slipped to $70.47 barrel.
The rupee dipped ahead of the Reserve Bank of India's first quarter monetary policy review. At 9:10 a.m. the partially convertible rupee was at 48.24 against the dollar compared with is previous close of 48.16.
Banking shares are likely to remain in action as the Reserve Bank of India will meet for quarterly review of monetary policy. Most analysts are of the opinion that the central bank may keep the rates unchanged.
The government has lowered interest rates on loans for affordable housing, extended a tax holiday given to industrial parks, and lifted the tax burden off road repair costs, adding to the four existing stimulus packages in its effort to propel economic growth to 8-9 percent by the end of 2010. Finance minister Pranab Mukherjee on Monday told the Lok Sabha that home loans of up to Rs 10 lakh for properties with a market value not exceeding double that amount will now come with a 1% subsidy on the interest that commercial banks charge. This is likely to keep real estate and banking share on the move.
Tata Motors, whose portfolio stretches from the marque Jaguar to the world’s cheapest car Nano, defied market forecasts to clock a 58% rise in net profit for the June quarter, on the back of share sales in a sister concern and new accounting norms that offset forex losses. The flagship firm of the steel-to-software Tata Group said its standalone profit for its first quarter of the year rose to Rs 514 crore, from Rs 326 crore a year ago, even as revenues dipped 8% to Rs 6.404 crore because of weaker sales of its mainstay heavy trucks.
Gail India, the country’s largest gas transportation company, will invest Rs 7,600 crore in building India’s longest gas pipeline from Jagdishpur in Uttar Pradesh to Haldia in West Bengal. The company will invest an additional Rs 400 crore to lay two spur pipelines. The board had approved the pipelines at its meeting on Friday, which are estimated to cost Rs 8,000 crore.
NTPC reported a growth of 27 per cent in its net profit for the first quarter ended June 30 to Rs 2,193.62 crore, over the corresponding period a year earlier. Net sales of the public sector major also rose to Rs 12,002.68 crore in the latest quarter of the current financial year from Rs 9,539.47 crore of the same quarter last year
In another development, the seemingly never-ending negotiations between RIL and NTPC over supply of gas to the public sector major’s power plants in Dadri, Anta, Auriya and Faridabad have hit a roadblock. RIL has turned down NTPC’s request to include a clause in the gas sales purchase agreement (GSPA) that the sale will be without prejudice to the ongoing case over gas supply to NTPC’s Kawas and Gandhar plants.
Anil Ambani-led Reliance Power on Monday announced financial closure for its 300 MW power project at Butibori near Nagpur in Maharashtra. The project will be financed on a debt-equity ratio of 80:20 with debt component of over Rs 1,500 crore.
Maruti is planning a capital expenditure outlay of Rs 2,100 crore for 2009-10 on re-tooling the plant for production efficiencies, developing new models, R&D activities and expanding production of its K-Series engine.
Results diary: Grasim, HUL, BPCL, ABG Shipyard, Bajaj Hindusthan, Mundra Port, Everest Kanto, GMR Infra, GVK Power, Kotak Mahindra Bank, 3i Infotech, Mahindra Ugine, Mcleod Russel, Mercator Lines, Neyveli Lignite, Religare, REC, Tata Tea, Clutch Auto, Emami, Engineers India, Genus Power, Gitanjali Gems, Godawari Power, Gokaldas Exports, Gujarat Gas, Gujarat Narmada Valley, GSFC, Gujarat Industries Power, GMDC, Havells India, Himatsingka Seide, HOV Services, KPR Mill, Karur Vysya Bank, KEC International, Provogue, PSL, SRF, Surana Telecom, Thomas Cook, Trent, VIP Industries.
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