Indian stocks to watch-April 23
Please see important advisory about a change in markets coverage for India by double clicking. GLOBAL MARKETS ROUNDUP * Asian shares and the euro steadied on Monday after the IMF secured new funding to prevent the contagion of the euro zone's debt crisis, with investors turning to Chinese data to gauge the market's resilience to risk. * U.S. stocks mostly rose on Friday, led by solid earnings from McDonald's, General Electric and Microsoft, but declines in banks and technology shares pulled indexes from their day's highs. KEY EVENTS TO WATCH * Tata Consultancy Services, India's largest software services exporter, will report fiscal fourth-quarter results. Starmine estimates it will post a net profit of 28.21 billion rupees compared to consensus estimate of 29.03 billion rupees in the Jan-March quarter. INDIAN STOCKS TO WATCH * Indian energy conglomerate Reliance Industries Ltd reported its second consecutive quarterly drop in profit, hurt by weak refining margins and declining gas output from its offshore fields on Friday. Net profit fell by 21.2 percent to 42.36 billion rupees ($815 million). * Infosys, after the company said it was under scrutiny from the U.S. Department of Homeland Security for likely errors in employer eligibility documents of its staff working in the United States. * Mukesh Ambani-owned Infotel Broadband Services plans to set up over 100,000 towers for its 4G operations in three years. (Economic Times) * Three carriers - Kingfisher Airlines, SpiceJet and IndiGo - that were recently permitted to directly buy jet fuel from foreign sources would together import almost 13 lakh kilolitres of fuel at a cost of 57.80 billion rupees. (Economic Times) * Textile major Raymond is in advanced talks to sell a large parcel of land in Thane to a local developer. It plans to sell 9.4 acres out of the 125 acres that it owns at about 1.40 billion rupees. (Economic Times) * Analjit Singh-promoted company Max India has decided to divest its 25-year-old polypropylene business in a two-stage transaction for an enterprise value of about 8 billion rupees, a move that will help it exit its non-core business. (Economic Times) * Kanoria Chemicals and Industries said it will acquire Switzerland-based APAG Holding for over 440 million rupees. It is the holding company of APAG Elektronik AG which sells automobile electronic components. (Mint) * A verdict is soon expected from the Competition Commission of India (CCI), on a charge made by real estate dealers, of cartelisation among cement companies. (Business Standard) * Chennai-based Neyveli Lignite Corporation Ltd has evinced interest in setting up a 2,000-MW coal-fired power unit in Odisha through a joint venture (JV) with a state government company. The proposal envisages an investment of around 100 billion rupees. (Business Standard) * Naveen Jindal-led Jindal Steel and Power will invest over 100 billion rupees in 2012-13 to part-fund its 2 trillion rupees capex plan that aims to ramp up its steel-making capacity to 18 million tons in five years. (Financial Chronicle) OTHER FACTORS TO WATCH * Indian debt/FX factors to watch * Euro takes a breather, China data in focus * Brent oil steady under $119, China data eyed * Foreign institutional investor flows * For closing rates of Indian ADRs (Reporting by Abhishek Vishnoi & Divya Chowdhury ; Editing by Subhadip Sircar)
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.