Indian Stocks to Look Out for on Jan 7

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By Naagesh N. | January 7, 2013 5:29 PM EST

GLOBAL MARKETS ROUNDUP    

* Nifty futures on the Singapore Exchange rose 0.26 percent. The MSCI-Asia Pacific index, excluding Japan was flat.

* Asian stocks drifted as investors booked profits from a New Year rally that had pushed markets to multi-month highs, but financial stocks gained after global regulators decided to relax draft plans for tough new bank liquidity rules.

* The benchmark Standard & Poor's 500 index ended at a five-year high on Friday, lifted by reports showing employers kept up a steady pace of hiring workers and the vast services sector expanded at a brisk rate.

EVENTS TO WATCH

* An Indian ministerial panel will meet to discuss the government's plan for the next airwave auction. (0430 GMT)

* RBI Deputy Governor K.C. Chakrabarty and finance ministry officials will be at a pre-budget discussion with bankers and representatives of financial institutions in New Delhi. (0630 GMT)

* RBI Deputy Governor Anand Sinha to attend a discussion session on issues and concerns in the non-banking finance sector. (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

* Intercontinental Exchange and CME Group Inc will launch foreign exchange futures contracts on the Indian rupee on January 22 and 28, respectively. (Financial Chronicle)

here

* The finance ministry is pitching for removal of gold jewellery from the list of items allowed to be imported from Thailand at concessional duty under the bilateral treaty it has with India, said a customs official privy to the development.

(Economic Times)

here

* The government has ruled out the possibility of any public sector bank coming up with a public offer in the current fiscal, and plans to infuse capital in banks through the preferential placement route, a finance ministry official said.

The official added the aim is to infuse about 158 billion rupees by March-end and maintain a 58 percent stake in state-run banks. The top three banks that require immediate capital infusion are Indian Overseas Bank, Central Bank of India, and Bank of Maharashtra.

here

* South African lender FirstRand wants to sell its stake in Asset Reconstruction Co. (India) Ltd, or Arcil, the country's largest asset reconstruction company, said Neels Els, a senior investment professional in the principal investments business of FirstRand Group South Africa. (Mint)

here

* The capital markets regulator on Friday unveiled proposals to strengthen corporate governance at Indian companies in a move to match best global practice and win back investor confidence.

(Reuters)

ENERGY/COMMODITIES

* India has shortlisted six banks, including Goldman Sachs , Citigroup and Morgan Stanley, for a selldown of state shares worth $2.3 billion in power producer NTPC Ltd, three sources with direct knowledge of the sale said. (Reuters)

* Two people were killed by a fire at a fuel storage terminal of state-run Indian Oil Corp in Hazira in Gujarat state on Saturday. (Reuters)

TELECOM

* Vodafone Group Plc said on Saturday it has received a reminder from Indian tax authorities on disputed tax dues over its 2007 acquisition of Indian mobile assets.

(Reuters)

Separately, Vodafone has invited the government to engage with it to find an amicable solution to its multi-billion-dollar tax dispute in India, The Economic Times reported, citing a letter seen by the newspaper to Revenue Secretary Sumit Bose on Jan. 5. (Economic Times)

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* State-owned Bharat Sanchar Nigam Ltd is set to buy telecom gear worth 4 billion rupees ($72.58 million)from China's Huawei to upgrade its landline network, top company executives aware of the development told ET. (Economic Times)

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MEDIA

* eBay Inc is considering a minority investment in Snapdeal, as the U.S. company weighs options in India's digital commerce industry, said people briefed on the matter. (Times of India)

here

AIRLINES

* The civil aviation ministry has decided to scrap the existing rule that makes it mandatory for domestic airlines to deploy 10 per cent of capacity on non-viable routes like the Northeast, The Business Standard reported without citing sources. (Business Standard)

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* Top aviation ministry sources said Kingfisher Airlines Ltd's international flying rights could be given to other Indian carriers, along with its airport slots, in the coming summer schedule if the carrier does not resolve renew its flying license. (Economic Times)

here

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

($1 = 55.1150 Indian rupees)

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