GLOBAL MARKETS ROUNDUP * Nifty futures on the Singapore Exchange fell 0.24 percent. The MSCI-Asia Pacific index, excluding Japan was flat. * Asian shares erased modest gains to edge lower on Wednesday as cautious investors waited for more clues about the global growth outlook, while a pause in the yen's declines spurred profit taking in Japanese equities after their recent rally. * The Dow and S&P 500 edged higher on Tuesday after stronger-than-expected retail data, though tech heavyweight Apple dragged on the market for a third day. EVENTS TO WATCH * Bajaj Auto earnings INDIAN STOCKS TO WATCH For additional press items double click NOTE: Reuters has not verified third-party stories and does not vouch for their accuracy. FINANCIAL/REGULATORY * Reserve Bank of India Governor Duvvuri Subbarao on Tuesday tempered expectations of interest rate cuts beginning this month, saying prices of consumer products and manufactured items are still rising. "Inflation has come down, (but is) still high," he was quoted as saying by Bloomberg in his speech at the Indian Institute of Management. (Economic Times) here * India needs to improve its financial system supervision and crisis preparedness while at the same time liberalizing some sectors to reduce distortions and risks created by heavy state involvement in banking, the International Monetary Fund said on Tuesday. (Reuters) ENERGY/COMMODITIES * India's passion for gold is putting such a strain on state finances that the government may slap higher import taxes on the precious metal, but demand buoyed by heady inflation and meagre savings will blunt the impact of any rise in duties. (Reuters) * Petrol price has been hiked by about 0.35 rupees per litre on Tuesday in line with firming raw material costs. Petrol will cost 67.56 rupees per litre in New Delhi with effect from midnight, industry sources said. (Times of India) here * Oil and Natural Gas Corp may see 4.7 percent rise in crude oil output at over 25 million tonne in 2012-13 but natural gas output is projected to fall 1.4 percent, according to company estimates submitted to the oil ministry. (Business Standard) here * Adani Group has finalised the terms and conditions to buy out the stakes held by Larsen & Toubro Ltd and Tata Steel Ltd in Dhamra Port Company Ltd in Odisha for an enterprise valuation of close to $1 billion, said a source directly involved with the talks. (Business Standard) here AIRLINES * Qatar Airways is not interested in buying a stake in Indian budget carrier SpiceJet Ltd or any other Indian airline, its chief executive said, quashing media reports that the Gulf carrier was in talks for a potential investment. (Reuters) * A few banks are reducing their stake in Kingfisher Airlines Ltd by selling the shares acquired through a loan conversion at lower prices, said a senior executive with a state-run lender, requesting anonymity. (Business Standard) here AUTOS * Tata Motors Ltd said global vehicle sales in December 2012 stood at 98,968 vehicles, down 13.9 percent from a year earlier, as sales at its key Jaguar Land Rover unit rose 4.2 percent to 32,282 vehicles. (Reuters) TELCOS * Indian mobile phone company Bharti Airtel Ltd is replacing the chief executive of its key domestic operations as the group seeks to reverse a trend of declining profits. (Reuters) * Huawei has raised concerns over the Department of Telecom's move to exclude it from the list of companies with local manufacturing capabilities, the company said in a communication to the industry body representing the interest of GSM players. (Business Line) here MEDIA * The National Stock Exchange said trading of shares in Deccan Chronicle Holdings Ltd would be suspended from Jan. 23, saying the newspaper publisher failed to provide shareholding and financial information. (Reuters)
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