Potential gainers

RBI's message regarding the delay in transmission of its earlier rate cuts was taken by banks almost immediately. SBI, HDFC Bank and ICICI Bank cut base rates on Tuesday, even as RBI maintained status quo on rates in its policy. These moves by banks should hopefully lead to lower interest costs for corporate India, and benefit those firms with significant debt on their books either as a standalone entity or at a consolidated level. While the figures below are for FY14 and may include foreign currency debt, a list of firms that could gain from the lower base rates: