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Indian stocks to watch-Sept 10

Source : REUTERS
Last Updated: Mon, Sep 10, 2012 06:11 hrs

MUMBAI, Sept 10 (Reuters) -

GLOBAL MARKETS

* Nifty futures on Singapore Exchange rose 0.4 percent while the MSCI-Asia Pacific index excluding Japan rose 0.2 percent.

* U.S. stocks held steady at four-year highs on Friday, closing out their best week since June as a sharply disappointing jobs report only fueled expectations that the Federal Reserve would act to stimulate the economy next week.

* Asian shares crept up on Monday with expectations rising for fresh U.S. stimulus and more crisis measures management from Europe to make use of this week's key events to push forward its debt crisis management.

FACTORS TO WATCH

* India's Finance Minister P Chidambaram may speak to the heads of state-run companies on Monday around 10.00 IST (0430 GMT). (0430 GMT)

* Society of Indian Automobile Manufacturers releases monthly car sales data for August. (0430 GMT)

INDIAN STOCKS TO WATCH

ENERGY/COMMODITIES

* NMDC said the Indian government plans to divest a 10 percent stake in the miner via a share sale. (Reuters)

* Hess Corp agreed to sell its 2.72 percent stake in the large Azeri, Chirag and Guneshli (ACG) group of oil fields in Azerbaijan as well as its 2.36 percent stake in an associated pipeline to ONGC for $1 billion. (Reuters)

* Indian Oil Corp (IOC) is currently losing slightly less than 6 rupees per litre on petrol sales, its chairman R. S. Butola told reporters on Friday, adding that companies were discussing an increase in prices. (Reuters)

* Cairn India will start a second round of drilling and surveys as part of its Sri Lankan oil exploration programme in the first quarter of 2013, before deciding on its commercial viability by mid year, a company official said. (Reuters)

* A whistle-blower in the Maharashtra state government has said 350 billion rupees were siphoned off and wasted on dud irrigation projects in the past decade.

Vijay Pandhare, chief engineer of the water resources department wrote a stinging 15-page note to the state government four months ago, blaming the politician-officer-contractor nexus for the mess, according to a letter, a copy of which was procured by ET. (Economic Times) http://economictimes.indiatimes.com/news/politics/nation/maharashtra-govt-official-alleges-rs-35000-cr-irrigation-scam/articleshow/16330367.cms

FINANCIAL

* Everstone Capital has emerged front-runner to pick up a minority stake in Hinduja Leyland Finance, a non-banking finance company (NBFC) owned by the London-based Hinduja brothers, said at least two sources briefed on the matter. (Economic Times) http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/everstone-leads-race-for-stake-in-hinduja-finance/articleshow/16331000.cms

PHARMA

* The Delhi High Court has ruled in favour of Cipla in a patent infringement case filed by Switzerland's Roche Holding over the former's cancer drug Erlocip, a senior Cipla executive said. (Reuters)

* Biocon Ltd is eying Gujarat to set up a manufacturing plant near Ahmedabad, said senior state government officials here. (Business Standard) http://www.business-standard.com/india/news/biocon-eyes-gujarat-for-manufacturing-plant/485842/

IT

* Infosys said on Monday it would acquire Lodestone Holding AG for 330 million Swiss francs ($349.58 million).

* Infosys is in talks with Everis, a Spanish consulting company, for a possible acquisition, sources familiar with the developments said.

Infosys said it "does not comment on rumours and speculations". An email to Everis went unanswered. (Business Standard) http://www.business-standard.com/india/news/infosys-in-talks-to-acquire-spanish-consulting-firm/485943/

* U.S. private equity firm Bain Capital Partners has won U.S. antitrust approval to buy a major stake in technology outsourcing services provider Genpact Ltd, the Federal Trade Commission said on Friday. (Reuters)

TELECOMS

* Bharti Infratel, the tower arm of India's largest mobile phone operator Bharti Airtel, is likely to file a draft prospectus with the market regulator early this week to raise 50 billion rupees via an initial public offering (IPO), two persons familiar with the development said. (Economic Times) http://economictimes.indiatimes.com/markets/ipos/fpos/rights-issues/bharti-infratel-likely-to-file-papers-for-rs-5000-crore-ipo-of-188-million-shares/articleshow/16328766.cms

* Reliance Communications lost more than 13 percent of its mobile customers in July as it cut off inactive subscribers who have not used their phones for two months, although the firm said the move would have no impact on revenue. (Reuters)

RETAIL

* Hershey Co plans to buy the remaining 49 percent in its Indian joint venture that it does not own, giving it full control of the chocolate business. (Reuters)

* Future Group is merging its largest business unit, Future Value Retail, which houses Big Bazaar and Food Bazaar, with Pantaloon Retail in order to cut operating costs and restore investor confidence. (Economic Times) http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/future-value-to-be-merged-with-pantaloon-retail-to-cut-operating-cost/articleshow/16330591.cms

AIRLINES

* The new management at Air India is not afraid of losing passengers due to fare hikes as airline CMD Rohit Nandan hinted at more price revisions to absorb spiralling costs incurred by the airline. (Economic Times) http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/air-travel-may-get-costlier-as-air-india-mulls-fare-hike-due-to-costly-fuel/articleshow/16330911.cms

MEDIA

* Deccan Chronicle Holdings will ask lenders to relax the terms on which it was lent money, the latest attempt by the company to stave off bankruptcy. (Economic Times) http://economictimes.indiatimes.com/news/news-by-industry/media/entertainment-/media/bankruptcy-threat-deccan-chronicle-holdings-to-seek-relaxation-from-lenders/articleshow/16330800.cms

OTHER FACTORS TO WATCH * Indian debt/FX factors to watch * Euro slips but cushioned by Fed easing hopes * Oil rises as jobs data reinforces stimulus hopes * Foreign institutional investor flows * For closing rates of Indian ADRs ($1 = 0.9440 Swiss francs) (Reporting by Divya Chowdhury; Editing by Rafael Nam)



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