Its a dent for Reliance Industries gas plans, said KK Mital, who manages the equivalent of $49mn in shares at Escorts Asset Management in New Delhi. The order is a positive for the power sector, especially for Reliance Energy and the others the order is in favor of.
The Bombay Stock Exchanges Sensex declined 31.88, or 0.2%, to 14,467.36. Eighteen stocks declined, while 12 advanced in the index. The index climbed 2.2% this week, its biggest gain in five weeks.
The S&P;/CNX Nifty Index on the National Stock Exchange fell 15.35, or 0.4% to 4,252.05.
The rupee had a second weekly gain on optimism share sales, including the nations biggest, which closed yesterday and those planned for later, will attract increased investment from overseas. Global funds may purchase the currency to buy a stake in ICICI Bank, Indias biggest lender by market value, which aims to raise as much as $4.3bn.
The rupee rose 0.3% to 40.755 against the dollar this week as of the 5pm close in Mumbai.
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Its learning time for exporters. Bruised by a plummeting dollar, small and medium exporters are taking up training courses to ride the roller-coaster currency market. In the last one month several exporters have joined programmes to equip themselves with risk management techniques.
Monil Shah, director of Jayesh Industries, is attending one such course. This has helped as I got to interact with people from large organisations. Though our company have been hedging risks, I have learnt things like interest rate hedging and interest rate conversion.
A Mumbai-based diamond exporter with business worth Rs 80 crore has also opted for a similar course. However, none of the other senior members of his organisation is pursuing it. This makes little sense, feels Jamal Mecklai, CEO of Mecklai Financial, a risk management consulting company.
Even today exporters dont realise that training themselves is not enough, as on several occasions other people in the organisation will have to take decisions in the persons absence.
Mr Shah is the only one of the 100 employees who attends the training as of now, but in the coming days others would also be encouraged to join. Sheetal Vora (name changed) who attended the six-month foreign exchange and risk management course at World Trade Institute and works for an export house says that the course has helped her in terms of fully hedging the risks and dealing in options and forwards.
The training institutes, on the other hand, are seeing many exporters queuing up for similar courses. According to Kaushal Sampat, COO of Dun and Bradstreet, which conducts such training programmes, the number of exporters taking these courses has almost doubled in the last six months.
Since the degree of uncertainty has increased, the margins have come under pressure and the exporters are becoming enthusiastic about taking these classes, he added. The volatility has affected the merchant exporters far more than the manufacturing exporters.
The rupee has gained against the US currency close to 10% since January. Since a predominant number of invoices are in dollar, Indian exporters have been badly hit. Most lack the mindset to cover the losses arising out of foreign currency fluctuations; some of them operating on thin margins often run open positions to save cost.
But with the rupee showing a sustained gain, more and more small exporters are feeling the need to hedge. Others like AV Rajwade have organised training, addressing foreign-exchange risk, in association with organisations like Crisil.
The changes in the system have been so fast that small exporters havent been able to adjust. There have been instances where companies that were looking at expansion plans six months ago, are now wondering how they will survive, says Mr Rajwade. Mecklai says the company is in talks with SIDBI to start with a risk management programme for export houses that have business worth Rs 5-8 crore in 4-5 months time.
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The rupee reacted downwards against the U.S. currency and closed at 40.75/76 on Monday following weak equity market amid some dollar buying by importers.
In lacklustre trade at the interbank foreign exchange market, the Indian unit opened steady at overnight level of 40.71/72 a dollar.
Later it moved in a narrow range of 40.69 and 40.79 per dollar before concluding the day at 40.75/76 a dollar, four paise lower than previous close. There was some dollar buying from oil refinery companies as global crude oil prices remained high above $68.50 a barrel in Asian trade on Friday, forex dealers said.
Weekend dollar short-coverings also dampened the rupee sentiment to some extent, they added.
A weak trend in local and Asian equity markets also weighed on the rupee.The benchmark sensex was down by 32 points at close on Friday.sri lanka rupee 34
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nvestors decided to cash in on some of the profits during the week, as benchmark indices snapped the three-session winning streak on Friday. Bulls appeared unmoved by inflation which fell to a 13-month low of 4.28%. But market observers said the development could set the tone for a rally next week, as chances of a further rise in interest rates soon look remote.
The 30-share Sensex dipped 31.8 points, or 0.2%, to close at 14467.3 while the broadbased 50-share Nifty shed 15.3 points, or 0.3%, to close at 4252.05.
For the second session in a row, the Sensex topped the psychological 14500-mark, but failed to hold on above that level. The benchmark index has moved up about 2% over the past one week on strong performance by stocks in banking and capital goods sector.
Bankex, the banking sector index on the BSE, has gained more than 5% over the week to close at 7835.3 points. Investors continued to lap up banking shares on expectations that there will be no more monetary tightening by the central bank. Shares of HDFC closed 1.6% up at Rs 1,879 while SBI and ICICI ended marginally higher at Rs 1,456 and Rs 954, respectively.
With inflation under control, we do not expect the RBI to raise interest rates any further. Excess liquidity is because of the IPOs. It would be sucked out of the market when government will issue bonds worth Rs 40,000 crore in the next two weeks to buy a stake in State Bank of India, said Amitabh Chakraborty, president (equities), Religare Securities.
There was no respite for technology shares, as the general view is that the rupee is unlikely to soften against the dollar in the short term. Wipro and Satyam ended about 1% lower at Rs 517 and Rs 462, respectively, while Infosys and TCS closed marginally lower at Rs 1,951 and Rs 1,140, respectively.
It is healthy for the market to dip a bit after three consecutive sessions of gains. Counting out the volatility as a result of F&O; settlement, the coming week should be good for the market. Sectors like banking and IT look good as long-term holds. It is advisable for investors to stay out of auto, sugar and cement stocks, Mr Chakraborty added.
Compared with Thursdays turnover of Rs 53,000 crore, the market witnessed lower volumes as shares and derivatives worth only Rs 48,000 crore changed hands during the day.
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