The Indian rupee recently hit record low at 61.32/USD. Since May, it has lost more than 11 percent against the greenback. This along with the widening current account deficit (CAD) have prompted the authorities to burn the midnight oil to devise strategies in wooing overseas investors.
The RBI, on Friday, came out with results of the bond auction to raise Rs 15,000 crore by selling soverign four securities. However, there was a devolvement on primary dealers to the tune of 1,330 crore on two papers. This was, however, lower than market expectation.
Bank-borrowings from the Reserve Bank of India (RBI) on Wednesday dropped to nine-month low. Banks borrowed Rs 17,215 crore from the central bank's daily repo window compared with Rs 6,850 crore recorded on October 04, 2012. In banking parlance, it is called as easing in liquidity deficit.
According to Mr. Rohit Inamdar, Senior Vice-President, ICRA, "Around 18 projects which were awarded in FY12 could not achieve financial closure till March 2013 due to uncertainty on land acquisition and approvals as well as reluctance on the part of banks to fund what are perceived to be aggressively bid projects."
IT major Wipro Technologies today said it has appointed Shaji Farooq as Senior Vice President for the company's newly created advanced technologies service line which will comprise social media, mobility, analytics-as-a-service and cloud.
In his new role, Dr. Hugh Thompson will focus on aligning Blue Coat's vision and product implementation to market requirements.
Manish Dugar, a senior vice president at Wipro Ltd , India's third-biggest software services provider, has quit, the company said in a statement on Thursday.
If SKS Micro stays at Rs 524 then it can attempt Rs 570-590, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
Buy Idea Cellular on dip, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
Buy Apollo Tyres on every dip, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
FMCG will continue to do well, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
ICICI Bank is looking strong, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
Raymond can touch Rs 372, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
HPCL can test Rs 424, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
Reliance has performed on the days when the market was not performing, so it came and gave in support the days when market really needed it, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
Infosys may test Rs 2920, says Anu Jain, Senior Vice President, IIFL Private Wealth Management.
Amidst rising concerns of a further hike in interest rates by Reserve Bank of India, Prashastha Seth, senior vice-president of IIFL Private Wealth said that Indian banking stocks look positive with a long-term horizon as the banks will give a boost to the country's economic growth story.