(iii) RUPEE: RBI is set to further ease India Inc's access to ECBs to arrest the
currency's decline. Positive for the INR.
(iv) ONGC: Has commissioned the first unit of the region's single largest 363 MW gas fired thermal project at Palatana in Tripura.
(vi) Information Technology (IT): According to Cogencis data, the rupee has depreciated around 5% against the dollar so far this month. Following the sharp fall in the rupee against the dollar, Infosys in a statement said it sees a "very high" chance of the Indian currency remaining above 60 rupees per dollar in the near‐term, on the back of global and domestic factors. There is a direct impact of cross‐currency movements on Indian information technology companies, as most large players in the sector get around 80% of their revenues from overseas. A 1% depreciation in the value of the rupee leads to as much as 50 basis points gains in the operating margins of most information technology companies.
Glodyne Tech Ltd hits the Buy Freeze before cooling down a bit. The IT stocks will make wind-fall gain from the depreciation of the INR against the USD. The company gets a large chunk of money from its overseas operations.