INDIAN STOCKS TO WATCH For additional press items double click GLOBAL MARKETS ROUNDUP * Wall Street rallied on Monday and global equities finished their best year in the last three as U.S. lawmakers closed in on a deal to avoid a budget crisis that many fear could cripple the world economy in 2013. * U.S. stocks closed out 2012 with their strongest day in more than a month, putting the S&P 500 up 13.4 percent for the year, as lawmakers in Washington closed in on a resolution to the "fiscal cliff" negotiations. MACRO/FINANCIAL/REGULATORY * The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, Obama administration officials said on Monday. * India's current account deficit widened to a record high of 5.4 percent of GDP in the September quarter as export growth slowed more sharply than imports, with a similar gap expected in the December quarter likely to prolong weakness in the rupee. (Reuters) * India's infrastructure sector output grew 1.8 percent in November from a year earlier, a sharp fall from the upwardly revised annual growth of 6.6 percent in the previous month, government data showed on Monday. (Reuters) * Government's ambitious direct benefits transfer (DBT) scheme will be rolled out in 20 districts on January 1 as against the earlier plan of covering 51 districts. (Economic Times) link.reuters.com/kyz84t * Retail inflation for industrial workers moved up marginally to 9.55 percent in November on account of surge in the prices of food items, cooking gas, medicines and bus fares. (Press Trust of India in Economic Times) link.reuters.com/nyz84t * The government has allowed Indian companies to merge with firms overseas through the issue of Indian Depositary Receipts (IDRs) and the Reserve Bank of India has been asked to issue detailed guidelines on the process. (Economic Times) link.reuters.com/vyz84t ENERGY/COMMODITIES * Initiating the process of allocation of coal mines, the government has invited proposals from PSUs for alloting 17 blocks to them, mostly for captive power plants. (Press Trust of India in Business Line) link.reuters.com/syz84t * The Competition Commission of India, or CCI, has launched a probe into state monopoly Coal India Ltd's, or CIL, move to raise prices to increase profits without making substantial investments to develop infrastructure and raise production. (Economic Times) link.reuters.com/tyz84t * The ministry of environment and forests has rejected infrastructure giant IVRCL's two sand-mining projects in Uttar Pradesh due to improper documentation of mining area and environmental issues. (Press Trust of India in Financial Express) link.reuters.com/wyz84t INDUSTRIAL * Plastic water tank maker Sintex Industries raised $170 million through a mix of foreign currency convertible bonds and shares to qualified institutional investors as the company inches nearer to repay its bond holders $290 million by March 2013. (Economic Times) POWER * The government proposes to lay separate power distribution lines for agricultural consumers, an expensive move that technocrats say is aimed at securing political mileage ahead of the 2014 general elections. (Economic Times) link.reuters.com/pyz84t * The government has decided to allow power companies to divert natural gas from one of their plants to another to achieve optimal operations, relaxing the stringent policy that restricts fuel supply to specific units. (Economic Times) link.reuters.com/qyz84t * Tata Power, India's largest private power producer, is in the process of setting up a 12,500-Megawatt (Mw) generation capacity abroad in the next seven years. This is twice the 6,899-Mw capacity set up in India in its 90- year history. (Business Standard) link.reuters.com/xyz84t RETAIL * Finance ministry has sought more information from IKEA for its India investment plans and will take up the Swedish furniture major's proposal to open cafeterias at its proposed mega retail outlets next week. (Press Trust of India in Times of India) link.reuters.com/jyz84t * Keyline Brands, a UK based subsidiary of Godrej Consumer Products, has acquired Soft & Gentle brand from Colgate-Palmolive. (Times of India) link.reuters.com/ryz84t AVIATION * Kingfisher Airlines said expiration of its operating licenses, set for Monday, was not a cause for concern as the grounded Indian carrier has two years to renew the license and permits required to fly. (Reuters) TELECOMMUNICATIONS * India's Tulip Telecom Ltd, which defaulted on a $140 million convertible bond redemption in August, said on Monday it is in talks with lenders to restructure its long-term debt. (Reuters) * The Empowered Group of Ministers on spectrum, headed by Finance P Chidambaram, is scheduled to meet on January 3 to discuss details of the spectrum auction due this fiscal. (Press Trust of India in Economic Times) link.reuters.com/myz84t
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