Indian stocks to watch-April 13

MUMBAI, April 13 Thu Apr 12, 2012 11:22pm EDT

MUMBAI, April 13 (Reuters) -

GLOBAL STOCK MARKETS ROUNDUP

* Asian shares rose on Friday on better-than-expected demand for Italian sovereign debt, shrugging off a rocket launch by North Korea that South Korean officials said had failed.

Trading may later be dominated by China data showing the economy grew at a slower-than-expected 8.1 percent in the first quarter, the slowest pace in nearly three years.

* U.S. stocks scored a second day of solid gains on Thursday, led by materials and energy stocks, as investors set aside weak figures on the domestic labor market.

KEY EVENTS TO WATCH

* India's Supreme Court to hear Indian government's review plea in 2G telecoms case (0230 GMT)

* India's Supreme Court hearing on whether to include the home minister in telecoms corruption trial (0330 GMT)

* India's Foreign reserves announcement (1230 GMT)

INDIAN STOCKS TO WATCH

* Infosys Ltd, India's second-largest software services exporter, reported a 27.4 percent rise in quarterly net profit, meeting forecast, after customers ramped up orders to cut operational costs.

* India will raise the retail prices of subsidised fuels, including diesel, once parliament approves the finance bill for the current fiscal year early next month, a senior government source with knowledge of the matter said on Thursday.

* Facing united opposition from foreign investors to the proposed general anti-avoidance rules (GAAR), the finance ministry has decided to revisit the changes made in Budget 2012-13.

A key option is to extend the period of introduction of the new tax regime, so that foreign institutional investors get time to wind down existing commitments to their investors abroad. (Financial Express)

* India's debt-laden national carrier Air India, will receive an equity infusion of 67.5 billion rupees ($1.3 billion) in the current fiscal year and will spin-off two of its units as part of a financial restructuring plan approved by the federal cabinet.

* Aluminum products maker Novelis Inc, which has cut its fiscal 2012 earnings estimate because of lower shipments and soft demand, will close its aluminum plant in Quebec.

* Oil trader Trafigura has made its first move into refining in Asia, investing up to $130 million for a 24 percent stake in Nagarjuna Oil Corp Ltd's planned refinery in southern India and replacing BP as NOCL's crude supplier.

* Life Insurance Corporation of India plans to invest at least 2.25 trillion rupees this fiscal year, roughly one-fourth of that in equities, chairman-in-charge Dinesh Kumar Mehrotra said. (Mint)

* State Bank of India, the country's largest lender, plans to buy loans from banks in the U.S. and Europe to boost its overseas credit assets and profitability. (Business Standard)

* IDBI Bank may consider raising its offshore fund raising plan to least $2.5 billion overseas by January from $1.5 billion now, Executive Director Melwyn Regi told reporters. (Economic Times)

* Road and real estate developer IVRCL is looking to raise 30 billion rupees by selling a 37.5% stake in IOT Utkal Energy Services, a special purpose vehicle that is building a storage terminal for Indian Oil's upcoming refinery in Orissa. (Financial Express)

* Suzlon Energy, which urgently needs to repay $569 million to bondholders by October, has begun talks with key banks to raise money amidst signs of wariness among some lenders. (Economic Times)

* Adani Ports and Essar Ports are in the race to win the bidding to build the 36.83 billion rupees mega container terminal at Chennai Port. (Business Standard)

* GlaxoSmithKline and Teva Pharma are in separate discussions to acquire the domestic business of Bangalore-based Micro Labs. (Business Standard)

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

OTHER FACTORS TO WATCH

* Indian rupee seen up on capital inflow hopes

* Indian bond yields seen falling on rate cut hopes

* Singapore dlr up on MAS to lift appreciation slope

* Crude rises as China GDP talk lifts markets

* Foreign institutional investor flows

* For closing rates of Indian ADRs (Reporting By Manoj Rawal; Additional reporting by Abhishek Vishnoi; Editing by Rafael Nam)

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