Wrap Up: Rupee breaches all time low, Infosys still a favourite

Confused and intimidated by the amount of news hurtling at you everyday? Well, to make your life easier, here's a quick round-up of the major local and international business and economic news events.

FP Staff November 22, 2011 18:51:01 IST
Wrap Up: Rupee breaches all time low, Infosys still a favourite

Confused and intimidated by the amount of news hurtling at you everyday? Well, to make your life easier, here's a quick round-up of the major local and international business and economic news events.

• What a miserable start to the week for the rupee. On Tuesday, the rupee raced past its all time low to hit 52.48 against the US dollar in early morning trade. The currency's earlier all-time low was 52.19, which it hit against the dollar on 3 March 2009. And there isno respitein sight.

• And now that the rupee is falling relentlessly, the rupee's fall has different implications for different individuals. Here is what the dive in the currency could mean for you.Find out

• With the telecom ministry still fighting it out with telcos over 3G roaming pact, three CEOs of telcos today wrote a letter to the ministry to sort out the issues. The letter was jointly written by Bharti Enterprises Chairman and Group CEO Sunil Bharti Mittal, Aditya Birla Group Chairman Kumar Mangalam Birla and Vodafone Group Plc CEO Vittorio Colao. Read more on this.

Wrap Up Rupee breaches all time low Infosys still a favourite

Vikram Akula is set to step down following a Rs 384 crore loss to the company this quarter. Reuters

        • Corporates were also buzzing with news today. In the last few minutes of trade on Monday, IT bellwether stock Infosys lost close to Rs 100 and raised an alarm bell that it won't be able to meet its bottomline guidance due to a deteriorating global scenario, which is likely to further impact revenue going forward. But investors seem

unfazed

      by it.

• Microfinance industry's favourite child Vikram Akula finally seems to be stepping out. The decision comes after SKS posted a Rs 384 crore loss this quarter. So does that change anythingfor the company or the sector?

• If you're an investor holding Titan stocks in your portfolio, perhaps it's time to "move on." On Tuesday, brokerage Citi initiated coverage on Titan with a "sell" rating, defying consensus with a target price of Rs 190. The primary reason for the brokerage's contrarian view is the stock's valuations. Here is the reason.

• The government will initiate action to limit the amount of expenditure Reliance Industries is allowed to recoup from its flagging KG-D6 gas fields in 3-4 weeks, Oil Secretary GC Chaturvedi said today. Here is the story.

• A lot of volatility was witnessed in early trade on Monday as key indices recovered after hitting fresh intra-day lows. India's largest truck maker by sales, Tata Motors, gained 4.9 percent in the morning. It ended the day with a gain of 5.7 percent. Here is our take on why.

• Even as the government dithers about its policy on allowing joint ventures in the defence sector, Pipavav Defence has gone ahead and roped in an international strategic investor. The company did not mention the name of the investor, but revealed that up to 8.188 crore shares will be at a price of not less than Rs 110 a share on a preferential basis. We think it is on the right track and here is why.

• RBS says that Cairn India is probably one of the best plays on rupee depreciation in India, as the company not only earns revenue in US dollars but also holds cash in dollars. The bank believes that using an exchange rate of 52, the gain on the cash balance at end of Q2 would be close to Rs 35o crore. Here is the story.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Airtel launches Rs 78, Rs 248 data add-on packs with Wynk premium subscription
News & Analysis

Airtel launches Rs 78, Rs 248 data add-on packs with Wynk premium subscription

The data add-on pack of Rs 78 will give users 5 GB of data with the same validity as the user’s existing validity pack.

CCI approves e-commerce giant Flipkart's acquisition of 7.8 percent stake in Aditya Birla Fashion
Business

CCI approves e-commerce giant Flipkart's acquisition of 7.8 percent stake in Aditya Birla Fashion

Flipkart and Aditya Birla Fashion had announced the agreement in October 2020 in which Aditya Birla Fashion would be issuing a 7.8 percent stake to Flipkart on a preferential basis.