MUMBAI, Jan 10 (Reuters) – Indian shares are likely to start higher on Tuesday tracking firmer Asian markets, but they could face resistance as investors brace for quarterly earnings
that are expected to show slower growth. Foreign exchange losses caused by a sharp depreciation in the rupee, high interest rates and input costs are expected to have squeezed the margins of many companies, said Ambareesh
Baliga, chief operating officer at Way2Wealth. “We are in the no man’s land right now. It’s a narrow range where stocks are trading. Even the up move that we may see today may not last beyond 4,850,” he said, referring to the 50-share
Nifty index. Tata Steel, the world’s seventh steelmaker, could open lower
after it said late on Monday sales from its Indian operations fell 1.1 percent to 1.62 million tonnes in October-December.

At 0218 GMT, the MSCI’s broadest index of Asia Pacific shares outside Japan was up 1.6 percent, while the Nifty India stock futures in Singapore were up 0.41
percent, pointing to a gap up opening for the domestic market. The main 30-share index closed down 0.22 percent at 15,814.72. The benchmark, which fell almost a quarter in 2011, rose 2.5 percent last week. The Nifty closed down 0.1 percent at 4,742.80 on Monday.

STOCKS TO WATCH
* Adani Enterprises and GAIL India after sources told Reuters the two companies along with Gujarat State Petroleum Corp were likely to bid for BG Group’s stake in Gujarat Gas for about $900 million. * Hindustan Petroleum Corp after sources told Reuters the state-run oil marketing company would double the volume of Saudi crude it imports in an annual deal beginning April.
* Kiri Industries Ltd after the company said its board had approved raising up to 3 billion rupees.

* Take Solutions Ltd after the company said it had divested its holdings of 507,909 equity shares in its Muscat-based unit Towell Take Investment LLC.
* GeeCee Ventures Ltd after the company said its board had approved buyback of up to 1.6 million shares at a price not exceeding 65 rupees per share.