Indian stocks to watch-Oct 11
GLOBAL MARKETS ROUNDUP
* Nifty futures on the Singapore Exchange
rose 0.25 percent. The MSCI-Asia Pacific index excluding Japan fell 0.22 percent. * The S&P 500 fell for a fourth day on Wednesday, weighed down by disappointing news from Chevron and Alcoa
as earnings season got under way.
* Asian shares tracked Wall Street lower on Thursday as weak forecasts from U.S. corporate bellwethers underscored concern over global demand, particularly from China.
FACTORS TO WATCH
* World Steel Association, a group representing global steel producers, holds a 2-day annual conference in New Delhi.
* The Reserve Bank of India Deputy Governor Anand Sinha will speak on macroprudential policy tools and frameworks at an event organised by the Financial Stability Institute.
* India's telecoms minister will attend a event organised by the mobile tower industry in New Delhi.
INDIAN STOCKS TO WATCH NOTE: Reuters has not verified third-party stories and does not vouch for their accuracy.
* Coal and power ministry officials agreed on the terms of the newly drafted fuel-supply agreements (FSAs) resolving a contentious issue between the two ministries that saw some power companies refusing to sign them, a senior official said. (Mint)
* Tata Steel's
Europe unit will receive the first iron ore shipment from its Benga project in Mozambique by end-October, a top official said, a first step towards addressing the cost volatility affecting its European operations. (Reuters)
* Bondholders in India's Suzlon Energy
, the world's fifth-largest maker of wind turbines, have rejected a proposal by the company to extend by four months the redemption of two tranches of bonds due on Thursday totalling $220.8 million. (Reuters)
* India is considering raising duties on white sugar imports but is unlikely to tinker with the existing rate on raw imports, two government sources said on Wednesday, hoping to protect domestic millers from cheap competition. (Reuters)
* India's Oil Ministry has cancelled permits to lay four gas pipelines held by Reliance Gas Transportation Infrastructure, part of Reliance Industries
. (Economic Times) FINANCIAL/REGULATORY
* The government is likely to take a final view by Nov. 15 on the Shome panel report, which had favoured prospective application of tax laws in its report on retrospective amendments relating to taxation of indirect transfers, a Finance Ministry official said. (Economic Times)
* Senior executives of a company could find themselves facing criminal charges for failing to prevent bribery as the government proposes to amend the Prevention of Corruption Act to make such failures an offence. (Economic Times)
* Relaxing norms for foreign-owned non-banking financial companies to open subsidiaries, the RBI said such entities can now set up arms even if the overseas investment is less than 100 percent. (Economic Times)
* India's gross direct tax receipts rose about 5.9 percent to 2.7 trillion rupees ($51.11 billion) during the first half of the current fiscal year, from a year earlier, on higher income tax and wealth tax revenues, a government release said. (Reuters)
* SEBI has suspended the registration of Alka Securities Ltd
for two years. (Mint) AUTOS
* Toyota Kirloskar Motor on Wednesday voluntarily announced the recall of approximately 8,700 units of Corolla Altis and Camry manufactured in India as part of the global recall exercise by Toyota Motor Corp.
(Economic Times) AIRLINES * Kingfisher Airlines Ltd
is likely to extend its lockout for a second time and has suspended ticket sales until Oct. 20, according to at least three executives of the carrier. (Mint)
* IRB Infrastructure Developers Ltd
acquired 74 percent of MVR Infrastructure and Tollways. (Reuters) HEALTHCARE
* Religare Health Trust will raise S$511 million ($416 million) after pricing its initial public share offer in Singapore below the middle of an indicative range, two sources with direct knowledge of the matter said on Wednesday.
Religare will own hospital-related assets managed by Indian hospital group Fortis
. (Reuters) MEDIA * Dish TV India
unveiled a new pricing scheme of 70 channels in the basic tier segment that will be free to its subscribers in the four metros, potentially triggering a price war in the digital TV segment. (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
* Australian dollar gains after better jobs data
* Oil falls as economic worries, stock market pressure
* Foreign institutional investor flows
* For closing rates of Indian ADRs
(Compiled by Manoj Rawal; Editing by Rafael Nam)
Keywords: MARKETS INDIA STOCKS/PRE OPEN