Under Rajeev Gandhi Grameen Vidyut Yojana, leading infrastructure and construction development company Maytas Infra Ltd has received Rs 222.25 crore contracts for four rural electrification works from state-run Power Grid Corporation of India Ltd.

The contract will enable the Hyderabad based company to electrify nearly 4125 villages. The company will execute these projects in Khurda and Sundergrah districts of Orissa and West Midnapore district of West Bengal.

Rate continues to hold at support, possible sovereign interest on the bid. Late break with spillover from GBP clears stops under the 1.2700 area and 1.2620/30 area. Possible reversal now in play but the rate needs to firm above the 1.2850 area in my view.

Bids are building under the 1.2600 area as expected; sell-off likely to be bought hard now. OK to try the long side again on a dip. Traders note stops building above the market around the 1.2750 area in size likely to help create some two-way action but initial try for stops misses with a high print at 1.2743 overnight.

Rate forced lower into early Asia overnight but reverses into Europe. Stops triggered on the break but support holds at 1.4650 area. Rate sideways to firmer after London fix. Analysts suggest 100 BP rate cut coming on Thursday; probably already fully factored in.

Good bids reported but supply seen from semi-official names. Traders note solid two-way action with stops cleared across several levels in both directions. Sellers hold control above 1.5100 area so far; OK to buy if flat on a dip. Profit-taking likely to result in a squeeze on the further strength.

The USD continued in solid two-way action driven mostly by the changing fortunes of stocks the past 24 hours. Traders note that most of the volume in the major pairs was ahead of the London fix when equities prices were higher in New York; likely a late sell-off on the release of the Fed's Beige Book contributed to the decline in stocks late in the day. Despite the heavy focus on equities today, lower Gold and Oil prices helped to help underpin the USD across the board but most pairs didn't extend past early New York volatility this morning.

For the week ended Nov 22, India’s annual rate of inflation fell further to 8.4% as compared to 8.84% the week before on account of a sharp fall in petroleum fuels prices.

During the corresponding week of the last year (2007), the annual inflation rate was 3.11%.

The official wholesale price index (WPI) for all commodities dropped 0.6% to 233.7 during the week from 235.1 for the previous week.

As a result of recent terror attacks, Big B aka the Bollywood legend Amitabh Bachchan has declined to participate in the ‘Clinton Global Initiative’.

Big B was to be one of the main speakers at former US President Bill Clinton's Global Initiative.

In a press release, Big B said, “I am not going to leave my country in this troubled hour to travel to a foreign land to lend cause to a foreign initiative, patronized and guided by a foreigner, for his benefit. I need to see initiative here in my country.”