Downgrade Warning
S&P affirms negative outlook on India, says chances of downgrade remain
Ratings agency Standard & Poor's affirmed India's sovereign rating at "BBB-minus" with a "negative" outlook, reiterating there was a one-in-three chance of a ratings downgrade over the next 12 months, a statement said on Friday. Full Article
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MARKET EYE-Indian shares fall; Tata Motors hit
* The BSE index was down 0.18 percent and the 50-share NSE index fell 0.28 percent. * Shares in Tata Motors fell 7.5 percent a day after the company said its unit Jaguar Land Rover (JLR) was likely to report lower EBITDA margin in the October-December quarter. * Reliance communication shares slid 3 percent a day after its consolidated net profit fell 44 percent, sharper-than-expected at 1.05 billion rupees for December quarter. * However, broader losses in indices were capped by gains in Oil and Natural Gas Corp Ltd that rose 3.5 percent as the oil ministry is expected to soon recommend a revision in local gas prices. Oil India gained 1.7 percent.
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