November 8, 2012 / 3:17 AM / in 5 years

Indian stocks to watch-Nov 8

    * Nifty futures on the Singapore Exchange fell 0.87
percent. The MSCI-Asia Pacific index excluding Japan 
 fell 1 percent.            
    * The Dow industrials lost more than 300 points in a
sell-off on Wednesday that drove all major U.S. stock indexes
down over 2 percent in the wake of the presidential election as
investors' focus shifted to the looming "fiscal cliff" debate
and Europe's economic troubles.        
    * Asian shares fell on Thursday as investors worried about
the fiscal crisis in the United States and the European
economy's further deterioration, underpinning safe-haven
currencies such as the yen and dollar. 
    * India's federal cabinet is set to discuss and likely
approve a plan to levy a total surcharge of $5.7 billion on
long-established mobile phone carriers for additional airwaves
they hold.
    * The Cabinet is also likely to approve the new
pharmaceutical policy that could bring over 300 essential drugs
under price control from 74 drugs as at present. 
    * Oil and Natural Gas Corporation, Ranbaxy
Laboratories, Sun Pharmaceutical Industries,
Steel Authority of India, Reliance Communications
 to report July-September earnings.
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NOTE: Reuters has not verified third-party stories and does not
vouch for their accuracy.
    * India's Tata Motors Ltd net profit fell short of
expectations as rising marketing costs hurt its margins and
slowing economic growth curbed demand for its commercial
vehicles. (Reuters) 
    * India's state-run upstream oil companies are likely to
bear a total subsidy burden of 151.08 billion rupees ($2.8
billion) for the September quarter, a government source said, to
compensate state oil marketing companies for losses on fuel
sales. (Reuters) 
    * Kingfisher Airlines 
    * India has pushed back a decision on divesting stake in
state-run National Aluminium Co to the January-March
quarter, federal minister of state for mines Dinshaw Patel said
on Wednesday. (Reuters) 
    * India's Mahindra & Mahindra Financial Services 
launched a share sale on Wednesday to raise about $160 million,
two sources with direct knowledge of the situation said.
    Mahindra and Mahindra set a floor price for the qualified
institutional placement at 880.70 rupees. 
    * The Land Acquisition Bill is set to be delayed as the
Cabinet is unlikely to take it up at its meeting this week even
after the Group of Ministers (GoM) approved it, sources with
knowledge of the development said. (Economic Times)

    * The Bombay High Court dismissed an Income-Tax Department's
appeal on tax claims from Reliance Communication on
nearly 56.35 billion rupees of revenues, saying the transactions
being examined did not qualify to be taxed. (Economic Times)
    * Kingfisher Airlines is preparing a comprehensive
plan to re-start operations, which will be shared with banks and
regulators, the airline said in a statement, while also
announcing its July-September net loss had widened to 7.54
billion rupees from 4.69 billion rupees a year ago.
    Separately, the chairman of State Bank of India 
said on Wednesday Kingfisher needs to raise or commit at least
$1 billion by Nov. 30, adding that lenders are not looking at
liquidating the carrier's assets as of now. (Reuters)
    * Eicher Motors and Volvo AB will
invest 18 billion rupees ($331 million) over the next two years
in their Indian joint venture, Eicher's head said on Wednesday,
and begin exports of engines to Volvo's European operations next
year. (Reuters) 
    * Strong demand from the financial services industry and
from companies in Europe boosted Cognizant Technology Solutions
Corp's third-quarter results and prompted the IT
services company to raise its full-year earnings forecast.
    * Delta Corp has increased stake in Daman
Hospitality to 87.16 percent through conversion of fully
convertible debentures, according to a stock filing.  (Economic

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 rallies on risk aversion; NZD hit by jobs data     
* Oil down about 4 pct, fiscal cliff looms after US vote  
* Foreign institutional investor flows         
* For closing rates of Indian ADRs                      

 (Compiled by Manoj Rawal; Editing by Rafael Nam)

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