6
percent. The MSCI-Asia Pacific index excluding Japan 
 is up 0.6 percent.         
    * The S&P 500 scored its best day in seven weeks on
Thursday on bullish consumer confidence and private-sector jobs
    * Asian shares rose on Friday as investor risk appetite
returned after overnight data suggested some stabilisation in
the global recovery trend, particularly in the world's top two
economies, the United States and China.      
    * India's foreign reserves, bank lending data (1130 GMT)
    * Earnings on Friday: Crompton Greaves, Apollo
Tyres, Jet Airways, Union Bank of India
    * Wipro Ltd beat forecasts with a 24 percent rise
in quarterly profit, helped by a surge in outsourcing demand as
Western clients look to cut costs in an uncertain economic
environment. (Reuters) 
    * Finance minister P Chidambaram urged his ministerial
colleagues to immediately take belt tightening measures to stave
off a fiscal crisis which could turn India into junk grade on
creditworthiness. (Times of India)
    * Reliance Industries Ltd has cut its estimate of
gas reserves in the D6 block off India's east coast by about
two-thirds to 3.4 trillion cubic feet (tcf), the oil ministry
said. (Reuters) 
    * The office of the Comptroller and Auditor General of India
said it would have unfettered right of access to all records of
Reliance Industries during its audit of operations in the
Krishna-Godavari basin and would override any conditions sought
to be imposed on the process. (Business Standard)
    * The government put on hold the 26.5 rupees increase in
price of cooking gas cylinders that consumers buy beyond their
quota of six subsidised bottles, an unnamed top oil company
official told The Economic Times. (Economic Times)
    * ArcelorMittal has been allotted 2,569 acres in
the state of Karnataka, where it proposes to set up a
six-million tonne steel plant at an investment of 300 billion
rupees. (Economic Times)
    * Steel Authority of India said it will expand its
production capacity to 18 million tonnes from the existing 14 MT
by the end of current financial year. (Economic Times)
    * BGR Energy's July-September net profit fell 32.4
percent to 347.3 million rupees from a year ago. (Reuters)
    * State Bank of India has ruled out any cut in its
lending rates due to steep hike in the provisioning for
restructured standard assets, an unidentified senior bank
official told Press Trust of India. (PTI via Economic Times)
    * The Reserve Bank of India has urged the government to
further liberalise foreign direct investment norms by doing away
with most sectoral caps in order to cut reliance on investment
flows to fund India's record high current account deficit.
(Economic Times)
    * A panel of Indian ministers says telecom operators
fighting the withdrawal by government of high quality airwaves
will be allowed to keep some of their spectrum holdings,
according to a government official. 
    Market leaders Bharti Airtel and Vodafone's
 India unit will be hit hardest by the replacement of 900
MHz band spectrum by lower quality 1800 Mhz band capacity.
    * Hyundai Motor Co's Indian unit will invest
$300 million in a new engine plant and metal pressing shop, the
company said on Thursday, to expand in the country's
fast-growing diesel car segment. (Reuters) 
    * Hero MotoCorp's October sales rose 3.3 percent
to 529,215 vehicles from a year ago. (Reuters) 
    * Hong Kong-based investment firm Bravia Capital is eyeing
investment opportunities in Indian airline companies, said
managing director Hal Hayward.(Economic Times)
    "I am here. We've been watching the Indian market for quite
some time. We have been talking to the airlines and we have a
pretty consistent interest in the market. We are looking for
opportunity and feel that there would be an investment
definitely," Hayward was quoted as saying. 
    * Tata Global Beverages has dropped its plan to
foray into the food segment, Business Standard reported, citing
a conversation with managing director Harish Bhat.
    "We are a natural beverages company and our focus will be on
tea, coffee and water," Bhat was quoted as saying by the
newspaper. (Business Standard)

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                   
* Yen dangles near 4-month low, commodity currencies firm 
* Brent slips, U.S. crude higher as stockpiles drop       
* Foreign institutional investor flows         
* For closing rates of Indian ADRs                      

 (Compiled by Manoj Rawal; Editing by Rafael Nam)

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