GLOBAL MARKETS ROUNDUP
* Nifty futures on the Singapore Exchange gains 0.02
percent. The MSCI-Asia Pacific index, excluding Japan
was up 0.29 percent.
* Overnight gains in U.S. stocks underpinned Asian shares on
Friday, but prices were capped ahead of key U.S. jobs and
Chinese trade figures due later in the session, while the dollar
hovered near a 3-1/2-year high against the yen.
* U.S. stocks closed modestly higher on Thursday, with the
Dow ending at a record for a third straight day as
jobless claims data pointed to a pick-up in the labor market's
recovery a day before the closely watched payrolls report.
FACTORS TO WATCH
* Finance Minister to address boards of RBI and SEBI
* India's Chief Economic Advisor Raghuram Rajan and Chairman
of the Prime Minister's Economic Advisory Council C Rangarajan
will address an industry meeting
* The Indian government will sell a 12.5 percent stake in
Rashtriya Chemicals and Fertilizers (RCF) Ltd through
an auction of shares to raise about $57 million.
* India-foreign reserves, bank lending data (1130 GMT)
INDIAN STOCKS TO WATCH
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NOTE: Reuters has not verified third-party stories and does not
vouch for their accuracy.
ENERGY/COMMODITIES
* The long-drawn legal battle between the Comptroller and
Auditor General (CAG) and Reliance Industries Ltd over
the scrutiny of the financial and physical performance of the
company's KG-D6 gas block has been resolved, said petroleum
minister M Veerappa Moily. (Financial Express)
* India may avoid a drought for a fourth straight year as
the El Nino weather system looks unlikely to impact monsoon
rains, a leading forecaster said on Thursday, promising yet
another bumper grains output. (Reuters)
* A unit of Coal India Ltd has revived a proposal
to set up a 1,600 megawatts power plant in India's eastern
Odisha state at a cost of 90 billion rupees ($1.6 billion), an
official said, marking the world's largest coal miner's foray
into the power sector. (Reuters)
* Tata Steel Ltd will seek to form a consortium to
finance construction of a railway line from its iron concessions
in western Ivory Coast to the port of San Pedro, the head of the
company's Ivorian subsidiary said on Thursday. (Reuters)
* Jindal Steel & Power Ltd has extended its offer
period for its proposed takeover bid of Gujarat NRE Coking Coal
Ltd to March 29 from March 15. (Reuters)
AUTOS
* Sports utility vehicles under 1 million rupees may be
spared the 3 percent excise duty hike announced in the Union
Budget, The Financial Express reported, citing an unidentified
senior official from the heavy industries ministry. (Financial
Express)
* Mahindra and Mahindra Ltd said employees at its
Nashik plant had called off a proposed strike and said
operations in all shifts is expected to normalise soon.
* Bank of America Merrill Lynch downgraded Indian automakers
Mahindra and Mahindra and Bajaj Auto Ltd to
"underperform" from "buy" each, citing share gains since
mid-2012 and valuations it considered "not compelling."
* Samvardhana Motherson International, the holding company
of auto components maker Motherson Sumi Systems Ltd,
has begun talks with private equity funds to raise $150 million
to repay debt and to fund expansions, four people with knowledge
of the development said. (Economic Times)
AIRLINES
* Japan's All Nippon Airways Co Ltd, which has been
in talks with low-fare airlines SpiceJet Ltd and Go
Airlines (India) Ltd's GoAir for a possible stake purchase, has
put the negotiations on hold, Mint reported, citing a senior
civil aviation ministry official, who requested anonymity.
(Mint)
The Japanese carrier decided to wait until greater clarity
emerges over Etihad Airways' proposal to purchase a stake in Jet
Airways India Ltd and over AirAsia Bhd's plan to enter
India's aviation market via a joint venture, Mint reported
citing the official.
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* The Airports Authority of India has written to Kingfisher
Airlines Ltd asking it to vacate all office space it
occupies at its various airports across the country, Times of
India reported, citing an unidentified senior official at AAI.
(Times of India)
TELECOMS
* Bharti Airtel Ltd is looking to sell up to a
quarter of its satellite TV services arm and is in talks with
several potential suitors, two sources with direct knowledge of
the situation said. (Reuters)
* Japan's NTT DoCoMo is assessing the developments in the
Indian mobile market before deciding the fate of its 26 percent
stake in the joint venture with the Tatas in unlisted Tata
Teleservices Ltd, Business Standard reported citing comments
from Chief Financial Officer Kazuto Tsubouchi in Tokyo.(Business
Standard)
* Telecom minister Kapil Sibal on Thursday said that the
government is seeking to start free national roaming by October.
(Times of India)
RETAIL
* Future Group's controlling stakeholder Kishore Biyani is
set to raise about 8 billion rupees by selling its stakes in two
insurance joint ventures with Italy's Generali Group, according
to multiple sources. (Economic Times)
PROPERTY
* Indian political parties failed on Thursday to agree on
how to compensate farmers for land acquired for infrastructure
and industrial projects, dashing market hopes of a breakthrough.
(Reuters)
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