Reuters: Financial Services and Real Estate: Indian stocks to watch-June 7

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Indian stocks to watch-June 7 Jun 7th 2012, 03:20 Wed Jun 6, 2012 11:20pm EDT GLOBAL MARKETS * The near-month derivative contract for India's NSE index at Singapore Exchange rose 1.4 percent, while MSCI Asia ex-Japan gained 1.8 percent. * Asian shares rose on Thursday on signs European policymakers were seeking a solution for ailing Spanish banks and amid growing expectations for additional monetary stimulus if major economies deteriorate further. * U.S. stocks jumped on Wednesday, giving the S&P 500 its best day since December, as talk of a rescue of Spain's troubled banks and hopes for more monetary stimulus sparked a rebound from recent selling. FACTORS TO WATCH * Indian energy conglomerate Reliance Industries holds its annual shareholder meeting. (0530GMT) INDIAN STOCKS TO WATCH INFRASTRUCTURE * India's government on Wednesday vowed to push ahead with major transport and power projects in the current financial year, buoying stocks in infrastructure companies with an attempt to inject some life into the flagging economy. * Ashok Leyland has bagged the first overseas order worth $6 million for its vestibule buses from Bangladesh Road Transport Corporation. (Times of India) FINANCIAL/REGULATORY * Redemptions from India-focused offshore funds by foreign investors in May was the highest monthly outflow in a year as hazy economic prospects amid the falling rupee and slow policy decisions prompted them to pull out of India. (Economic Times) * India-focused private equity firm Samara Capital is close to investing 1.8 billion rupees in Ludhiana-based apparel retailer Monte Carlo Fashions. (Economic Times) * State Bank of India has launched a personal loan scheme against property loans at interest rates lower than that of some of its private peers. (Economic Times) * The government has unveiled new rules aimed at state-owned banks, nudging them to salvage their junk loans, which have strained balance sheets and re-priced stocks of several lenders. (Economic Times) ENERGY/COMMODITIES * A global glut of liquefied natural gas (LNG) supplies from 2015, led by U.S. and Australian exports, will empower top Asian consumers and weaken the influence of oil on how gas is priced, leading to cheaper imports, Eurasia Group analysts said. * GAIL (India) Ltd has allotted nearly $1 billion to fund purchases of shale gas assets in the United States and Canada, B.C. Tripathi, chairman and managing director of GAIL India, said on Thursday. * Indian sugar extended losses on Wednesday for the fifth session in a row to hit its lowest level in nearly three months, hurt by sluggish demand at the start of monsoon rains and ample supply in the domestic market. * The Central Bureau of Investigation (CBI) is set to begin an investigations into accusations of a coal block allocation scam, as part of its preliminary inquiry to ascertain whether there were irregularities in allocating these blocks to private companies between 2006 and 2009. (Business Standard) * Tata Steel Europe, a unit of Tata Steel, will get coal at lower than market prices from the Benga coal project in Mozambique, a company official said.(Business Standard) * West Coast Paper, India's second-largest paper maker by capacity, has put its newsprint unit on the block as falling prices and cheaper imports take a toll on the industry already crimped by a tight raw material situation. (Economic Times) * Swan Energy is in talks with state-owned oil and gas companies to sell a small stake in its upcoming floating LNG unit in Pipavav, Gujarat. Bharat Petroleum, Hindustan Petroleum, and Gujarat State Petroleum have been sounded out, people close to the development said. (Economic Times) * United Phosphorus is aiming at a 15 per cent growth in topline this financial year, its chief executive officer said. (Business Standard) PHARMA / HEALTH CARE * The government has formed an inter-ministerial panel for finalising guidelines for allowing multinational corporations to buy equity stakes in Indian drug companies, seeking to end the regulatory uncertainty that is holding up clearances of such proposals. (Economic Times) * Apollo Hospitals Enterprise Ltd will buy out partner Imperial Hospital's stake in a Bangalore hospital-cum-research facility for around 1 billion rupees. (Business Standard) TELECOM * Malaysian telecom giant Axiata Group has approached Idea Cellular to build a transnational tower company, with operations across Southeast Asian markets. Axiata wants to acquire or merge more than 8,000 towers of the Indian mobile operator as it looks to create a unified tower entity with a presence in seven nations, said banking sources directly familiar with the matter. (Times of India) * The auction of 2G spectrum might be delayed, as the government may file a petition in the Supreme Court for an extension of the timeline. (Business Standard) AUTOS * Major auto makers in India warned on Wednesday that government proposals to raise the tax on cars running on heavily subsidised diesel will hurt a fast-growing sector popular with India's emerging middle class. * Mahindra & Mahindra on Wednesday said it will have to put off investment decisions worth 40 billion rupees for a new plant if the government slaps a hefty special additional tax on diesel vehicles. (Times of India) * German auto maker Audi introduced its compact luxury SUV Audi Q3 in India on Wednesday. (Times of India) 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 * Aussie jumps after job data surprise * Brent crude above $100 on euro zone hopes, Fed * Foreign institutional investor flows * For closing rates of Indian ADRs (Compiled by Divya Chowdhuri; Editing by Rafael Nam) Link this Share this Digg this Email Reprints

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