Management
Chennai-based software company Zylog Systems posted a 21 per cent dip in its net profit for the second quarter ended Septmeber 30, 2009 to Rs 20.91 crore as against Rs 26.48 crore in the same quarter last year.
PowerGrid Corporation is seeking loans of Rs 8,750 crore from the World Bank and the Asian Development Bank (ADB) to fund upcoming transmission projects in the country.
Abhay Kumar Srivastava, the chairman and managing director of Cement Corporation of India (CCIL) today took over as CMD of navratna public sector unit, National Aluminium Company Ltd (Nalco).
The changes to industry dynamics and competitive landscapes resulting from the global recession will likely after the profiles of key industry sectors to the benefit of Asian companies by 2012 and there would be more cross-border mergers and acquisitions over the next few years, says Fitch Ratings.
The launch of Nine Lives, William Dalrymple’s search for the sacred in modern India, was the kind of spectacle that gladdens even a publisher’s withered heart. The Char Bagh in Delhi was packed, and between Baul singers and a dancing Dalrymple (he joined in when the theyyam dancers took stage), we were much entertained.
The Supreme Court (SC) last week asked the Haryana Financial Corporation to refund the amount received from a buyer of a defaulting unit as it had not disclosed certain vital facts to the buyer. The corporation had forfeited the amount when the buyer withdrew from the contract of sale. The SC stated in the case, Haryana Financial Corporation vs Rajesh Gupta, that a “mere perusal of the provisions of the Transfer of Property Act will show that it was incumbent upon the corporation to disclose to the buyer about the non-existence of an independent passage to the unit. It was also the duty of the corporation to inform the buyer that the passage mentioned in the revenue record was not fit for movement of vehicles. The corporation also failed to show the buyer the entire documentation as required by law.”
- satanic-verses-ban/02/12/369407/" class="textMost" title="Should we lift the Satanic Verses ban?">Should we lift the Satanic Verses ban? - the-godfather/02/12/367308/" class="textMost" title="All about the family: 40 years of The Godfather">All about the family: 40 years of The Godfather - Don't sue the science guys - The return of the short story - In search of an Asian prize - Nilanjana S Roy: Five lessons from the Teacher Man">Nilanjana S Roy: Five lessons from the Teacher Man
Private equity (PE) investments in south India dropped 64 per cent between April and September 2009 to $626 million from $1,752 million during the same period last year. The number of deals too dropped 48 per cent, according to Venture Intelligence, a research service focused on PE and M&A
Driven by improved liquidity and business confidence, mergers and acquisitions (M&A) as well as private equity (PE) activities in the country are showing signs of recovery and the deal space is likely to see an uptrend in the coming months, experts said.
Private equity (PE) and venture capital (VC) investment in hospitals may surpass that in clinical research and drug manufacturing sectors, as hospitals currently offer more assured returns with lesser risks, is the feeling of informed observers.
The Supreme Court has issued notices to 23 states and three UTs on a petition by Tata Motors seeking quashing of the Central Sales Tax Appellate Authority"s decision asking it to pay Central Sales Tax to the tune of around Rs 14 crore on sale of bus chassis to the Andhra Pradesh government.
Private Equity (PE) investments into South India have dropped 64 per cent between April and September, 2009, to $626 million from $1752 million, during the same period last year. The number of deals fell 48 per cent. Among the four states in South, Andhra Pradesh had attracted the highest investment, in terms of value.
The last date for receipt of pre-qualification applications for Hyderabad Metro Rail project has been extended from November 2 to November 27 due to administrative reasons in view of elections for the Greater Hyderabad Municipal Corporation.
Former Jharkhand Chief Minister Madhu Koda was today discharged from a city hospital and claimed he was "innocent" and was not involved in the Rs 2,000 crore hawala scam even as Income Tax officials prepared to question him in connection with the case.
Ram Prasad Sahu / Mumbai November 09, 2009, 0:04 IST
The stock touched a high of Rs 1,555 but could not hold on to gains. It finally ended with a 1.3% gain at Rs 1,547. Around 352,258 shares were traded on the BSE today.
Lookout notices issued against two other key associates of the former CM.
The first whiff that something had gone bad came 18 months ago, when officials from the Enforcement Directorate (ED) apprehended an individual at the Mumbai international airport as he was about to board an aircraft bound for Bangkok.
Commercial vehicle maker Ashok Leyland today reported a jump of 31.77 per cent in its net profit for the quarter ended September 30, 2009 at Rs 88.61 crore on account of internal efficiencies and low input costs.
Hinduja Group company, Gulf Oil Corporation today said its subsidiary has entered into an agreement with Biocon to sell its Active Pharmaceuticals Ingredients (API) undertaking, for an undisclosed amount.
Commercial vehicle maker Ashok Leyland has said it would start delivery of the first 50 ultra low entry (ULE) buses to the Delhi Transport Corporation (DTC) soon as part of its Rs 1,190 crore contract to supply 875 buses this fiscal.
The JV was supposed to get at least 45 per cent stake
British banking giant Barclays is curtailing international expansion plans under a crackdown imposed by its new head of retail banking, Anthony Jenkins, a media report says.
The Indian stock markets witnessed a net inflow of Rs 24,800 crore from overseas investors during December quarter in the current financial year.
Domestic companies are expected to embark on a mega fund raising spree this year with plans to raise over Rs 50,000 crore by way of public offers, driven by the sharp recovery in the stock market.
Kuwait Investment Authority (KIA), the Gulf country’s sovereign wealth fund, has denied a claim which said its assets dropped by $94 billion due to the global financial crisis.
The Follow-on Public Offers (FPOs) of either NTPC or Rural Electrification Corporation (REC), are likely to be launched in the next couple of months, a senior government official said.
New tax rules on perks need some smart changes in what you claim.
Drug maker FDC today said it has bought back shares worth Rs 17.78 crore from its shareholders, following which the promoter group"s holding in the company has increased to 65.76 per cent.
Leading bankers do not foresee any rise in the interest rates at least for the next six months and want the Reserve Bank of India (RBI) to keep the monetary stance unchanged in its policy review due later in the month.
Crompton Greaves ended at Rs 426, higher by Rs 29 or 7.4%, on the BSE.
Ends ambiguities in Feb guidelines relaxing sectoral limits in FDI rules.
Keeping in mind the panic created by swine flu and its adverse impact on academic activities across the country, the Indian Institute of Management, Ahmedabad (IIM-A), is preparing recommendations to be issued to various schools and colleges in the country. Once ready, the management institute, which has witnessed four cases of swine flu on its campus, will submit the recommendations to the state and central governments for further dissemination to academic institutes.
The global swine flu pandemic will expose the failure of the international community to invest in health protection in poor countries, the world"s top health official warned here today.
The global swine flu pandemic will expose the failure of the international community to invest in health protection in poor countries, the world"s top health official warned here today.
Sanjaya Baru / New Delhi December 28, 2009, 0:52 IST
The Supreme Court today upheld an amendment exempting some posts from the purview of the office of profit law that was enacted three years ago in the midst of a controversy in the aftermath of the disqualification of Samajwadi Party MP Jaya Bachchan.
Godrej Security Solutions (GSS) Division, one of the divisions of Godrej & Boyce Mgf Co. Ltd and part of Godrej Group, has set the target of around Rs. 400 crore turn over for the current FY 2009-10 and eyeing Rs. 500 crore turn over by FY 2010-11.
Despite the best efforts of Indian vaccine makers to develop the H1N1(swine flu) vaccine, Swiss drug major Novartis and Australian vaccine maker CSL may be the first ones to bag the orders from the central government for its supply.
It treats KG gas as personal property of the brothers, says SLP.
Travel and tour company Cox & Kings (India) made an impressive debut on bourses today. The stock closed 30 per cent up at Rs 426.05 on the Bombay Stock Exchange (BSE) as against the initial public offer (IPO) price of Rs 330. On the National Stock Exchange (NSE), the stock closed at Rs 430.
Summons five states to devise formula to stop misuse in property transactions.
FMCG major Dabur is stepping up expansion in the skin care segment, on the back of its acquisition of Fem Care Pharma last year, with plans to expand range of products from the latter"s stable besides launching a new brand of its own.
Mexico will push for a binding international agreement to cut greenhouse gas emissions when it hosts the next climate change summit in Mexico City in the coming year.
Disappointment at the outcome of a United Nations-sponsored climate change conference in Copenhagen is "justified," US President Barack Obama said in a US television interview.
Environment Minister Jairam Ramesh neatly turned the tables on the BJP when it attacked the government using the comments made by David Axelrod, a key advisor of US President Barack Obama. Ramesh quipped, “Mr Axelrod is the Arun Jaitley of the Obama Administration.
After months of tough negotiations, Senate Democrats have come together to back a sweeping health care legislation, providing a powerful boost for President Barack Obama"s top domestic policy goal that promises to extend medical coverage to 31 million Americans.
Chennai-based entertainment company Pyramid Saimira Theatre Limited (PSTL) has moved the Securities Appellate Tribunal (SAT) against market regulator Securities and Exchange Board of India (Sebi)’s order, which had banned the company in November 2009 from trading in the Indian securities market for seven years following irregularities in its initial pubic offering (IPO).
The Reserve Bank of India (RBI) has requested all Registrars of Co-operative Societies (RCSs) to restrict individual shareholding in an urban co-operative bank (UCB) to 5 per cent of the total paid-up share capital.
The Prime Minister’s economic panel today said the government and the RBI will have to slowly withdraw the stimulus packages given during the slowdown once the economy begins to show surer signs of recovery.
Wall Street investment banker Goldman, which took federal money a few months ago to save itself from bankruptcy, is expected to announce profits for the March-June period, media reports said.
The robust bookings are in spite of travel advisories issued by Western and pacific countries.
Tata Realty and Infrastructure (TRIL), a closely-held unit of Tata Sons, plans to invest Rs 20,000 crore to build special economic zones, roads, ports and other core sector projects in the next three years to take advantage of a stable political environment and revival in the economy, a top company official said.
US markets jumped on Monday as more-than-two-year high home sales was reported.
Compiling a bunch of unforgettables from Indian cinema is bound to create room for argument. Suveen Sinha finds plenty to disagree with M K Raghavendra’s 50 Indian Film Classics
Barely three months after emerging out of bankruptcy, General Motors has launched its luxury Sedan, the Chevrolet Cruze, in India. Built on a global platform called the 300 series, the Cruze will compete with the Honda Civic, Skoda Laura and Volkswagen Jetta for a space in the executive segment.
Sanjay Jog / Mumbai January 03, 2010, 0:44 IST
Newly-inducted Karnataka minister for excise M P Renukacharya today said that government was well on its way of meeting its excise collection target of Rs 7,000 crore for financial year 2009-2010.
Rise of Congress, further decline of BJP and the relegation of the Left and some regional parties to the margins marked the highs and lows of politics in 2009 as price spiral poses an intense challenge to the government in the new year along with Naxal and cross-border terror.
A crucial UN climate summit opened here today amid calls for "early action" to combat the threat and with the hope that emission reductions promised by key countries had put the world closer to a global warming control pact.
Noted economist Suman Bery is both passionate and learned about this art form.
Home minister says the January 5 meeting of political parties is to devise a roadmap on resolving the statehood issue.
The bandh call given by the Telangana Sadhana Joint Action Committee in support of a separate state passed off peacefully barring sporadic incidents across the Telangana region.
Russian gas exports dropped by 37.7 per cent to 69.5 billion cubic meters in January-July 2009, as compared to the previous year, the Federal Customs Service has said.
The Orissa Electricity Regulatory Commission (OERC) has stayed the operation of the load restriction order issued by the Orissa Power Transmission Corporation Ltd (OPTCL) to restrict the drawal of industrial load up to 10 Mw. It has issued notice to the State Load Despatch Centre (SLDC), OPTCL, Grid Corporation of Orissa (Gridco) and the Orissa government to file their replies before OERC within 7 days.
GMR Energy Ltd, the subsidiary of Bangalore-based infrastructure major, GMR Infrastructure Ltd, has finalised a Rs 400crore investment plan to relocate and restart its barge-mounted naphtha fired power project from Mangalore on the west coast to Kakinada on the east coast in Andhra Pradesh. The new plant, which will use natural gas as basic fuel, will be operationalised by March 2010.
The Nano is a small car from a big idea. The people’s car attained immortality the moment it was unveiled at the Auto Expo in New Delhi, causing a seismic shift in the automotive world. The rest of the world’s automakers drew in their collective breaths when it was announced that Tata was going ahead with producing the car. Then they all scrambled to go into that unknown territory that Tata Motors has already bravely ventured into.
The small car being developed by Bajaj Auto that will be marketed by Renault-Nissan alliance in India will be smaller than Maruti Suzuki"s Alto, according to the French car maker.
French power equipment maker Areva"s Indian arm, Areva T&D, today said it has bagged an order from aluminium major Hindalco for erecting 440 kilo volt (Kv) substations at its plants in Singrauli (Madhya Pradesh) and Sambalpur (Orissa).
The Gujarat government has requested the Union Finance ministry to exempt electricity transmission from service tax and keep transmission charges outside the purview of TDS, a senior state minister said.
The markets opened on a flat note amid mixed global cues. However, bears were soon seen active following yesterday"s weakness. The Sensex drifted to a low of 16,778, down 109 points from the day"s high.
Automaker Tata Motors today reported 77.30 per cent jump in its total sales during January at 65,478 units.
The leading Kerala-based private sector lender Federal Bank today said its net profit declined by 45.92 per cent to Rs 110.25 crore for the third quarter ended December, over the corresponding quarter last fiscal.
Foreign institutional investors (FIIs) were net sellers of Rs 2,813.06 crore (provisional) today, according to data released by BSE.
The country’s largest power generator, NTPC Ltd, will be officially powering the Commonwealth Games being held next year. It has got marketing rights for the games that will held in New Delhi next year, in return for a Rs 50-crore sponsorship.
Buoyed by a robust 48 per cent growth in its fee-based income, IDBI Bank has clocked a 29 per cent jump in net profit at Rs 287 crore in the third quarter ended December 31 from Rs 223 crore in the year-ago period.
Approaches government for fresh funds, conversion of bonds into equity.
China’s growth probably exceeded the economy’s speed limit in the fourth quarter, escalating pressure on Premier Wen Jiabao to withdraw stimulus measures even as the government seeks to strengthen domestic demand.
The United States has said it has held several rounds of meetings with China on the allegations of search engine giant Google that Chinese authorities were indulging in email hacking and censorship, a top Obama Administration official said.
Reserve Bank of India (RBI) Governor D Subbarao said the hike in the cash reserve ratio (CRR) announced today, would not affect credit availability to the private sector and harden interest rates immediately.
The Reserve Bank today raised by 75 basis points the cash reserve ratio -- the amount lenders need to keep with the central bank-- to suck Rs 36,000 crore out of the system and cool down the surging inflation.
UK Chancellor of the Exchequer Alistair Darling said bankers should stop complaining and get to work.
Steel czar L N Mittal may announce his company ArcelorMittal"s Rs 30,000-crore steel project in Karnataka tomorrow after his meeting with the state Chief Minister B S Yeddyurappa.
Mansi Taneja / New Delhi January 15, 2010, 0:05 IST
After committing an investment of Rs 60,000 crore on various projects in Orissa including an aluminium smelter plant, an alumina refinery unit and a mega university project, London-based Vedanta Resources Plc has now evinced interest in setting up a steel plant in the state.
India’s largest private sector lender ICICI Bank on Sunday ruled out overseas acquisitions, but said it is open to buying local banks to increase presence and business within the country. “We are not looking at global mergers or takeover or anything.
Financial services major Bank of America today said its consumer banking chief Brian T Moynihan will replace Kenneth D Lewis as President and Chief Executive Officer of the company on January 1, 2010.
Developing country parties to the Global System of Trade Preferences (GSTP) today met at the minitrial level and agreed on “modalities” for cutting tariffs in trade between each other.
As the world tries to get over the economic slump, commercial vehicle (CV) manufacturers like Tata Motors, Ashok Leyland, Eicher, Volvo, Daimler and Mahindra-Navistar are preparing for a flurry of launches to cash in on the increased economic activity in the country.
The iconic US cult bike maker Harley Davidson is set to enter Indian markets tomorrow, two years after it was first granted permission to start operations in the country.
India will on Sunday hold a meeting with its BASIC group partners comprising China, Brazil and South Africa in the capital to firm up a common position on the climate front post-Copenhagen.
India"s eight ambitious missions to address climate change may get funds in the Union Budget that will be presented in Parliament next month.
Kalpana Jain / New Delhi January 24, 2010, 0:44 IST
Shilpy Sinha / Mumbai January 8, 2010, 0:47 IST
Mahua’s success has spawned a host of Bhojpuri shows on Hindi television
Notwithstanding the high voltage overseas road shows and Incredible India campaign, the decline in foreign tourist arrivals in the country continues.
Mono-brand stores, or single-brand retail outlets, have become the new growth mantra for consumer durables companies. What was a trickle initially is fast turning into a deluge, with leading companies drawing up aggressive plans to scale up their presence through mono-brand stores.
The unemployment rate in the OECD region — a grouping of 27 developed and developing nations — stood at 8.8 per cent in November 2009, amid the global labour market slowly witnessing signs of stabilisation.
Month-on-month decline arrested; figure expected to turn positive from Jan
Hit by poor availability of scrap, expensive raw gold imports.
Shivani Shinde / Mumbai September 24, 2009, 0:36 IST
If something is not taxable at all, can one exempt it? Obviously not. If one does it, it is conceptually meaningless and even absurd. Taking an excise example, it is like saying that free air is exempt. If free air is not taxable, it cannot be exempted by the government. Precisely this type of conceptual error is visible in the exemption list suggested in the Report of the Task Force of the 13th Finance Commission .
State-run Bharat Sanchar Nigam (BSNL) today said it is in talks with new telecom operators, including Unitech, for sharing its infrastructure with them and a separate division will be created within the firm to oversee its infrastructure sharing business.
The Sensex has ended (provisional) at 17,673 - up 114 points.
The Sensex has erased some of its gains and is now at 17,666, up 109 points. The NSE Nifty is at 5,267, up 34 points.
Demand for gold waned by 49 per cent in the third quarter this year over the corresponding period last year, thanks to a surge in its prices, the World Gold Council (WGC) said today.
Over 175 exhibitors from India and abroad are expected to showcase their designs and products at the second edition of the Kerala Gem and Jewellery Show, which begins here from November 21.
The Bombay Stock Exchange (BSE) today said short selling in four scrips, including Corporation Bank and IndusInd Bank will not be available on the bourse with effect from July 31.
With states speeding up distribution reforms in the power sector, the requirement for Central funds has gone up by over a half in the next financial year.
A local court today extended the judicial remand of all the ten accused in Satyam fraud till January 6 and handed them over documents related to the supplementary chargesheet filed against them by the CBI.
The government today said it would come out with a national manufacturing policy by the end of June this year to attract overseas investment and promote industrial activity in the country.
The Sensex after opening flat, surged to a high of Rs 17,658. The index then slipped to a low of 17,604 - down 54 points from the day"s high.
Output in 2009-10 to be 15-16 mt against projection of 30 mt.
Mukesh Ambani, who heads India"s most valuable company Reliance Industries (RIL), has been ranked among top five best performing CEOs in the world by the prestigious Harvard Business Review.
Treasury receipts much better than this time last year.
The Reserve Bank of India (RBI) today tightened the guidelines for external commercial borrowings (ECBs) by withdrawing relaxations provided to companies to raise money from overseas debt markets, a move that will contain surge of capital flows.
The country"s exports in December have grown to $14.6 billion, up 9.4 per cent over November, on the back of a strong growth in pharma, engineering and auto components sectors, Commerce and Industry minister, Anand Sharma said today.
T E Narasimhan / December 11, 2009, 0:39 IST
The BSE metal index tops the sectoral gainers list with an appreciation of 233 per cent.
JMM chief Shibu Soren was today sworn in as chief minister of Jharkhand for the third time at a ceremony which was skipped by top leaders of coalition partner BJP, and will take a floor test in the Assembly on January 7.
Essar Oil is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage firm IDFC-SSKI said in its report on the firm while putting a price target of Rs 194 on its stock.
The Anil Ambani-led Reliance Natural Resources (RNRL) today strongly objected in the Supreme Court to the grounds raised by the Mukesh Ambani Group to counter its contention on the supply and pricing of gas from the KG Basin.
The Centre today informed the Delhi High Court that differently-abled government employees will be eligible for equal benefits for the postal life insurance policy with maximum limit of Rs five lakh.
May squeeze cement companies’ margins, but the steel sector is unlikely to be affected much.
The state-owned copper miner Hindustan Copper will soon appoint merchant bankers to advise it on the proposed share sale aimed at part-financing its Rs 3,500-crore expansion plan.
The stock managed to erase all its losses and rebounded into the positive zone to touched a high of Rs 247.The scrip finally flat settled at Rs 237, up 0.42%. Around 44,483 shares were traded today as compared to 27,649 shares.
T N Ninan / New Delhi December 5, 2009, 1:54 IST
Bank of America Corp, the largest US lender, raised $19.3 billion selling securities at $15 apiece in the biggest sale of stock or preferred shares by a US public company since at least 2000.
Hyderabad-based Dr Reddy’s Labs plans to launch new generic drugs in various therapeutic segments to push domestic operations and get back on the list of top 10 companies in the country. The company, ranked 13th with a 2.7 per cent share in the Rs 55,000-crore domestic pharma market, is working to increase domestic sales.
Drug maker Zydus Cadila today said it has received approval from the Drug Controller General of India (DCGI) to conduct clinical trials for the swine flu (H1N1) vaccine.
Life Sciences technology firm, Opto Circuits, a wholly-owned subsidiary Eurocor has received Communite European (CE) approval to market and sale its Drug Eluting Stent- Taxcor Plus in the world markets.
Stock markets were propelled by robust industrial growth data, the government’s reform initiatives and strong global markets. The Sensex ended the week higher by 690.55 points, or 4.27 per cent, at 16,848.83, while the Nifty closed at 4,998.95, up 202.80 points, or 4.23 per cent.
Foreign institutional investors (FIIs) were net sellers of Rs 548.77 crore (provisional) today, according to data released by BSE.
A strong market rally triggered by the government"s encouraging economic growth forecast helped the country"s top-10 companies add over Rs 70,000 crore in the past week.
Hatoyama is the first Japanese PM to visit Mumbai in 25 years.
Australia today asked the Indian media to exercise restraint and "wait for the full facts" while reporting on alleged racism in this country, but feared the appeal would fall on "deaf ears".
The Indian bourses ended in the green, aided by rising FMCG, oil and public sector undertakings’ (PSUs) stocks.
And, India chose to break ranks consistently to be with its new friends.
The auction of 3G spectrum is on track and the empowered group of ministers (EGoM) will take a decision on the number of slots to be sold, Telecom Minister A Raja said today.
The Nifty futures faced resistance at 5,060 and closed in a Doji pattern, indicating indecisiveness among traders. The trading volume on the futures & options segment suggests the index is set for an either side breakout in the coming days. The Nifty is expected to face strong resistance above 5,100 and support for the time being is seen at 4,800-4,900.
Will be available from next year for Rs 2.5 cr.
Seven out of the top 10 companies lost nearly Rs 46,000 crore from their market capitalisation past week, while companies including state-run MMTC, Infosys Technologies and Tata Consultancy Services (TCS) saw their valuation surge.
Of the top-10 most valued firms, six lost a combined sum of over Rs 68,000 crore from their market capitalisation last week, while the rest including the country"s most valued firm Reliance Industries (RIL) and oil major ONGC saw rise in their valuation.
Paresh Gandhi, director at brokerage firm BM Gandhi Securities, is not sure if he will be able to spend an hour at the gym. With trading in the stock markets starting at 9 am from today, Gandhi would have to start an hour early for work.
The tariff war in the telecom industry is set to ring in good news on New Year’s Eve with companies such as Bharti Airtel and Reliance Communications (RCom) deciding against charging more for text messages on December 31.
India will shortly test fly the indigenously designed and built Light Combat Helicopter (LCH), which will augment the IAF"s fleet of small and highly manoeuvrable rotary flying machines.
Oil: Oil price bulls and bears have both had their triumphs in recent history. The price of crude rose to $147 a barrel in July of 2008 only to plummet to $33 a barrel a few months later. It swung past $82 a barrel this week because of the cold snap, and is up 18 per cent since mid-December. But barring heightened tension in the Middle East, oil looks likely to slide in the short term.
Taking its “In India, for India” initiative further, GE Healthcare today launched MACi, a low-cost portable ECG device.
The market turned weak on the cusp of settlement and made a partial recovery in the first session of the December settlement. The Nifty ended with a net week-on-week loss of 2.2 per cent, closing at 4,941.75 points while the Sensex was down 2.3 per cent at 16,632 points. The Defty lost 2.5 percent with the rupee losing ground.