GLOBAL MARKETS ROUNDUP
* Nifty futures on the Singapore Exchange rose 0.1 percent. The MSCI-Asia Pacific index, excluding Japan gained 0.4 percent.
* Asian shares inched up on Wednesday but the upside was limited as investors waited warily for corporate earnings season to kick off in full force, preferring in the meantime to book profits from a sharp rally at the start of the year.
* U.S. stocks fell on Tuesday, retreating from last week's rally on the "fiscal cliff" deal in Washington, as companies started to report results for the fourth quarter.
EVENTS TO WATCH
* December auto sales from industry association * SEBI Chairman U K Sinha, RBI Deputy Governor H R Khan give speeches at capital markets seminar
INDIAN STOCKS TO WATCH
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* The finance ministry is considering a proposal to sell some shares of ITC Ltd, Axis Bank Ltd and Larsen & Toubro, held by SUUTI - the restructured unit of the former UTI, Business Standard reported citing unidentified sources. (Business Standard)
* The government has decided to introduce the Insurance Laws Amendment Bill in the upcoming budget session of Parliament in its present form, allowing 49 percent foreign investment in the insurance sector, without a carve out for portfolio investors.
"There will be no compromise now. We will introduce the Insurance Bill in its present format. The UPA is hopeful that key allies will come together as in the case of FDI in retail," said a senior cabinet rank minister.
* Finnish phone maker Nokia's said Indian tax officials raided its production unit in the southern city of Chennai on Tuesday. (Reuters)
* The Supreme Court has put on hold a Bombay High Court order asking Vedanta Aluminium Ltd to deposit 1.87 billion rupees with it as security in an arbitration case involving a Chinese firm. (Economic Times) here
* The government is planning to hike the prices of subsidised LPG cylinders, diesel, and kerosene, according to a proposal seen by Hindustan Times (Hindustan Times) link.reuters.com/syc25t
* The Indian government has asked the country's top court whether mobile phone carriers whose licences will be revoked due to an earlier order can operate until an airwave auction in March, said a senior government official with direct knowledge
of the matter. (Reuters)
* Bharti Airtel Ltd increased 2G data rates late last week, and its closest rivals, Vodafone India and Idea Cellular Ltd are expected to do the same as mobile carriers seek to cover costs and improve margins. (Economic Times)
NOTE: Reuters has not verified third-party stories and does not vouch for their accuracy.
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