Profit Top 10: Air India strike deepens; Is dollar the new safe haven?

• Rupee posts muted gains despite RBI actions
• Air India strike hits Day 3; Kingfisher pays salaries
• Union Cabinet postpones insurance Bill, clears microfinance Bill
• SKS Microfinance to lay off 1,200 people
• Cisco joins Infosys, Cognizant, predicts weak growth
• RIL to foray into financial services sector; buys bank shares
• India's April exports rise 3.2% at $24.5 bn, trade deficit at $13.4 bn
• US jobless claims fall; trade deficit widens
• India's April car sales rise 3.4% year on year, says SIAM
• Facebook IPO: 5 steps on how to buy the stock

1) Rupee posts muted gains despite RBI actions

The rupee recovered on Thursday from a record closing low hit in the previous session after the RBI announced measures to boost dollar liquidity and ease intraday rupee volatility in a move to defend the falling rupee. However, the local unit gave up a chunk of its gains against the dollar as traders doubted the measures. (Read More)

Also Read: Five steps India has taken to bolster rupee

Speaking to NDTV Profit on these developments, Jamal Mecklai, CEO, Mecklai Financial Services Ltd, said that the dollar is likely to strengthen further against other currencies. (Read Jamal Mecklai on rupee)

Indian gold prices too fell to their lowest level in a month as the rupee gained against the dollar, triggering some buying by traders towards the end of the wedding season. (Read More)

Also Read: Defending rupee: Is RBI fighting a losing battle?

2) Air India strike hits Day 3; Kingfisher pilots start calling in sick

The strike by the Indian Pilots Guild (IPG), the recognized trade union of the pilots of Air India, extended to its third day despite the Delhi High Court deeming it illegal. It has led to the cancellation of 48 flights and the sacking of 45 pilots. The union on Thursday said that they want to end the agitation and are willing to speak to the management. “We want the management to take back sacked pilots,” Tauseef Mukadam, General Secretary, IPG told NDTV. The airline has shut bookings for long-haul flights until the 15^th and is looking to lease air planes. Here are the latest developments on the issue. (Read More)

Also Read: Air India risks losing bailout as pilots agitate

A section of Delhi-based pilots of Kingfisher Airlines reported sick earlier on Thursday to protest non-payment of January salaries. At least two ATR planes were grounded in the national capital while 17 flights were cancelled on Thursday. (Read More)

Also Read: Kingfisher Airlines no longer a subsidiary, says UB Holdings

3) Union Cabinet postpones insurance Bill, clears microfinance Bill

India's Union Cabinet on Friday deferred a key insurance Bill.  "The consideration of the Insurance Bill has been postponed," Finance Minister Pranab Mukherjee said after the Cabinet meeting. "A 26 per cent FDI (foreign direct investment) cap already exists, made no sense going ahead with the same cap," he said.

However, the Cabinet cleared the Microfinance Bill, long awaited by the industry. The Bill will now bring microfinance institutions (MFIs) under the regulatory jurisdiction of the Reserve Bank of India. All functioning MFIs will have to register with the RBI. The central bank will also decide the interest rates MFIs can charge. The Bill will override existing state legislations on MFIs, such as the one passed in late 2010 by the Andhra Pradesh government.  (Read More)

4) SKS Microfinance to lay off 1,200 people

India’s only listed microlender SKS Microfinance on Thursday said it was firing 1200 people and would close at least 78 branches in the southern Indian state of Andhra Pradesh.

SKS currently has 3400 employees in 180 branches in that state, where the bulk of its operations is. However, it said that it was not closing operations there, nor was it facing solvency or liquidity issues. (Read More)

5) Cisco joins Infosys, Cognizant, predicts weak growth

US-based Cisco Systems shares plunged over 8 per cent after the company forecast muted growth for the fourth quarter. On Monday, information technology services provider Cognizant Technology Solutions (CTS) had lowered its forecast for the full year for the first time in nearly four years, citing weak demand from financial services clients in North America after which the company's shares had ended 19 per cent lower.

Cisco's weak forecast is another reminder of the slowdown IT and tech companies are facing in the face of global macro headwinds. Here are five key takeaways from Cisco's earnings.

6) RIL to foray into financial services sector; buys bank shares

Awaiting regulatory approvals for its foray into financial services sector, Mukesh Ambani-led Reliance Industries has acquired shares in giants like HDFC, ICICI Bank and Axis Bank as part of long-term 'investments'.

These financial investments, estimated to be worth over Rs 1,200 crore, include the purchase of shares of six banks -- three each from the public and private sectors, including HDFC Bank, ICICI Bank, SBI, Punjab National Bank, Canara and Axis Bank -- and one housing finance major, HDFC Ltd. (Read More)

7) India's April exports rise 3.2% at $24.5 bn, trade deficit at $13.4 bn

India's exports rose an annual 3.2 per cent to $24.5 billion (Rs 13,0193 crore) in April,  while imports grew 3.8 per cent on year to $37.9 billion (Rs 20,1400.6 crore), trade secretary Rahul Khullar said on Thursday, citing provisional trade data. Imports, however, are at an 11-month low.  (Read More)

8) US jobless claims fall; trade deficit widens

The number of Americans submitting new applications for jobless benefits edged down last week, easing concerns the labour market was deteriorating after April's weak employment growth. (Read More)

While the claims data indicated the economy remained on a moderate growth path, a report from the Commerce Department showing a widening in the trade deficit in March suggested economic growth was much slower in the first quarter than initially believed. (Read More)

Also Read: US jobless claims fall eases concerns, but widening trade deficit worries

9) India's April car sales rise 3.4% year on year, says SIAM

Car sales in India rose an annual 3.4 per cent in April, according to data from an industry body, a sixth consecutive monthly increase but lower than in recent months after the country hiked excise duty on the vehicles. Sales rose 20 per cent in March, the biggest monthly rise in a year, thanks mainly to a rush from customers to buy cars before price hikes from manufacturers in response to the excise duty increase came into effect.

Automakers sold 168,351 cars in the domestic market in April, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Thursday. (Read More)

10) Facebook IPO: 5 steps on how to buy the stock

Facebook’s announcement of an initial public offer (IPO) has investors worldwide looking for a slice of the social networking giant. Indian investors are also eyeing the stock, which will be sold through NASDAQ in New York.

If you are looking to buying a slice of Facebook, here are 5 easy steps on how to go about it under the Automatic Route.