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Jun 02, 2012, 04.21 PM IST | Source: Moneycontrol.com

The week that was: GDP growth dips, rupee takes a fall

Tumbling equity market, all time low rupee, uncertain global environment with sword of retrospective amendment and shocking GDP numbers are all playing a spoil sport for the Indian economy.

Moneycontrol Bureau

Chitrapu/Shadab

Tumbling equity market, all time low rupee, uncertain global environment with sword of retrospective amendment and shocking GDP numbers are all playing a spoil sport for the Indian economy.
   
Investors, be it domestic or foreign, are still trying to ascertain the lows of the market to cherry pick stocks at attractive prices.

Here is a quick look at some of the developments which made headline this week.

Kick the growth (GDP) : India’s GDP growth reached a record low of 5.3 % in the 4QFY12, dragging the overall FY12 GDP growth to 6.5 %. This is significantly lower than the advance estimates of 6.9 % released earlier and is also lower than the 6.7 % GDP growth witnessed in FY09 after the global financial crisis.

Fuel & Nation on fire (Petrol price hike) : The major highlight of this week was the steepest hike in petrol price by the government of Rs 7.50 across the country. A nation-wide bandh was called on Thursday by the Opposition which showed a good response and displayed the strength of the Opposition and anger of the common man who is reeling under the pressure of inflation.

Ringing loud (Telecom policy)  : The Union Cabinet on Thursday approved the National Telecom Policy 2012 NTP 2012) amidst heavy expectations from hopefuls. It also authorised DoT to finalise the new Unified Licensing regime with the approval of Minister of Communications & IT.

The policy attempts to focus on providing secure, reliable, affordable and high quality converged telecommunication services anytime, anywhere for an accelerated inclusive socio-economic development. The major focus of the policy was to do away with roaming charges and make India a communication hub by providing minimum internet speed of 2 Mbps in the proposed policy.

Brush with Coal gate (CBI enquiry into Coal India) : The Central Bureau of Investigation (CBI) on Friday registered a preliminary enquiry into the coal block allocation. This comes a day after the Central Vigilance Commission (CVC) referred the CBI to probe the allocation between 2006 and 2009.

Ab tak 56 (Rupee): The rupee for the first time touch 56 levels in this week there was a bounce back on the rupee front on Friday on the back of dollar sales by corporates but it still posted a ninth consecutive weekly drop, its worst losing streak since the Lehman crisis.

Report card (Results) : Hindustan Petroleum Corporation (HPCL) has announced its fourth quarter results. The company's Q4 net profit was up 312% at Rs 4,630 crore versus Rs 1,123 crore, year-on-year, YoY.

2.BPCL declared a profit of Rs 1,300 crore for the whole year. The under recoveries currently on the three sensitive products which is HSD, kerosene domestic and LPG domestic is around Rs 4000 crore per month.

Tire Punture (Auto sales):

Indian automakers have posted largely muted sales in the month of May. Market leader Maruti disappointed, with its petrol car volumes witnessing a sharp fall.  The total sales fell 5% year-on-year, below the one lakh unit mark. Tata Motors too reported weak May sales.

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