January 24, 2013 / 3:09 AM / 5 years ago

Indian stocks to watch-Jan 24

GLOBAL MARKETS ROUNDUP    
    * Nifty futures on the Singapore Exchange fell 0.14
percent. The MSCI-Asia Pacific index, excluding Japan 
 was up 0.06 percent.        
    * Asian shares steadied on Thursday after manufacturing data
from China confirmed a recovery in the world's second biggest
economy was on track.  
    *  The S&P 500 rose for a sixth day on Wednesday
after stronger-than-expected profits from IBM and Google
Inc but the rally could be halted as Apple's 
after-hours miss sent its shares lower.   
        
    FACTORS TO WATCH   
    * Larsen & Toubro Ltd earnings (0715 GMT)

    * Duvvuri Subbarao, governor of India's Reserve Bank of
India will meet Finance Minister P Chidambaram on Thursday,
ahead of Jan. 29 policy review. (1030 GMT) 
    
    INDIAN STOCKS TO WATCH
For additional press items double click 
NOTE: Reuters has not verified third-party stories and does not
vouch for their accuracy.
    
    FINANCIAL/REGULATORY
    * ING is to sell its 26 percent stake in an Indian
insurance venture to local partner Exide Industries Ltd
, the second foreign insurer to exit a competitive
sector in India within a year. (Reuters) 
    
    ENERGY/COMMODITIES
    * India's oil ministry will soon recommend a revision in
local gas prices, a government source said, which if accepted
would bring a windfall for state-run producers Oil and Natural
Gas Corp Ltd and Oil India Ltd. (Reuters)
 
    * GOL Offshore Ltd is selling real estate property
to fund redemption of its 2-billion rupees foreign currency
convertible bonds that are due in April, three persons close to
the development said. (Economic Times)
here
    * Jaiprakash Associates Ltd has deferred a planned
sale of shares in its unit Jaypee Infratech after
share prices of the subsidiary fell 8.5 percent on Wednesday,
the parent company said in a stock filing.
    * New Millennium Iron Corp, a Canadian iron ore
exploration and mining company 26.5 percent owned by Tata Steel
Ltd opened a 2.8 percent share buyback plan on
Wednesday, according to a filing to Toronto Stock Exchange.
(Business Line)
here
    * Rallis India Ltd's October-December net profit
rose more than two-fold to 220.3 million rupees from 76.6
million rupees a year ago. (Reuters) 

    TELECOM
    * Reliance Communications Ltd reported a decline
in profit for the second straight quarter as its finance costs
jumped. (Reuters) 
    * Vodafone's India unit said it was inclined to
follow price moves by competitors but has not decided on precise
steps. (Reuters) 
    
    RETAIL
    * Longchamp is planning to enter India this year and is
scouting for a local retail partner to set up its operations, a
person familiar with the development told Times of India. (Times
of India)
here
    
    IT
    * Tech Mahindra Ltd will increase local hiring in
the United States and Europe as it seeks to become a more
international partner to its customers, Chief Executive C P
Gurnani said. (Reuters) 
    
    AUTOS
    * Jaguar Land Rover, part of Tata Motors Ltd is
likely to report a lower EBITDA margin in the October-December
quarter compared with the previous two quarters, the company
said on Wednesday, due to exchange rate fluctuations and a
higher mix of Evoque sales. (Reuters) 
    * The Fiat Group may rope in Tata Capital Ltd 
for vehicle financing in India, the Business Line newspaper
reported.
    "We hope to have the arrangement with the Tatas by April,"
said Enrico Atanasi, Managing Director, Fiat India.(Business
Line)
here

    AIRLINES
    * The Supreme Court has directed all airlines not to charge
any transaction fee from passengers and rapped the sector
regulator for failing to enforce its own circular issued earlier
to this effect. (Economic Times)
here
    
    PHARMA
    * South African drug company Cipla Medpro is
expected to demand more than the $215 million on offer from
Indian suitor Cipla Ltd to reflect a lucrative
government contract win that will increase its earnings power.
(Reuters) 

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

 (Compiled by Manoj Rawal; Editing by Rafael Nam)

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