2:10 pm Earnings: Ashok Leyland posted net loss of Rs 142 crore compared to Rs 66.9 crore profit in the year-ago period. During the period, revenue stood at Rs 2364 crore vs Rs 3027 crore year-on-year. The stock crashes 8 percent on the BSE.
1:45 pm Telecom data: India added 35.7 lakh vs 31.1 lakh subscribers month-on-month in June. Bharti Airtel added 13 lakh vs 8.5 lakh subscribers (MoM) during the period. Vodafone India added 3.47 lakh vs 9.1 lakh subscribers (MoM), Idea added12 lakh, Uninor added 2.95 Lakh while MTNL lost 2.87 lakh in June.
1:40 pm Rupee measures: JPMorgan, Goldman Sachs, SBI Cap, SBI-SG have submitted paper to the Finance Ministry, reports CNBC-TV18 quoting sources. The proposal recommends 5-10 year bond issue to open rupee bond market. It also proposes opening market from USD 500-1000 million in first tranche.
1:35 pm Oil update: The Oil ministry is likely to seek Rs 60,000-70,000 crore compensation from the finance ministry for oil marketing companies in FY14, exclusive sources told CNBC-TV18.
The oil ministry is of the opinion that Rs 20,000 crore compensation proposed earlier is not sufficient. However, there is a case of diesel, liquefied petroleum gas (LPG) price hike but no formal proposal has been submitted so far, sources further said.
1:30 pm Alert: Indranil Sengupta, Chief Economist-India, Bank of America-Merrill Lynch (BofA ML)told CNBC-TV18 that RBI will start cutting rates once the rupee stabilises.
The broking firm lowered its India gross domestic product (GDP) estimate for FY14 to 5.5 percent versus a 5.8 percent earlier, after the central bank announced a slew of measures to curb rupee liquidity.
Sengupta says the 5.8 percent estimate was based on lending rate cuts and better monsoons. However, after yesterday RBI announcement, liquidity will remain tight and there will be no lending rate cuts, therefore the revision to 5.5 percent.
He further said that the FII debt inflows will depend on what happens globally rather than what happens domestically. "At the end of the day the government will need to do either a NRI bond or a sovereign bond issuance to boost FX reserves," he says.
1:27 pm Movers: Telecom stocks are rallying with a hope that the government may approve 100 percent foreign direct investment (FDI) in telecom services. According to CNBC-TV18's sources, the Department of Telecom (DoT) is moving for a 100 percent FDI as the sector requires Rs 5-6 lakh crore in next few years and the DoT can not generate such resources internally. Both Bharti Airtel and Idea Cellular are up around 2 percent on the BSE.
The market is still jittery as the Nifty collapsed nearly 100 points to below 5950 after a gap down opening. The Nifty is down 84 points at 5946.80 while the Sensex slips 225.28 points to19809.20. About 692 shares have advanced, 1302 shares declined, and 114 shares are unchanged.
Banks are bleeding today with the Bank Nifty cracking over 4 percent. Morgan Stanley cuts the rating for Indian financial companies to 'cautious'. Its top avoids include SBI, PNB and Axis Bank .
The RBI finally came to the rupee's rescue late last night by announcing measures to curb excess liquidity in the system. The marginal standing facility rate is raised to 10.25 percent, also the total funds available under its repo window will now be capped at Rs 75,000 crore.
Even as big brokerages turn nervous about India’s growth prospects post the RBI move, the finance minister is hopeful of a 6 percent number. However, that too is a scale down from the 6.5 percent projected in the budget, earlier this year.
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