April 23, 2012 / 3:40 AM / 5 years ago

Indian stocks to watch-April 23

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    * 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
    * 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 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)

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