Week that was: Q1 Nos, RBI policy, reforms and a new state

- Financial Tech's worst nightmare comes true on NSEL crisis

Financial Technologies shares crashed more than 66 percent in morning trade Thursday after the National Spot Exchange (NSEL) suspended trading in all one-day forward contracts, except e-series contracts, amid fears of default. NSEL is promoted by the Financial Technologies India (FTIL) and National Agricultural Cooperative Marketing Federation of India.
 
- Goldman downgrades India to 'underweight'

Goldman Sachs downgraded its rating on Indian stocks to 'underweight' on concerns about delayed growth recovery and rising vulnerabilities for the economy.

- Q1 Earnings

This week was marked by some key companies reporting their Q1 numbers. Most PSU banks like Union Bank, Bank of Baroda, Andhra Bank and telecom majors like Bharti Airtel, Idea Cellular and Reliance Communication reported their first quarter numbers. Other companies that reported their Q1 numbers this week were HCL Tech, NTPC, Jubilant, etc.

- RBI Credit Policy leaves key rates unchanged, sounds dovish

The Reserve Bank of India (RBI) in its first quarter (April-June, 2013-14) monetary policy left key rates unchanged hinting at rate cuts in future subject to market stability. With this, D Subbarao, the governor who had taken the central bank assignment in September, 2008; presented his last quarterly policy before he hangs up his boots in September this year.

- Cabinet clears 10% IOC disinvestment; to fetch Rs 3,750cr

The Cabinet today cleared the proposal for sale of 10 percent government stake in Indian Oil Corporation  (IOC), which may fetch around Rs 3,750 crore to the exchequer at the current market price.

- Cabinet eases FDI norms; opens gates to lure investment

The Cabinet Committee on Economic Affairs (CCEA) has cleared the relaxation in multi-brand retail FDI norms, the amendment to Right To Information Act, the formation of the Rail Tariff Authority and the 10-percent divestment in IOC   at meeting on Thursday evening, reports CNBC-TV18.

- 29th State: Jubilation, festive spirit at Andhra Bhawan for Telangana

A festive spirit pervaded the Andhra Pradesh Bhawan premises here no sooner the Congress Working Committee formally endorsed the creation of Telangana. A huge contingent of ministers, MPs and MLAs from the Telangana region led by Andhra Pradesh Deputy CM Damodara Raja Narasimha arrived at the AP Bhawan to celebrate the much awaited announcement on the new state.

- US Fed offers no hint of stimulus pullback

The US Federal Reserve said on Wednesday that the economy continues to recover but is still in need of support, offering no indication that a reduction in the pace of its bond-buying stimulus program is imminent. For now, the Fed will keep on buying USD 85 billion in mortgage and Treasury securities per month in its ongoing effort to bolster an economy still challenged by federal budget-tightening and weak growth overseas.

UBS upgrades Ranbaxy to 'buy' from 'sell'

UBS upgrades Ranbaxy Laboratories  to "buy" from "sell", saying valuations have turned "attractive" after a recent sharp decline in shares on regulatory concerns. Ranbaxy shares have fallen more than 30 percent since May when the company pled guilty to felony charges related to manufacturing practices and for falsifying data in a USD 500 million settlement with the US Department of Justice.

Barclays downgrades GAIL to 'underweight'

Barclays downgrades GAIL  to "underweight" from "overweight", after cutting its earnings per share forecast for fiscal years 2014 to 2016 by 26-31 percent.

Deutsche cuts Reliance Comm to 'sell' from 'hold'

Deutsche Bank downgrades Reliance Communications to "sell" from "hold", saying valuations are excessive given uncertain prospect about its plans to spin off its real estate business and cut mobile 3G tariffs.

- Mixed set of auto sales numbers
 
Yamaha, Hero Motor, Honda Motorcycle, Maruti Suzuki, Ford, Renault reported a rise in their July sales. However, M&M, Tata Motors, Hyundai and Bajaj Auto who reported a decline.