Profit Top 10: Rupee crosses 56-mark; Sensex under key 16,000 level

• Rupee free fall continues; touches new lows of 56
• Sensex under 16,000; closes at 4-month low
• Petrol prices to go up by Rs 7.50 per litre
• Indian economy resilient enough to overcome challenges: Pranab
• UPA II: Inflation, falling rupee hurt aam aadmi, industry questions governance
• Reebok India accuses former executives of Rs 870 cr fraud
• Air India: Pilots allege mismanagement; management files contempt petition
• Earnings Central: Tech Mahindra, BHEL
• Facebook advised analysts to cut forecasts before float; small investors upset
• GenY loves Facebook, cellphone favourite device: TCS survey

Rupee free fall continues; touches new lows of 56

The rupee hit a new lifetime low, breaching the 56 mark to the dollar in intraday trade to touch 56.22/$. It however rebounded from its lows to end at 55.99 per dollar. This is the sixth consecutive day of fall for the Rupee against the US dollar. Fall comes despite RBI intervention earlier in the session pushed rupee to 55.52. (Read More)

Also Read: Rupee touches 56: What it means to you

Traders see the action by RBI as reluctant to be more aggressive against such a strong down trend. Dealers told NDTV that the apex bank sold dollars at 55.75/$ levels in a bid to curb the depreciation, they said. (Read: Experts speak)

Also Read: Will RBI use its ultimate weapon to save rupee, economy

Sensex under 16,000; closes at 4-month low

The BSE Sensex ended below the 16,000 mark for the first time since January 09 this year amid continued rupee weakness and deteriorating global cues. It shed 78.31 points or 0.49 per cent to 15,948, while the broader Nifty index declined 24.85 points or 0.51 per cent to 4,835.65. Meanwhile, global cues deteriorated, adding to pressure on equities. (Read More)

Petrol prices to go up by Rs 7.50 per litre

The government on Wednesday hiked the price of petrol by Rs 7.50 per litre. The hike will be effective from Wednesday midnight. In a statement released Wednesday evening, the state-run Indian Oil Corporation said it was hiking petrol prices by Rs 6.28 a litre, exclusive of sales/value-added taxes. Sales and VAT taxes differ from state to state, and range between 94 paise and Rs 2.07 a litre. (Read More)

Indian economy resilient enough to overcome challenges: Pranab

Amid declining value of the rupee and rising inflation, finance minister Pranab Mukherjee on Wednesday said the Indian economy was resilient enough to overcome challenges and the government will make efforts to moderate the rate of price rise and reduce current account deficit (CAD). "I have full faith in the resilience of the Indian economy and am sure that we will be able to overcome the current economic challenges successfully as we have done in the past, many times," he said. (Read More)

He is, however, disappointed to see the fluctuation of the rupee against the US dollar. He also blamed India’s rising oil imports. “The quantum of India’s oil imports is substantial at around $ 160bn to $ 170bn,” he said in New Delhi on Wednesday. (Read More)

UPA II: Inflation, falling rupee hurt aam aadmi, industry questions governance

Kiran Mazumdar Shaw, Chairman of Biocon said on Tuesday that if she was in UPA-II, she would not celebrate as the government has not performed or delivered. “I am deeply disappointed with UPA-II; had huge expectations from it,” she told NDTV. Meanwhile, ICICI Bank’s managing director and chief executive Chanda Kochhar said the movement of the rupee could put off investors. This perhaps sums up industry’s sentiment three years after the United Progressive Alliance came to power for a second term. The government’s mascot ‘Aam Aadmi’ has even more complaints. (Read More)

Here are pointers to comprehend the reaction.

Reebok India accuses former executives of Rs 870 cr fraud

Reebok India, owned by Germany's Adidas, lodged a police complaint against two former top executives accusing them of fraud that had led the company to lose Rs 870 crore.

The alleged fraud would be the most high-profile corporate scandal in India since 2009, when Satyam Computer's former chairman and founder Ramalinga Raju revealed that the company had overstated profits and falsified assets for years. (Read More)

Air India: Pilots allege mismanagement; management files contempt petition

Taking the pilots head on as their strike entered its 16th day, Air India on Wednesday filed a contempt petition against them in the Delhi High Court, with the government again terming their protest illegal and blaming the agitators for not coming to the negotiating table. Meanwhile, the striking pilots have hit back at the Air India management and alleged that the airline has incurred losses of over Rs 4,000 crores due to financial irregularities and mismanagement. (Read More)

The Center for Asia Pacific Aviation on Wednesday said there is a high likelihood of Air India – the country’s national carrier – being shut down due to human resources problems at the airline and the management not taking responsibility. In a hard-hitting report, CAPA said that Air India is set to enter a defining period as likely management changes loom ahead. (Read More)

Earnings Central: Tech Mahindra, BHEL

Pune-based IT major Tech Mahindra has reported below consensus sales and profit for the quarter ended March 31. Sales declined 2 per cent sequentially at Rs 1,419 crore in the March quarter against Rs 1,445 crore in the December quarter. The company reported a similar fall in US dollar revenue, which fell 2 per cent at $282 million against $289 million sequentially. Net profit rose 10 per cent at Rs 303 crore against Rs 276 crore quarter-on-quarter (QoQ). (Read More)

Public sector unit –BHEL, meanwhile, beat margins estimates with a 20.7 per cent jump in net profit at Rs 3,379 crore in the March quarter against Rs 2,800 crore in the year ago period. (Read More)

Facebook advised analysts to cut forecasts before float; small investors upset

It's no surprise to anyone that big investors get preferential treatment on Wall Street. Investors expressed disappointment, skepticism and even shock on Tuesday after learning that an analyst at lead underwriter Morgan Stanley cut his Facebook revenue forecasts in the days before the company's initial public offering - information that apparently did not reach small investors before the stock went public and subsequently tumbled. (Read More)

Also Read: Investors sue Nasdaq, Facebook over IPO

Regulators – Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority are now investigating if Morgan Stanley did infact selectively held back the information. (Read More)

Also Read: 10 reasons why Facebook shares have plunged 20%

GenY loves Facebook, cellphone favourite device: TCS survey

The television is out. The mobile phone is in. But we always knew this, didn’t we, especially when it comes to the GenY?

However, a survey released by a leading IT company puts a few numbers to this trend. And while this may not be surprising for those who are in school or have just joined college, it may certainly surprise the older lot. (Read More)