January 1, 2013 / 3:07 AM / 5 years ago

Indian stocks to watch- Jan 1

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    *  Wall Street rallied on Monday and global equities
finished their best year in the last three as U.S. lawmakers
closed in on a deal to avoid a budget crisis that many fear
could cripple the world economy in 2013.       
    *  U.S. stocks closed out 2012 with their strongest day in
more than a month, putting the S&P 500 up 13.4 percent for the
year, as lawmakers in Washington closed in on a resolution to
the "fiscal cliff" negotiations.    
    *  The White House and congressional lawmakers have reached
a deal to avoid the "fiscal cliff" that would delay harsh
spending cuts by two months, Obama administration officials said
on Monday. 
    * India's current account deficit widened to a record high
of 5.4 percent of GDP in the September quarter as export growth
slowed more sharply than imports, with a similar gap expected in
the December quarter likely to prolong weakness in the rupee.
    * India's infrastructure sector output grew 1.8
percent in November from a year earlier, a sharp fall from the
upwardly revised annual growth of 6.6 percent in the previous
month, government data showed on Monday. (Reuters)
    * Government's ambitious direct benefits transfer (DBT)
scheme will be rolled out in 20 districts on January 1 as
against the earlier plan of covering 51 districts. (Economic
    *     Retail inflation for industrial workers moved up
marginally to 9.55 percent in November on account of surge in
the prices of food items, cooking gas, medicines and bus fares.
(Press Trust of India in Economic Times)
    * The government has allowed Indian companies to merge with
firms overseas through the issue of Indian Depositary Receipts
(IDRs) and the Reserve Bank of India has been asked to issue
detailed guidelines on the process. (Economic Times)
    * Initiating the process of allocation of coal mines, the
government has invited proposals from PSUs for alloting 17
blocks to them, mostly for captive power plants. (Press Trust of
India in Business Line)
     * The Competition Commission of India, or CCI, has launched
a probe into state monopoly Coal India Ltd's, or CIL,
move to raise prices to increase profits without making
substantial investments to develop infrastructure and raise
production. (Economic Times)
    * The ministry of environment and forests has rejected
infrastructure giant IVRCL's two sand-mining projects
in Uttar Pradesh due to improper documentation of mining area
and environmental issues. (Press Trust of India in Financial

    * Plastic water tank maker Sintex Industries 
raised $170 million through a mix of foreign currency
convertible bonds and shares to qualified institutional
investors as the company inches nearer to repay its bond holders
$290 million by March 2013. (Economic Times)

    * The government proposes to lay separate power distribution
lines for agricultural consumers, an expensive move that
technocrats say is aimed at securing political mileage ahead of
the 2014 general elections. (Economic Times)
    * The government has decided to allow power companies to
divert natural gas from one of their plants to another to
achieve optimal operations, relaxing the stringent policy that
restricts fuel supply to specific units. (Economic Times)
    * Tata Power, India's largest private power
producer, is in the process of setting up a 12,500-Megawatt (Mw)
generation capacity abroad in the next seven years. This is
twice the 6,899-Mw capacity set up in India in its 90- year
history. (Business Standard)
    * Finance ministry has sought more information from IKEA for
its India investment plans and will take up the Swedish
furniture major's proposal to open cafeterias at its proposed
mega retail outlets next week. (Press Trust of India in Times of
    * Keyline Brands, a UK based subsidiary of Godrej Consumer
Products, has acquired Soft & Gentle brand from
Colgate-Palmolive. (Times of India)
    * Kingfisher Airlines said expiration of its
operating licenses, set for Monday, was not a cause for concern
as the grounded Indian carrier has two years to renew the
license and permits required to fly. (Reuters) 

    * India's Tulip Telecom Ltd, which defaulted on a
$140 million convertible bond redemption in August, said on
Monday it is in talks with lenders to restructure its long-term
debt. (Reuters) 
    * The Empowered Group of Ministers on spectrum, headed by
Finance P Chidambaram, is scheduled to meet on January 3 to
discuss details of the spectrum auction due this fiscal. (Press
Trust of India in Economic Times)
    * NOTE: Reuters has not verified third-party stories and
does not vouch for their accuracy.

 (Compiled by Manoj Rawal; Editing by Subhadip Sircar)

Our Standards:The Thomson Reuters Trust Principles.
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