Indian stock to watch january 31 2012

Indian stock to watch january 31 2012 ; Indian shares are expected to open higher on Tuesday after other Asian markets recovered on hopes for a Greek debt deal. Investors could later lock in some gains from a market that is up more than 9 percent this month, traders said.

No. 2 lender ICICI Bank will be watched ahead of its fiscal third-quarter results, while top telecom carrier Bharti Airtel may extend Monday's losses after a Nigerian court challenged the company's ownership of its unit in the country. Tata Global Beverages may rise after Starbuck

Corp, the world's largest coffee company, signed a deal with the Indian company to open cafes in India.

Investors will also watch data on fiscal deficit, consumer price index-based inflation for December and the final 2010/11 GDP data due later in the day.

Asian shares recovered earlier losses on Tuesday after Greek Prime Minister Lucas Papademos raised hopes for a deal to be reached this week to avoid a default, but markets were starting to worry that Portugal might need a second rescue.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.84 percent by 0245 GMT, while Japan's Nikkei average added 0.39 percent.
Nifty India stock futures in Singapore rose 0.71 percent.

On Monday, India's main 30-share BSE index fell 2.15 percent, ending a six-session rally. The index is still up 9.1 percent in January and is set for its first monthly gain in three.

STOCKS TO WATCH
* State Bank of India is seen opening higher after the country's largest lender said it would receive about 79 billion rupees ($1.6 billion) from the government through a preferential allotment of shares.

* State-run Punjab National Bank is expected to rise after its board approved issue of shares on preferential basis to the Indian government aggregating to 12.85 billion rupees.
* Paints-maker Kansai Nerolac may open higher after its December quarter net profit rose 27 percent.
* Drugmaker Lupin Ltd may open up after it received a tentative nod from the U.S. Food & Drug Administration for generic glumetza extended-release tablets.

* Drugmaker Glenmark Pharmaceuticals may fall after its December quarter net profit fell 47 percent.

* Sugar producer EID Parry Ltd is expected to open lower after it reported a December quarter net loss of 8.1 million rupees, compared with a profit of 186.5 million rupees in the same period a year earlier.

FACTORS TO WATCH
* Indian rupee report
* Indian bond report
* Yen strength vs USD in focus; euro pressured
* Oil falls on euro zone worry, eyeing Iran
* Shares, euro recover on Greek debt hope
* Wall Street ends off lows, suggesting resilience
* For closing rates of Indian ADRs

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