Nifty futures on the Singapore Exchange was flat. The MSCI-Asia Pacific index, excluding Japan rose 0.3 percent.   Asian shares edged higher on data showing a surge in exports and imports from China. U.S. stocks declined on Thursday, taking a step back from their recent advance, prompted by comments by the ECB president on the euro and Europe’s outlook.

Earnings: Cadila Healthcare Ltd, Hindalco Industries Ltd, Mahindra and Mahindra Ltd, Canara Bank Ltd, Sun Pharmaceutical Industries Ltd , Tata Chemicals Ltd RBI forex reserves, bank lending data.  RBI deputy governor Anand Sinha to deliver speech on Basel III at an event organised by ratings agency CRISIL.

The government is considering a tax surcharge on those with taxable income of more than 10 million rupees ($187,700)  a in the 2013/14 federal budget, finance ministry officials said.

India’s new stock exchange MCX-SX said on Thursday it will launch equities trading on Monday in 1,116 listed companies as the bourse operator looks to compete aggressively against the country’s two established players.  Indiabulls Financial Services Ltd has launched a share sale for institutional investors to raise up to 4.48 billion rupees ($84 million), according to a term sheet obtained by Reuters.

India has raised $2.15 billion by selling shares in state-run power utility NTPC, putting the government on track to meet its fundraising target to reduce the budget deficit.  The Cabinet has approved GAIL (India) Ltd’s participation in the $9 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline.  ACC Ltd reported a 49 percent fall in net profit for the Oct-Dec quarter.

Temasek Holdings Pvt Ltd and Baring Asia are among those shortlisted by Lafarge SA as potential buyers for a minority stake in its Indian arm Lafarge India, The Economic Times reported citing two said two “informed sources.” Tata Steel Europe, a unit of Tata Steel Ltd, said it is investing 2.3 million euros ($3.08 million) at its IJmuiden facility in the Netherlands to develop next-generation steels for the auto industry that are lighter, stronger and better able to withstand crashes.

Jindal Steel and Power Ltd pulled out of talks to invest in a Cameroon mine owned by iron ore producer Afferro Mining Inc , questioning the financial viability of the project.  Bharti Airtel Ltd on Thursday split its business into eight segments with a view to build a more connected organisation.

Glenmark Pharmaceuticals Ltd said on Thursday its European unit had launched a generic version of GlaxoSmithKline’s Malarone malaria treatment medicine, its first generic product in Britain.

Cognizant Technology Solutions Corp’s quarterly profit modestly beat estimates, helped by a rise in demand from Europe after quarters of tepid growth in business from the region.