Vedanta Share News (VED)

Tue, 24th Apr 2012 04:38

MUMBAI, April 24 (Reuters) - GLOBAL MARKETS ROUNDUP

* Asian shares inched up on Tuesday but gains were limited

as political uncertainty and disappointing data in Europe raised

fears the euro zone could struggle to push through austerity

measures and may stay in recession until late in the

year.

* U.S. stocks fell on Monday as political turmoil in Europe

cast doubts on the euro zone's ability to push through measures

to end its debt crisis and as Wal-Mart sank following a report

it stymied a bribery probe.



KEY EVENTS TO WATCH

* Finance Minister Pranab Mukherjee will address the

International Sugar Council in New Delhi. (0430 GMT)



INDIAN STOCKS TO WATCH

EARNINGS

* Tata Consultancy Services posted a 23 percent

rise in March-quarter profit and gave a relatively upbeat

outlook, a sign it may be better positioned than rival Infosys in a fragile global economy.



FINANCIAL

* State Bank of India, said it may not cut lending

rates in the near term as costs of deposits continue to be high.

* The government plans to set up its own version of a

sovereign wealth fund (SWF) that will team up with state-run

companies for acquiring overseas raw material and energy assets.

(Economic Times)

* On Monday, Wells Fargo Bank, the largest US bank by market

capitalization, tied up with India's HDFC Bank Ltd to provide

real-time remittance services from non-resident Indians in the

U.S. to India. (Mint)

* The radical reforms proposed by the British government's

Independent Commission on Banking may bring the curtains down on

Indian banks' British derivative and proprietary trading

businesses. (Business Standard)



COMMODITIES/ENERGY

* UltraTech Cement warned high input and energy

costs would squeeze margins going forward, after posting a 19

percent rise in its fiscal fourth-quarter profit.

* The directorate general of hydrocarbons (DGH) has endorsed

Reliance Industries' pricing formula for coal bed

methane (CBM) from its Madhya Pradesh blocks but raised two

queries that could further delay the pricing approval. (Economic

Times)

* Wind power major Suzlon Group said it has

received orders for supplying 276 MW capacity turbines across

Europe in the past two months. (Economic Times)

* Coromandel International is close to snapping up

the Vijay Mallya-led UB Group's 30.4 percent stake in

Mangalore Chemicals and Fertilisers. (Business Line)

* Welspun Maxsteel, the wholly owned subsidiary of the $3

billion Welspun Group, has kept its proposed steel factory plan

in Maharashtra on hold due to the shortage of raw material and

energy. (Business Standard)

* India on Monday indicated doubling of its liquefied

natural gas (LNG) imports from Qatar to 15 million tons per

annum in the next three-four years from the current level of 7.5

million tons. (Mint)

* China has finally allowed imports of basmati rice from

India which comes as a big boost to exporters who would now get

access to a market of 1.3 billion people. (Economic Times)



RETAIL

* Jewellery retailer Tribhovandas Bhimji Zaveri on Monday

allotted nearly 2.5 million shares to anchor investors including

HSBC Global Investment Funds, HSBC India Alpha (Mauritius) and

Credit Suisse (Singapore). (Business Standard) * Jewellery

retailer Tribhovandas Bhimji Zaveri on Monday allotted nearly

2.5 million shares to anchor investors including HSBC Global

Investment Funds, HSBC India Alpha (Mauritius) and Credit Suisse

(Singapore). (Business Standard)

* Tata Sons-owned Infiniti Retail, which runs electronics

and durable stores under the Croma brand, is expecting a

turnover of 20 billion rupees from its newly launched online

venture in two years. (Business Standard)

* More than 750 electronics outlets have either stopped

selling Samsung Electronics products or cut back on

fresh orders after the South Korean brand slashed dealer margins

on its televisions and home appliances. (Economic Times)

* Tata International said it has formed a 50:50 joint

venture with Wolverine World Wide Inc for wholesale distribution

of the latter's footwear and apparel brands Merrell and

Caterpillar in India.

* The government is planning a special incentive package

worth 100 billion rupees to encourage local manufacturing of

electronic goods including mobile handsets, semiconductor wafers

and consumer electronics. (Business Line)



TRANSPORT

* Tata Motors has tied up with DRB-HICOM's

DefenceTechnologies (DEFTECH) to develop and market high

mobility 4x4 trucks for the armed forces of Malaysia.

* Two-wheeler maker Suzuki Motorcycle India Private Limited

(SMIPL) on Monday laid the foundation stone for its second

manufacturing facility in the country at Rohtak in Haryana.

(Business Standard)

* GoAir is contemplating bringing back late-night flights to

allow it to tap smaller cities and save on jet fuel sales tax.

(Economic Times)



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

* Euro subdued, Aussie eyes inflation data

* Brent crude steady under $119; Europe, Iran eyed

* Foreign institutional investor flows

* For closing rates of Indian ADRs







(Compiled by Divya Chowdhury; Editing by Rafael Nam)

Keywords: MARKETS INDIA/STOCKS

(divya.chowdhury@thomsonreuters.com)(91-22-66369056)(Reuters Messaging: divya.chowdhury.thomsonretuers.com@reuters.net)

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