Indian stocks to watch-March 5

Gammon India

05/03/2013 03:16

GLOBAL MARKETS ROUNDUP        
    * Nifty futures on the Singapore Exchange    rose 0.11 
percent. The MSCI-Asia Pacific index, excluding Japan   
   rose 0.96 percent.              
    * Asian shares rebounded after a sharp sell-off triggered by 
slumping Chinese stocks the previous session, as a globally 
accommodative monetary stance helped eased concerns and revived 
risk appetite.           
    * U.S. stocks closed higher on Monday as investors staged a 
late-day rebound, extending a recent trend of buying on dips and 
pushing major indexes near all-time highs despite concerns about 
growth and China's housing market.           
          
    FACTORS TO WATCH 
    * RBI governor Duvvuri Subbarao to address  
the NIBM convocation. Raghuram Rajan, chief economic advisor, 
will deliver the convocation address.   
    * Feb services PMI (0500 GMT) 
 
    INDIAN STOCKS TO WATCH 
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NOTE: Reuters has not verified third-party stories and does not 
vouch for their accuracy. 
     
    FINANCIAL/REGULATORY 
    * India will issue so-called safe harbour rules by April 
2013, a set of provisions that under certain conditions would 
enable tax authorities to accept companies' transfer pricing 
claims without further scrutiny, Finance Minister P. Chidambaram 
said on Monday. (Reuters)    
    * India will seek parliamentary approval for amending 
retrospective tax rules, after it reaches an agreement with 
Vodafone Group Plc    over a tax dispute, Finance Minister 
P. Chidambaram said. (Reuters)    
     
    ENERGY/COMMODITIES 
    * India is set to consider relaxing controls on the sugar 
industry, a minister said on Monday, as the prospect of high 
output this year creates the conditions for liberalisation 
without a sharp rise in prices. (Reuters)    
    * The government has decided to sell 12.5 percent stake in 
Rashtriya Chemicals and Fertilizers Ltd    to raise 3 
billion rupees by March, in addition to a minority stake sale in 
National Aluminium Co Ltd    and Steel Authority of India 
  , people with direct knowledge of the development said. 
(Economic Times) 
 
     
    INFRASTRUCTURE 
    * GMR Group    said it would sell its 70 percent 
stake in the Island Power Project in Singapore to FPM Power 
Holdings for S$660 million ($532 million). 
(Reuters)   
    * Gammon India Ltd     has initiated talks with 
investors to sell up to 24 percent stake in its listed 
subsidiary, Gammon Infrastructure Projects, company executives 
said. (Economic Times) 
 
     
    AUTOS 
    * Tata Motors    said it has cut prices of its 
hatchbacks and sedans by 29,000-50,000 rupees ($530-$910), in a 
bid to lure customers to a market that is on course in the 
current fiscal year to post the first decline in annual sales in 
a decade. (Reuters)    
    * Meanwhile Tata's unit Jaguar Land Rover    plans 
to increase investment at its UK engine plant and double 
employment at the site to around 1,400, its chief executive said 
on Monday. (Reuters)    
     * Mahindra and Mahindra Ltd    plans to invest 7-8 
billion rupees every year in new offerings in the future, 
Speaking at the sidelines of the new Maxximo Plus mini truck 
launch, said Rajan Wadhera, CEO of technology, product 
development & sourcing in the auto & farm sector for the auto 
maker. (Economic Times) 
 
    * Harley-Davidson Inc    has announced that it will 
locally assemble three models in India.  (Business Standard) 
 
         
    AIRLINES 
    * AirAsia has brought forward the start of its domestic 
operations in India to May-June, a person with knowledge of the 
development said. (Economic Times) 
 
 
    PHARMA 
    * An Indian patent appeals board upheld on Monday a decision 
to allow Natco Pharma Ltd    to sell a generic version of 
Bayer AG's    cancer drug Nexavar, in a blow for global 
drugmakers' efforts to hold on to monopolies on high-price 
medicines. (Reuters)    
     
    IT 
    * Polaris Financial Services Technology    is likely 
to hive off IT services and cloud computing units in separate 
deals, while retaining the software products business, said 
people briefed on the matter. (Times of India) 
     
    TELECOMS 
    * Malaysia's Axiata    has approached Bharti Airtel 
Ltd    to acquire the Indian operator's business in Sri 
Lanka, according to people privy to the development. (Business 
Standard) 
 
 
NOTE: Reuters has not verified third-party stories and does not 
vouch for their accuracy. 
     
 
 (Compiled by Manoj Rawal) 
 ((manoj.rawal@thomsonreuters.com)(+91-22 6180-7219)(Reuters 
Messaging: manoj.rawal.thomsonreuters.com@reuters.net)) 
 
Keywords: MARKETS INDIA STOCKS/PRE OPEN