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Despite a rally in the value of euro on Friday, the rupee weakened. One of the major reasons, say analysts is the increase in demand for US dollar because of rise in defense related payments. It worked as a major denting factor for rupee.

The partial convertible rupee stood at 46.75/76 per dollar. It is 0.3 per cent higher than the closing figure on Thursday when it stood at 46.60/61. per dollar.

IL&FS Investment Managers, the private equity fund management company listed on the bourses said that it has seen a marginal decline in its net profit for the quarter ending June 30,2010.

Despite the fluctuations it managed to have a net profit of Rs 17.68 crore during the period. This is a bit lower than what it did last year when it posted Rs. 17.70 crore as profit.

Lack of any major news allowed Indian equities market to trade within a narrow range only. Nevertheless it carried on the positive trail to end the day in green.

While the benchmark Bombay Stock Exchange Sensex closed 46.36 points or 0.26 per cent up at 17,955.82, the 50 scrip-based Nifty at the National Stock Exchange ended the day 15.15 points or 0.28 per cent up.

However, the broader indices outperformed the benchmarks, even if it's by a smaller margin, at both BSE and NSE.

On Wednesday, Mahindra & Mahindra (M&M) said that it is planning to roll out a sub Rs. 5 lakh car. This is expected to be a sports-utility vehicle and will come under the brand of Xylo. The information was given by two people familiar with the development.

One of the major automakers in India was forced to take this step after Tata came out Nano and grabbed a big chunk in the Indian markets. Now, M&M is trying to do the same thing but in the sports-utility segment.

Jignesh Shah is not happy with the way market regulator, SEBI has been giving clearances and he was ready to make his feelings public.

Shah said that despite having met all the norms set by SEBI, MCX Stock Exchange has not been given any kind of clearance from it.

After Tata Consultancy Services Ltd (TCS) posted a 21 per cent increase in its quarterly profit, the shares of the company rose by 4 per cent on Friday.

The company is one of the leading outsources in India and has managed to outperform the analysts expectations. And the reasons behind the same are various stringent cost cutting measures and also strong demand in the outsource market.

The other good thing is that the company was also able to provide and upbeat assessment of the actual demand. Besides, rise in profitability also did its bit for the firm.