Nifty futures on the Singapore Exchange fell 0.05 percent. The MSCI-Asia Pacific index, excluding Japan  was down 0.1 percent.

With the Lunar New Year holiday shutting most Asian financial centres, including those in Japan, China, Hong Kong, Singapore and South Korea, trading was light and potentially volatile on those exchanges that remained open.

The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index  at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.

MCX-SX stock exchange launches equities trading. Earnings from Oil and Natural Gas Corp Ltd, Tata Power Co Ltd  India’s economy is likely to grow at 5.5 percent or slightly more in the current fiscal year ending next month, and the central statistical organisation is likely to revise figures in its final estimates, a finance ministry statement said on Friday.

The Indian government will not go in for additional borrowing this fiscal year and will be able to keep the fiscal deficit at 5.3 percent of GDP, said Arvind Mayaram, a senior finance ministry official.

India plans to cut its fertiliser subsidy bill by at least 15 percent for the fiscal year 2013-14, four sources told Reuters, a move that takes advantage of a fall in international prices to help narrow the country’s fiscal deficit.

The government may raise the excise duty on sugar output and levy a moderate export duty if it decides to lift controls on the commodity, said a food ministry official.

Hindalco Industries expects production to start at its Utkal and Mahan plants by April, Managing Director Debu Bhattacharya told reporters after announcing December quarter results on Friday. NTPC wants to reduce its coal imports from 10 percent of its annual fuel requirement to keep production costs under check, its chairman said.

IVRCL Ltd is close to selling three of its road projects to Tata Realty and Infrastructure Ltd in an attempt to retire debt and replenish equity funds to help it take up new projects, according to four persons familiar with the development.

The GMR Group has held exploratory talks with Airports Authority of India for a partnership to jointly develop airport projects overseas, two people with knowledge of the development said.

Bharat Forge Ltd October-December net profit fell 53.9 percent to 475.2 million rupees from a year earlier. Cipla Ltd has decided to put on hold its $220 million acquisition plan of the third largest South African drugmaker Cipla Medpro due to valuation issues, Cipla chairman YK Hamied said. Sun Pharmaceutical Industries Ltd, which has been on a buying spree, ended its agreement to gain full control over its Israeli unit Taro Pharmaceutical Industries Ltd.

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