MARKETS
Asian stocks are trading down with losses ranging between 0.30 to 1% as US markets closed down with losses ranging less than a percent. Credit-default swaps rose after a surge in Italian borrowing costs intensified concern that Europe’s debt crisis will worsen. SGX Nifty is trading down 22 points at 5127.
EQUITY MOVERS
* Tata Motors Ltd., the maker of the world’s cheapest car Nano, posted a 15 percent drop in profit as raw material costs surged and because of currency losses.
* Bharat Heavy Electricals Ltd., India’s biggest power-equipment maker, posted a 24 percent increase in second-quarter profit, beating analysts’ estimates, amid an increase in orders.
* Tata Power Co., the developer of India’s first 4,000-megawatt plant, swung to a net loss of 12.19 billion rupees in the third quarter of this year.
OTHER NEWS
* State-owned Air India Ltd. has asked for 65 billion rupees ($1.3 billion) in federal aid and won an agreement with lenders to cut annual interest payments by 13 billion rupees, according to three people familiar with the talks. Kingfisher Airlines Ltd. is seeking government help for a debt-revamp, Aviation Minister Vayalar Ravi said in New Delhi on Nov. 11. Jet Airways (India)Ltd., the biggest carrier, said it is looking to convert rupee
loans into cheaper dollar debt.
* Barclays Plc and Enam Securities Pvt. are among the four banks likely to manage the initial sale of India’s state-owned fighter jet maker Hindustan Aeronautics Ltd., said three people with knowledge of the matter.
* Wind-turbine makers have seen profit margins wiped out, and the potential end of tax credits in the U.S. will see its “boom-and-bust” market persist, Suzlon Energy Ltd. Chairman Tulsi Tanti said.
* Australian Prime Minister Julia Gillard will seek to overturn a ban on uranium shipments to India in a bid to strengthen ties with the nation and boost Australia’s resource-driven economy.
* Federal Reserve Bank of Dallas President Richard Fisher said the U.S. economy is “poised for growth” going into next year and
that he sees a declining likelihood the central bank will need to ease further.
SHAREHOLDER MEETINGS
* Pantaloon Retail India Ltd.
EARNINGS CALLS
* Tech Mahindra Ltd.
BOARD MEETINGS
* Tata Power Co.
EARNINGS
* Tech Mahindra Ltd. Est. 1.8 billion rupees. (24 analysts)
CONFERENCES/EVENTS
* 9 a.m. Mumbai. Financial Times - Yes Bank International Banking Summit. Kaushik Basu, chief economic advisor, Subir Gokaran, deputy governor, RBI, and leading bankers to attend.
* 9 a.m. New Delhi. Nielsen Consumer 360 Conference. Speakers include Thomas Varghese, CEO, Aditya Birla Nuvo Retail, Bijou Kurien, president & CEO, Reliance Lifestyle Retail, Tarun Arora, EVP, Marketing, Godrej Consumer, Saugata Gupta, CEO, consumer products, Marico, Vikram Khosla, head of sales, foods, ITC.
* 9:15 a.m. New Delhi. Finance Minister Pranab Mukherjee, U K Sinha, SEBI Chairman, Thomas Mathew, joint secretary capital markets, R. Gopalan, secretary, department of economic affairs to address a convention on vibrant financial markets hosted by the Association of National Exchange Members of India.
* 9:30 a.m. New Delhi. Release of National Innovation Council report card. Prime Minister Manmohan Singh to release the report.
* 10 a.m. Mumbai. Euro Finance Annual Conference. Speakers include: Jitendra Jain, CFO, GMR group, Krishnakumar Dharmaraj, Standard Chartered Bank, Raghava Rao, general manager, Mergers and Acquisitions, Hindustan Unilever Ltd.
* 12 p.m. Mumbai. Kingfisher Airlines Ltd. press conference on 2Q results.
* 12 p.m. New Delhi. Steel minister Beni Prasad Verma to hold a media interaction.
* 4 p.m. New Delhi. Conference on cyber security and business. Kapil Sibal, minister for telecommunications, to address the media.
Source: Bloomberg
Regards,
Team Microsec Research
Microsec Capital Limited
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