Rupee opens at 44.88 per dollar

The Indian rupee opened at 44.88 per dollar versus 44.74 on Friday.

Subramaniam Sharma, Greenback Forex said that, "The rupee is likely to be weak on the back of the sharp fall in the global indices after S&P downgrades US debt ratings. However, the euro's gains and fall in crude prices could limit the weakness. The range for the day is seen between 44.80-45.20/$."

Tata Motors declines 6%

Tata Motors touched an intraday high of Rs 874 and an intraday low of Rs 835.20. At 10:11 hrs the share was quoting at Rs 837, down Rs 52.50, or 5.90%. 
 
It was trading with volumes of 90,715 shares. In the previous trading session, the share closed down 2.61% or Rs 23.85 at Rs 889.50.

Share Price Movement During The Last 12 Months
Period	Price	Latest Price	Gain/Loss (Rs.)	% Gain/Loss
3-Days	927.75	837.00	-90.75	-9.78
5-Days	960.30	837.00	-123.30	-12.84
7-Days	947.40	837.00	-110.40	-11.65
15-Days	975.55	837.00	-138.55	-14.20
1-Month	1016.95	837.00	-179.95	-17.70
3-Month	1136.70	837.00	-299.70	-26.37
6-Month	1145.90	837.00	-308.90	-26.96
9-Month	1245.60	837.00	-408.60	-32.80
1-Year	860.85	837.00	-23.85	-2.77

US rating downgrade

Crude prices fell more than two percent in Asia today, with sentiment hit by Standard & Poor's decision last week to cut Washington's top-notch credit rating for the first time, analysts said.

In morning trade, New York's main contract light sweet crude for September delivery tumbled USD 2.33, or 2.68%, to USD 84.55 a barrel, from its closing price on Friday.

Brent North Sea crude for September delivery sank USD 2.91, or 2.66%, to USD 106.46.

"What we do feel is the re-rating of the debt in the US has knocked confidence out of the market," said Jonathan Barratt, Sydney-based managing director with Commodity Broking Services.

"With crude where it is at the moment, that confidence will affect demand or expectations of demand in the market," he told AFP.

The United States, the world's largest oil consumer, saw its top-flight AAA credit rating downgraded for the first time when S&P on Friday cut it to AA+ with a negative outlook on concerns over its debt.

L&T Q1 PAT seen up 15%

Engineering and construction company Larsen and Toubro (L&T) is expected to report 15% (YoY) growth in profits for the first quarter of FY12. During the period, profit after tax of the company is likely to go up to Rs 765 crore as against Rs 666 crore in the corresponding quarter last fiscal.

Total income is seen going up 23% to Rs 9,717 crore from Rs 7,885 crore year-on-year.

EBITDA is likely to jump 19% to Rs 1,194 crore in the April-June quarter versus Rs 1,007 crore in same quarter the previous year.

However, operating profit margin is seen declining to 12.29% versus 12.77% year-on-year.

Continuously assessing impact of US crisis

Noting that India was not insulated from global developments like the downgrade of the US, the Reserve Bank today said it was closely monitoring the situation and would continuously assess the impact on the Indian economy and financial markets.

The RBI also said the entire policy and regulatory framework of the country must be "prepared to respond to turbulent financial market conditions arising out of external developments".

"Developments relating to the US economy last week have significantly increased uncertainty about its prevailing condition," the RBI said in a statement. 

"The Reserve Bank is closely monitoring all key indicators and will continuously assess the impact of global developments on rupee and forex liquidity and macroeconomic stability. We will respond quickly and appropriately to the evolving situation," it added.

The US lost its top-notch 'AAA' rating this weakened and the development has further added to the worries of global markets, already grappling with the debt crisis in Europe.