Rupee up by 20 paise vs US dollar

MUMBAI: The Indian rupee was up by 20 paise at Rs 47.85 per US dollar in early trade today on fresh selling of dollars by banks and exporters amid weakness of the American currency in overseas markets.

The rupee resumed higher at Rs 47.95/96 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 48.05/06 per dollar, and moved up further to Rs 47.85 per dollar before quoting at Rs 47.90/91 per dollar at 1030 hours.

The domestic currency hovered in a range between Rs 47.85 and Rs 48 per dollar in morning deals.


Renewed selling of dollars by banks and exporters in view of dollar weakness in overseas markets mainly boosted the rupee value against the American currency, a forex dealer said.

In the New York market, the US dollar declined marginally yesterday as the euro sentiment improved following reports that Greece's Finance Minister concluded a conference call with the International Monetary Fund, the European Commission and European Central Bank on its debt crisis and said talks would continue this weekend.

Sensex nosedives led by sharp fall in banks, tech

Fall in global markets over ambiguous economic recovery in US and Europe weighed on the Indian equities as well. The 50-share NSE Nifty fell 87 points to 4,969 and the 30-share BSE Sensex lost 274 points to 16,566.

According to Richard Harris of Quam Asset Management, this is because of poor global economic indicators. “I think there is quite a bit of concern about the global economy, especially in Europe and it may look to the US a bit later on,” he said.

European markets like France's CAC, Germany's DAX and Britain's FTSE were down 1-1.5%. The Dow Jones futures slipped 105 points and Nasdaq futures dropped 29 points.

All sectoral indices were in the bears' grip barring FMCG and realty. Technology and banking stocks were the main draggers in today's trade with respective indices falling 3%. Metal Index too lost 1.65%.

Among largecaps, TCS, Infosys, SBI, ICICI Bank, HDFC, Wipro, Tata Motors, Sterlite, JSPL and PNB tumbled 3-4%. Axis Bank and HCL Tech were biggest losers with falling 5.5% each.

Heavyweight Reliance Industries, second top valued stock by market cap since yesterday, declined 1.7%. ITC and L&T were down over 0.5%.

However, DLF shot up over 5.5% on the back of short covering. ONGC, M&M, HUL, Hero MotoCorp, Reliance Communications, ACC and Jaiprakash Associates gained 0.5-2%.

Weak European cues lop 200 points off Sensex

The BSE benchmark Sensex shed about 250 points in the afternoon trade following 1% fall in European markets. The Nifty was trading way below the 5,000-mark led by cut in 40 stocks.

Even broader indices were following the same trend with BSE Midcap and Smallcap slipping 1.6% each. Major sectors like the BSE IT, Bank, Metal and Auto indices were down 3.8%, 2.8%, 1.9% and 1.2%, respectively.

The 30-share BSE Sensex was trading at 16,590, down 250 points and the 50-share NSE Nifty lost 77 points to 4,979.

Largecaps like TCS, Infosys, ICICI Bank, Wipro, SBI, Axis Bank, JSPL, Tata Motors, Sterlite, Hindalco and PNB plunged 2.5-5%. HCL Tech was the top loser, tumbling 6%.

However, DLF and Reliance Communications remained on buyers' radar by rising 3% and 2%, respectively. ONGC, HUL, Hero MotoCorp and ITC were other gainers.

Midcaps like GTL, Kwality Dairy, Usha Martin, Anant Raj Inds and Page Industries gained 2-7% while Educomp Solutions, Arvind, Prestige Estate, Bajaj Electrical and Syndicate Bank lost 6-9%.

In the smallcap space, Kirloskar Brothers, Swan Energy, R M Mohite, Unisys Software and Kama Holdings jumped 3-3.5%. However, Pradip Oversea, Clarus Finance, Den Networks, Jai Balaji and TV TodayNetwork slipped 9-13%.

At 11:48 hours IST : Rate hike fears grip market, Nifty struggles at 5,000

Panic selling in rate sensitive stocks have pushed Nifty below the psychological 5,000-mark. The 50-share NSE Nifty slipped 61 points to 4,995 and the 30-share BSE Sensex dropped 198 points to 16,642. Broader indices too declined 1%.

Nilesh Shah, MD and CEO, Envision Capital is worried that India’s inflationary pressures and macro-economic problems may be a market mood dampener. Inflation eased to 8-month low in July but there is a growing fear that the Reserve Bank of India may hike rate again in its credit policy review on September 16.

Major private banks like ICICI Bank and Axis Bank fell 3.6% each. SBI, HDFC, PNB, Kotak Mahindra Bank and IDFC were down 1.5-3%.

The BSE IT Index was down 3.5% and Bankex down over 2%.

From the technology pack, TCS, Infosys, HCL Tech and Wipro tumbled 3-4.5%.

Auto stocks like Tata Motors and Bajaj Auto fell 2-3%. M&M and Marut declined 0.4-0.8% while Hero MotoCorp gained nearly 1%.

In the metal space, Sterlite, JSPL, Hindalco and Tata Steel lost 1.5-3.5%. Reliance Industries and L&T too were on sellers' radar.

However, ONGC and Bharti Airtel gained 0.7% each. Reliance Communications and DLF were major gainers with rising 3% each.

ITC, NTPC, HUL, BHEL and Cairn India were marginally in the green.

Asian markets like Shanghai, Nikkei, Kospi and Taiwan were down 1-1.7%. Hang Seng fell 0.5%.

At 10:39 hours IST : Nifty tests 5K on Asia sell-off; banks, IT under pressure

Fresh shorts build up in banks and technology sent the NSE benchmark Nifty shivering and dragged it below the 5,000-mark. Even Asian markets have slid further - Kospi, Taiwan and Nikkei were down 1-2.5%. Dow Jones futures too declined 75 points.

The 30-share BSE Sensex fell 211 points to 16,629 and the 50-share NSE Nifty slipped 63 points to 4,993. Market breadth was negative for the third consecutive session with 3 shares declining for every one share advancing.

ICICI Bank crashed 4.5% with taking loss of over 8% in two days. Axis Bank and PNB were down 4%. PNB, HDFC, SBI and IDFC lost 2-3%.

In the technology space, TCS, Infosys, Wipro and HCL Tech were down 2-3%. Heavyweights Reliance Industries and L&T lost 0.7% each.

However, buying continued in ONGC, DLF, HUL, ITC, Reliance Communications, Hero MotoCorp and Ranbaxy Labs though they slipped from day's high.

Sensex rebounds 398 points in opening trade on firm Asian cues | Indian Shares Rise Sharply in Early Trade

MUMBAI: Snapping its six-session losing streak, the Bombay Stock Exchange benchmark Sensex made a strong comeback by rising nearly 400 points in opening trade on Wednsesday, supported by a rebound on other Asian bourses.

The 30-share BSE barometer, which has lost nearly 1,455 points in the past six sessions to hit a 14-month low, rose by 398.55 points to 17,256.46 as stocks led by the recently battered technology sector moved into positive terrain with gains of up to 2.96 per cent in morning trade.

Similarly, the broad-based National Stock Exchange Nifty index shot up by 107.95 points to 5,180.80.

Brokers said a fresh spell of buying by funds and investors powered the Sensex's rise in initial trade, spurred by a firming trend in other Asian markets following overnight gains in the US after the Federal Reserve announced that it would keep interest rates near zero for at least two years.

In addition, covering up of short positions by speculators supported the recovery, they said.

In the Asian region, Hong Kong's Hang Seng index rose by 3.70 per cent, while Japan's Nikkei gained 1.72 per cent in morning trade on Wednesday. The US Dow Jones Industrial Average ended 3.98 per cent higher in the previous session.

Gold zooms to Rs. 26,198 levels on global crisis

Continuing its record-breaking rally, gold futures prices today hit yet another high of Rs. 26,198 per 10 grams by adding Rs. 956 as speculators created fresh positions after the metal zoomed past $1,700 an ounce for the first time ever in the history of global markets.

At the Multi Commodity Exchange, gold for delivery in October climbed Rs. 956 to trade at an all-time high of Rs. 26,198 per 10 grams, with a business turnover of 29,258 lots. It had closed 2.4 per cent higher at Rs. 25,242 per 10 grams in the previous session.

Gold for delivery in February also traded at a record high of Rs. 26,695 per 10 gram, up by Rs. 799, with a business turnover of 43 lots.

Similarly, gold for delivery in December rose by Rs. 870 to hit a new high of Rs. 26,490 per 10 grams, with an open interest of 615 lots.

Market analysts said that gold futures prices rose to hit a record high mainly on firming trend overseas, where the precious metal climbed to an all-time high of $1,758.40 an ounce, following US credit rating downgrade, which spurred the metal's demand as a safe haven.

Sensex dips 500 points, Nifty opens below 5000

NEW DELHI: The market meltdown continued on Tuesday with the Sensex opening 500 points down. The Nifty slipped below 5,000-mark for the first time since 2010.

At 09:16 am, the BSE Sensex slipped 525 points at 16,464 while the Nifty index dropped 146 points trade at 4973.

Indian markets closed lower on Monday after having recovered from the days lows but the recovery was half-hearted and the index failed to close above 5230 levels, which remains the most critical technical resistance for the Nifty.

Asian stock markets nosedived and the Swiss franc held near a record high, investors dumped riskier assets in a global rout triggered by fears that political leaders are failing to tackle debt crises in Europe and the United States.

Brent crude plunged to a six-month trough below $99 a barrel on Tuesday in a two-session drop of more than $10, after a US credit downgrade echoing a global slowdown.

The yellow metal gained 1.7% roaring to all-time highs for a second consecutive session as equity markets dived on growing fears of a global recession post S&P cut of US credit rating.

At 09:15 am, the Hong Kong was trading 6.7 per cent lower, Tokyo was trading 4.4 per cent down, Seoul was trading 3.01 per cent down and Shanghai lost 1.1 per cent.

Indian shares extend fall to 3% on weak Asia

MUMBAI: Indian shares extended their fall to 3 per cent on Monday, tracking a selloff in Asian markets after Standard & Poor's downgraded the US sovereign debt rating and on fears that the world's largest economy may be sliding back into recession.

At 10:02 am, the 30-share BSE index was down 3.1 per cent at 16,771.90 points, with all of its components declining.

The 50-share NSE index fell nearly 3 per cent to 5,056.25 points.

Asian stocks fell on Monday after last week's historic downgrade of the United States' credit rating, which compounded concerns over the world's biggest economy as well as the global outlook.

The falls were echoed by big losses in oil while gold surged to another record as investors moved out of risky assets.

They also follow a huge sell-off on Friday caused by mounting problems in the eurozone amid growing expectations that Italy and Spain could need a bailout.

The combination of the eurozone debt problem and Standard & Poor's downgrade led to frantic talks between financial chiefs and central bankers of the G7 and European Central Bank at the weekend as they tried to prevent another day of market turmoil.

recession 2011 | US in Fear of Double Dip Recession 2011

   Concerns over the weak U.S. recovery and Europe’s inability to tame its spreading debt crisis have turned an intense spotlight on the monthly non-farm payrolls report.

“The report is going to be very critical. One of the things that has been the largest headwind to economic growth has been the high unemployment rate,” said Jason Ware, a senior research analyst at Albion Financial Group in Salt Lake City, Utah.

U.S. stocks on Thursday suffered their worst sell-off in two years. European stocks slumped to a level not seen since after the financial crisis in mid-2009.

Until recently, most observers believed the American economy was in a slow recovery, albeit one with very disappointing job growth. The official figures on gross domestic product showed the United States economy grew to a record size in the final three months of 2010, having erased the loss of 4.1 percent in G.D.P. from top to bottom.

With unemployment as high as 20% in may parts of the country, and even higher in some parts, accounting for those who have given up or stopped being reported as unemployed, the numbers of unemployed are becoming a staggering number in the millions of people without jobs.

HSBC rules out large scale job cuts in India

Mumbai: A day after announcing trimming its global workforce by 30,000, banking major HSBC on Tuesday ruled out any significant job cuts in India, a strategic market where it is fighting high attrition rate. Responding to a question on whether job cuts announced by the global management on Monday would apply to India, HSBC India Chief Executive Stuart A Davis told reporters, "I think India already has a very high attrition rate. We are hard-pressed to even catch up on the replacements."

"There is a war for talent out there, (however) as I said, there will be reallocation of resources," he added.

He said re-allocation of resources is not going to be a job cuts.

I hate the word cut heads. What we are trying to do is to eliminate bureaucracies at the back-end," he added.

Davis further said that reallocation of resources means that if there are too much of bureaucracies at the back-end, what is needed is streamlining the back-end and use the resources in the front-end.

"All countries in the APAC will follow the same principle as the rest of the world, but I think as far as India is concerned, being classified as a strategic market, the treatment will be different," Davis said.

HSBC has 50 branches across the country employing about 6,000 people.

"As far as India is concerned, I won't be overly concerned. The important thing is that both India and China are classified as strategic markets. So we will continue to feel for India and China," he said.

"But generally speaking, we will eliminate as much bureaucracies at the back end as possible by streamlining operations and our IT systems. But we will continue to grow at the front-line," Davis added.

He also hinted at more hiring if the economy continues to grow the way it is.

"If GDP is going to grow at 7.5 per cent, I think India is probably to be at that range also, then I have to say the head-count will probably go up. But I cannot guarantee that every single part of India operations is going to grow," Davis concluded.

The bank had on Monday said it had already cut 5,000 jobs following restructuring of operations in Latin America, the US, Britain, France and the Middle East and that it would cut another 25,000 between now and 2013, according to media reports.

Bajaj Auto sales up 14 pc in July | How Bajaj Auto plans to retain the fastest Indian tag

NEW DELHI: The country's second-largest two-wheeler maker Bajaj Auto today reported a 14 per cent jump in total sales in July, 2011, to 3,63,712 units.

The company sold 3,18,415 units in the corresponding month last year, Bajaj Auto Ltd (BAL) said in a statement.

Motorcycle sales stood at 3,18,095 units during the month, as against 2,79,781 in July last year, translating into a 14 per cent increase.

The company said commercial vehicle sales amounted to 45,617 units last month, as against 38,634 units in the same period last year, up 18 per cent, it said.

Exports grew by 35 per cent during July this year to 1,43,996 units from 1,06,794 units in the same month last year, it said.
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Bajaj Auto sales up 14 pc in July | How Bajaj Auto plans to retain the fastest Indian tag

amzn | Amazon (AMZN) Latest Tech Leader to Beat Expectations

Markets sagged Tuesday as lawmakers in Washington continue to argue over resolution to the debt ceiling. Republican leaders continue to push for a temporary plan while President Obama is threatening to veto any legislation that doesn't provide a long-term solution to the debt ceiling. Stocks held in for most of the day, but sold off hardest in the last hour and a half of trading. While there has been some weakness, investors are mostly acting as if a deal is an inevitability.

After the close, Amazon.com Inc. (AMZN) became the next of the tech leaders to report earnings, and they didn't disappoint. AMZN reported EPS of $0.41 vs $0.35 per share and revenues of $9.91B vs. $9.37B estimated, and the stock is surging higher after hours (currently about 6%). While the jobs picture remains bleak in the US, corporate earnings, especially from leading companies, continue to impress.

*DISCLOSURE: Scott Redler is long DANG, SPY, MS, MCP, AAPL, SLV, V, BAC, YNDX, LVS, JPM, FXE. Long AMZN calls, short AMZN stock.

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Bankers: Home, auto loans pinch as RBI tightens policy

Reserve Bank's decision to raise key rates for the third time in the current fiscal would make home, auto and corporate loans expensive by up to 50 basis points, burning another hole in the pocket of the consumer already burdened with high inflation.

"The hike is more than expected and it will push interest rates (lending and deposits) up by upto 50 basis points," Oriental Bank of Commerce Executive Director SC Sinha told PTI. Within an hour of the monetary action by RBI, private sector YES bank raised base rate or minimum lending rate by 50 basis points.

The RBI has raised the short-term lending (repo) rate by 50 basis points to 8% and the short-term borrowing (reverse repo) rate will move up by a similar margin to 7%. Subsequently, the interest rate under the Marginal Standing Facility, an additional borrowing window, has gone up to 9% from the earlier level of 8.5%.

This is the 11th time since March, 2010, that the RBI has raised the interest rate to check inflation, which is currently ruling at over 9%. RBI's action is in a direction which creates persistent pressure on credit demand. ALCO (Asset Liability Committee) needs to review on the transmission mechanism and timing, said Bank of Baroda Executive Director R K Bakshi.

The rate hike by the RBI will definitely slowdown credit demand, Bakshi added. According to Indian Overseas Bank Executive Director A K Bansal, sooner than later, both lending and deposit rates will go up. Banks would take a call on interest rates in their respective ALCO in the next few days, Bansal said.

RIM to cut 2,000 jobs as iPhone market share grows

Research In Motion Ltd., maker of the BlackBerry smart phone, plans to cut 2,000 jobs, or about a tenth of its workforce, as sales slow amid market share losses to Apple's iPhone.

The reductions, across all functions, are part of a plan to "focus on areas that offer the highest growth opportunities," RIM said Monday. The job cuts will leave the Canadian company with about 17,000 employees.

RIM predicted last month that sales this quarter may drop for the first time in nine years. The company is losing market share in the United States to the iPhone and handsets running Google's Android software, in part because it hasn't introduced a major new BlackBerry model since August. Cheaper Google phones are also making inroads in Latin America, Asia and Europe, threatening the popularity of less expensive BlackBerry models like the Curve.

Monday's announcement "takes care of the expenses and they still need to focus on the revenue side," said Alkesh Shah, an analyst at Evercore Partners Inc. in New York. "They need to find a way to make consumers get excited about RIM products. At this point they haven't gotten there."

While RIM had said June 16 it would cut jobs, the figure of 2,000 "is more significant than previously suggested" by co-CEO Jim Balsillie, said Mike Abramsky, an analyst at RBC Capital Markets in Toronto, who rates RIM "sector perform."

When asked about the restructuring plan by one analyst on a June 16 conference call, Balsillie had said: "I would not call it a restructuring and I think that's just radically mischaracterizing it."

The company said Monday any charges associated with the job cuts including severance packages aren't included in its forecasts for the current quarter and fiscal year. RIM will give details on the financial implications of the job cuts when it reports fiscal second-quarter results Sept. 15.

RIM, whose management structure has come under increasing scrutiny from investors, also said it reassigned some senior managers' responsibilities and titles.

Chief Operating Officer Don Morrison, currently on medical leave, plans to retire and Jim Rowan has taken on the expanded role of COO for operations, RIM said Monday. The company named Thorsten Heins to the enlarged position of COO for product and sales, overseeing product engineering, hardware and software.

The promotion of Heins, a former Siemens AG manager who joined RIM in 2007, and a move to bring hardware and software under the leadership of one executive should accelerate product development, said Shah, who has an "equal weight" rating on RIM.

"Thorsten, with his Siemens background, is known as somebody who is exceptionally operationally efficient," Shah said. "That's a positive for the upcoming margin pressure that is likely."

RIM also appointed Patrick Spence as managing director of global sales and regional marketing. Chief Information Officer Robin Bienfait will also oversee the enterprise business.

Mercedes Benz sells 90 cars to Carzonrent fleet service

The luxury car makers are still divided over bulk dealing and sales as some believe that it erodes the brand while some like Mercedes Benz defend their actions. The debate began when the German automaker struck a deal of 150 cars in Aurangabad, Maharashtra. Now, Mercedes Benz has once again brought to light the times of the past. This time the car maker has sold 90 cars to a fleet service in Delhi.

In fact, the automaker is now eyeing fleet operators and lease businesses in a bid to capture the top spot among luxury car makers in India. Mercedes Benz lost out to BMW in terms of sales and now the company wishes to get to the top once again. The company sold 90 cars on Monday to Carzonrent, a New Delhi-based fleet service operator with an aim to increase their overall sales.

The company aims to generate 8-10 percent of total sales through such bulk deals. As Mercedes Benz looks to increase its foothold in the Indian luxury segment, BMW India is growing at a rapid pace. In the month of June, BMW sold 890 units while Mercedes Benz could only manage 565 units. For BMW, the 5-Series was the best seller while the E-Class clocked 231 units in the same month.
Mercedes Benz will also start leasing cars to companies by the end of this year. This is part of a global strategy that the company adopts which the automaker hopes to revive its sales with. Meanwhile, Jaguar-Land Rover have already started assembling CKD units at the Chakan plant. We hope to see the Jaguar XF coming to India through CKD routes soon. At present the Jaguar sedan is a CBU.

The prices of the Jaguar XF will come down as a result and the car will be ready for an all-out battle with the titans of the Indian luxury segment. Hence, it is vital for Mercedes Benz to get their act together before losing out to the other brands that are entering the Indian market.

Central Bank Of India

Reserve Bank of India (RBI) governor Duvvuri Subbarao today admitted that there was some merit in the criticism levelled against the central bank for excessively analysing inflation data based on the wholesale price index (WPI) while formulating its monetary policy.
Critics of the central bank’s policymakers have said that the WPI does not capture the final prices that consumers actually experience in the market. Subbarao admitted that the consumer price index (CPI) — at least in theory — was a better indicator of what was happening on the demand front.
This is because any sustained increase in wholesale prices may lead to either an increase in prices by retailers or a squeeze in their margins if the hike is not passed on. If the demand is strong, retailers may pass on the increase in wholesale prices to consumers.
But if the demand is weak, they will be forced to partly absorb the increase in wholesale prices.
An accurate indication of demand pressures is crucial for the RBI in the context of monetary policy as any action it takes impacts demand.
Delivering the inaugural address at the Statistics Day Conference of the RBI, Subbarao said the RBI should be “guided more by the CPI which more accurately reflects demand pressures because it is demand pressures that monetary policy action can influence’’.
He, however, said CPI data was also flawed and it wasn’t updated regularly to serve as a true indicator of inflation data in the economy. There were other problems as well.
India does not have a single CPI that is representative of the whole country. At present, there are three CPIs, which represent different segments of the population.
“Last year, the WPI series was revised to the base of 2004-05 whereas the existing CPIs continue with the old base … which makes CPIs ill-equipped to capture the price behaviour caused by the rapid structural changes in the economy,’’ Subbarao said.
Ruefully admitting that the central bank’s inflation forecasts had gone haywire in the past, the RBI governor recalled what comedian Groucho Marx once said: “Never make a forecast, especially about the future.”
Subbarao said unlike Groucho, the RBI unfortunately did not enjoy the “freedom of choice in this regard’’.
Subbarao added that as a matter of policy guidance for stakeholders, the RBI was obliged to give its projection of inflation. “Such a projection is evidently based on data available at that point in time. But if the provisional data that we feed into the econometric model is off-track and does not exhibit any systematic pattern, our projections of inflation too gets off-track,’’ he said.
The RBI has forecast that inflation will moderate to 6.5 per cent by the end of March next year.
There is a time lag associated with inflation data and the RBI governor said the lags and relentless revisions were making the task of monetary policy formulation very hard for the apex bank.

“In the context of monetary policy formulation, it is important to have a robust primary measure of inflation at the national level,’’ he said.
According to the RBI governor, while the central bank makes policies in real time, if the provisional data that they are based on are inaccurate, the resultant policy actions can turn out to be sub-optimal choices.
, while commending the Central Statistical Office for the “compilation and dissemination of CPI (Urban), CPI (Rural) and the CPI for the country’’

Inflation targeting has become an obsession with the RBI since September 2008 when Subbarao took over as the governor. The RBI has raised its key short-term rate by 250 basis points since March last year. Last month, it signalled that the repo would be its sole rate-signalling instrument. The repo rules at 7.5 per cent.
The RBI has been fighting a losing battle to quell inflation, which now threatens to surge into double digits after the snowballing effect of the recent increases in diesel, cooking gas and kerosene prices courses through the economy. Data presented in early June estimated inflation in the month of April at 9.03 per cent.
But even this data suffered from infirmities. “Long time series data, especially for the back period are not available for these new indices making them unsuitable for policy analysis. There is also a need to augment the price indices with appropriate coverage of the service prices to improve their overall representativeness,” he said.

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Infosys remains cautious on economic environment

Country's second largest software exporter Infosys today posted a 15.72% jump in its first quarter consolidated net profit year-on-year at Rs 1,722 crore, meeting street expectations, but expressed caution on the economic environment, especially in Europe.

"While this year is a normal year, the economic situation is still unstable. There are issues with Europe that are creating delays in decision making," Infosys COO SD Shibulal said.
"While the IT budgets are frozen or are closed, there is a slight delay in the decision making and the customer reaction times are much shorter," he added.

The company had posted a net profit of Rs 1,488 crore for the same quarter of the previous fiscal (2010-11). On a sequential basis, the net profit is down 5.2%.

Shares of Infosys were trading at Rs 2,778, down 4.83% at 1.30 pm.

"Infosys results were marginally higher than our estimates. The company has likely taken a conservative view of the macro scene and the possible impact on pace of client spending, which giving its FY12 guidance," Kotak Securities senior vice president (Private Client Group Research) Dipen Shah said.

It has not seen any budget or pricing cuts from clients, as yet and the large deals and transformational deals continue to flow, which is encouraging, he added.
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Infosys remains cautious on economic environment

Markets to remain range bound over 6 to 8 months: IDFC MF

ET Now: Risk on, risk off. It appears that suddenly the risk on trade has started and foreign institutional investors are revisiting EMs.

Naval Bir Kumar: We have had unpredictable capital flows into India for this calendar year, and if you track FII flows and market movements, they are fairly consistent. So you have got $2 billion of capital flows that have come in post the Greece crisis having subsided in Europe. So risk assets have come back into play, emerging markets have come back into play and India has attracted $2 billion which is what has lifted the market up. I cannot see capital flows being consistent across the year. I believe that for the next 6 to 8 months, you would continue to see erratic flows. So you will see other periods when you will see the markets correct. I frankly believe the markets will remain range-bound over the next 6 to 8 months.

ET Now: What is your stance? Do you think there is a direct linkage between QE2 ending and flows coming into India?

Naval Bir Kumar: There are no direct linkages with QE2 money and India. What QE2 did was that it created liquidity, but the bulk of the liquidity in the US went back to the FED. So the liquidity that India has seen has not come out of QE2, it has come out of the fact that global institutions have significant liquidity. And the flows that you are seeing are not steady like it was in the past, as India has had a bull market like in 2008. I am not sure that QE2 is consistent with market play today.

ET Now: So at IDFC as a theme, what are you bullish on and which are the stocks or ideas your fund managers are currently buying?

Naval Bir Kumar: Our philosophy as a fund house has always been to try to capture a trend or a theme that is evolving in the economy. So two years back, we saw a lot of transfer of wealth from the government sector to the individual sector, one to known waivers, second through NREGA, third through the central pay hikes etc. and much lower interest rates. That is prior to the inflationary concerns building up and hence we shifted away from leveraged intensive sectors to consumption. We will continue to evolve trends as they emerge in the economy and we will try to capture the next trend as we see it emerge but we would not like to play leverage today.

We think that the entire infrastructure cycle has not yet played out. The equity investors have taken a haircut but the fixed income investors are still to take a haircut. There will be restructuring on that space. If you look at the index over the last 3 to 4 years, the index has been fairly range bound, but you have seen a number of stocks which have hit all time highs and number of stocks which have fallen. So the index is clearly not an indicator of the plays that have evolved in the equity market. Some of the consumption stocks have begun to get expensive, but they also are displaying very high growth rates. You are seeing a complete change in consumption trends in India. So I would not say consumption is over. But yes, the new trends and themes will keep emerging.

ET Now: At current levels, why are you still negative on financial stocks?

Naval Bir Kumar: This merit in all of them, but we are not so bullish on banking, looking forward for the next 12 months. To play it through banking was the nicest when credit growth was exceedingly high, projects were still in project status and hence there were no restructuring risks, but that environment is behind us. But yes, some of the FMCG sectors still look good, some pharma plays are nice. There are a number of consumption plays that still look interesting.

ET Now: So why would you not be bullish on the banking space despite the cheap valuations that some of these stocks are available at?

Naval Bir Kumar: When I am saying I am not bullish on banking, I am saying it in the near term. There is sector rotation that tends to happen. So over the last 4 years, banking has grown credit at near 25% CAGR and at some point of time, this is going to result in NPAs building up. And we believe that in the next 12 to 15 months, you may see increased levels of NPAs in the banking sector. You have already seen credit deposit ratios decline. So if you look at the current financial year, you have had credit grow at 50,000 crores while deposits have grown 1,50,000 crores. So you are starting to see some headwinds. So when I am saying I am relatively not that bullish on banking over the next 12 to 18 months, it is a shorter term view. It is not a medium term view. I do not think banks in India are impaired or they will impact growth in the Indian economy. The banking sector is extremely sound, but it has had its time in the sun over the last 4 years. Banking has hit all-time highs post 2008.

icai | ICAI EXAM NOTICE 2011 | CPT Result December 2010 – 2011 – ICAI Results | ICAI Exam Notice for Missing Answer Book Candidates

ICAI-Institute of Chartered Accountants of India issued the notice to notify for the general information that Group – 1, Paper – 1 – Accounting of Integrated Professional Competence Exam held on 3rd May – 2011 in respect of Ms. Grishma Nadiq, Roll No. – 129394 whose Answer book was reported to be missing stands cancelled.

The examination will be held again on 25th, July, 2011. Timing is 10.00 AM to 1.00 PM. The venue of the examination is The Institute of Chartered Accountants of India, “ICAI Bhawan”, 16/0, Millers Tank Bed Area, Bangalore – 560052.

icai | ICAI EXAM NOTICE 2011 | CPT Result December 2010 – 2011 – ICAI Results | ICAI Exam Notice for Missing Answer Book Candidates

SBI raises base rate, home loans EMIs to go up

tate Bank of India on Thursday raised its base rates by 0.25 per cent to 9.5 per cent. SBI's move to raise rates comes on the back of ICICI Bank raising rates by a similar per cent last week. SBI is India's largest bank while ICICI Bank is the second largest.

SBI has also hiked the savings deposits rate by 1 per cent across all deposits giving some relief to small investors. The new rates will be effective from July 11 this year. Also read (To seek Centre's nod for rights issue this month: SBI)

The base rate is the minimum rate at which banks can lend. With the base rate going up, home loan rates will also move up. Home loan rates are typically set 1 per cent higher than the base rate. So, a 0.25 per cent hike in base rate is likely to lead to a marginal increase in EMIs for home loans.

Earlier, SBI's Chairman Pratip Chaudhuri had said, "There is a distinct possibility of hiking base rates by today evening". Mr Chaudhuri had said SBI's base rate is lower by over 1 per cent as compared to other PSU Banks.

SBI stocks closed nearly 1.5 per cent higher on the bourses today.


Read more at: http://profit.ndtv.com/news/show/sbi-raises-base-rate-home-loans-emis-to-go-up-163249?ch=klkwrnrlwr&cp

Nokia cuts smart phone prices

Nokia has cut the prices of its smart phones in Europe in an attempt to slow the decline in its share of the higher end of the market, two industry sources said on Tuesday.

One of the sources with direct knowledge of Nokia's pricing said the steepest cuts of around 15 per cent were made on prices for the company's flagship model, the N8, the multimedia phone C7, as well as the business user-targeted E6.

Other price cuts were smaller, both sources said. "There are no very big cuts per model, but the scale -- across the portfolio -- is unseen for a very, very long time," said one of the sources, who works at a European telecoms operator.

Shares in Nokia dropped sharply on the news and were 2 per cent lower at 4.35 euros by 1256 GMT.

A Nokia spokesperson declined to comment on specific prices and said changes were part of its normal business.

"It's business as usual," he said.

Analyst Carolina Milanesi from Gartner said the price cuts were not too surprising as Nokia has indicated that it would be more aggressive on pricing to keep users from defecting.

"They should discount older products including the N8, the C7 and the C6, and ship the new ones at a very aggressive price too," Milanesi said.

The Finnish company is expected to report losses for the second and third quarters this year as its ageing smart phone range is rapidly losing market share to phones running on Google's Android operating platform.

Nokia's share of the smartphone market fell to 25.5 per cent in the first quarter from 39 percent a year earlier, according to research firm Gartner, and many analysts expect the share to fall further during 2011.

Nokia cuts smart phone prices