Indian stocks to watch-Dec 6

Orchid Pharma

06/12/2012 03:12

GLOBAL MARKETS ROUNDUP   
    * Nifty futures on the Singapore Exchange    0.22 
percent higher. The MSCI-Asia Pacific index excluding Japan 
   is also 0.13 percent up.         
    * A volatile trading session ended with U.S. stocks mostly 
higher on Wednesday, even as Apple, the most valuable company in 
the United States, suffered its worst day of losses in almost 
four years.      
    * Asian shares were steady near 16-month highs on Thursday, 
supported by hopes that U.S. lawmakers will reach a compromise 
to avoid the so-called 'fiscal cliff' of year-end tax hikes and 
spending cuts which threaten to push the U.S. economy back into 
recession.      
       
    FACTORS TO WATCH   
    * Fiat-Chrysler Asia Pacific COO in Mumbai for strategic 
launch. (0630GMT) 
    * India's cabinet headed by Prime Minister Manmohan Singh is 
likely to approve setting up of National Investment Board. (1200 
IST) 
    * India's upper chamber of parliament begins FDI in retail 
debate. 
    * Supreme Court in India will announce its decision on 
Vedanta's    planned bauxite mine in eastern Odisha state. 
                                                    
    INDIAN STOCKS TO WATCH 
For additional press items double click    
    
     MACRO/POLICY 
    * India's fragile ruling coalition won a vote on allowing 
foreign supermarkets to operate in Asia's third-largest economy 
on Wednesday, in a key test of support for Prime Minister 
Manmohan Singh and his flagship economic reform. (Reuters) 
   
    * The Union Cabinet will on Thursday take up the proposal to 
set up the National Investment Board (NIB), a body mooted by the 
finance ministry to fast track project clearances and ensure 
their timely implementation. The Cabinet will also consider the 
new investment policy for urea. (Economic Times) 
 
    * In a bid to attract long-term debt to time-consuming road 
projects, the government is set to give infrastructure debt 
funds (IDFs) designated to refinance bank loans to such projects 
the facility of first charge on escrow accounts of terminated 
projects. (Financial Express) 
 
 
    FINANCE 
    * The Sahara conglomerate was given more time by India's 
Supreme Court to repay billions of dollars to millions of small 
investors who bought the company's bonds that were later ruled 
to be illegal. (Reuters)    
    * Karvy Financial Services, the non-banking finance company 
(NBFC) of the Karvy Group, hopes to raise 1.5-2 billion rupees 
from PE investors. Ernst & Young is believed to have been 
appointed to find suitable ones. Amit Saxena, chief executive 
officer, confirmed the development but would not disclose 
financial details. (Business Standard) 
   
    PHARMA/HEALTHCARE 
    * The sale of Orchid Chemicals & Pharmaceuticals'    
assets to Hospira    of the US for $200 million has hit a 
roadblock because IDBI Bank    has dragged the Chennai 
firm to court for not adhering to the covenants of a loan 
agreement, according to an industry official. (Financial 
Chronicle) 
 
    * India's Strides Arcolab    and Eli Lilly    
will jointly manufacture and distribute generic cancer drugs for 
developing markets, the drugmakers said on Wednesday, as the 
U.S. company looks to expand its presence in emerging markets. 
(Reuters)    
 
    HOTELS 
   * Tatas-owned Indian Hotels Company    is working on a 
revised offer to acquire British hospitality group Orient 
Express, sweetening the price 10-15 percent in the coming days, 
according to sources. (Economic Times) 
 
 
    AUTO 
    * The $15.4-billion Mahindra Group    appears to have 
pulled out of the race for troubled luxury car brand Aston 
Martin. According to sources in investment banking circles, the 
brand's financial baggage is probably the reason why the Indian 
auto major has cooled off towards the bid. (Times of India) 
 
    * German auto parts and tyremaker Continental Automotive 
plans to invest more than e100 million (about 7.15 billion 
rupees) in India over next three years, chief executive, Elmar 
Degenhart told ET. (Economic Times) 
 
    * German luxury car maker Audi reported 89 percent jump in 
sales in November at 805 units and said it has crossed the 8,000 
units sales mark that it set for this year, a month ahead of 
schedule. (PTI in Economic Times) 
     
     
    RESOURCES/ENERGY 
    * The Afghanistan government is likely to sign a concession 
agreement in January with SAIL-led Afghan Iron and Steel 
Consortium (AIFSCO), which plans to mine iron ore in 
Afghanistan's Bamiyan province. (Financial Express) 
 
    *     The US' Export-Import (Ex-Im) Bank has extended $2.1 
billion credit to Reliance Industries   , which will be 
primarily used to finance goods and services sourced from 
America for expanding Reliance's projects at Jamnagar. (Economic 
Times) 
 
    * JSW Steel    is considering increasing prices by 3-4 
percent as there has been a rise in input costs, a top company 
official said. (PTI in Economic Times) 
 
    * The Centre has refused to extend the in-principle approval 
given to South Korean steelmaker Posco for its proposed 
530-billion rupees multi-product special economic zone in 
Odisha. (Economic Times) 
 
    * The Russian government-owned OAO Gazprom is in talks with 
Indian Oil Corp. Ltd    for acquiring a stake in the 5 
million tonnes per annum (mtpa) liquefied natural gas (LNG) 
terminal planned at Ennore near Chennai, according to a person 
aware of the development. (Mint) 
 
    * The Children's Investment Fund (TCI) has slowly but 
steadily increased its stake in Coal India    from 0.06 
per cent in October 2010 to 1.35 per cent in November, becoming 
the  second-largest stakeholder in the firm. (Business Standard) 
    * After scrapping its Bolivia plans, private steel firm 
Jindal Steel and Power    is scouting for coal properties 
in other geographies including South Africa and Mozambique. (PTI 
in 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                         
* Euro steady in early Asian trade                           
                                             
* Oil falls after US gasoline inventories leap higher         
    
* Foreign institutional investor flows               
* For closing rates of Indian ADRs                         
 
 
 (Compiled by Manoj Rawal; Edited by Subhadip Sircar) 
 ((subhadip.sircar@thomsonreuters.com)(+91 22 61807201)(Reuters 
Messaging: subhadip.sircar.reuters.com@reuters. net)) 
 
Keywords: MARKETS INDIA STOCKS/PRE OPEN