An hour ago I was watching the live telecast of the launch on DD. By now its very clear that we have not been successful in launching the INSAT series on Indian soil. This was the third launch attempt of the GSLV (cryogenic development vehicle), the first two have been a success and has placed weather satellites (kalpana I and II) in geo-synchronous orbit.
Hard luck for ISRO. The launch originally scheduled at 4:36 pm IST was postponed twice, first to 5:16 pm and then finally to 5:36 pm. So far no official reason for the failure has been given, but it is speculated to be a failure in the second stage of the GSLV.
The next plan of ISRO, if they are not going to hold up, would be another launch of GSLV in 2007-08 (http://isro.org/decade_plan.htm), and the much publicized lunar mission.
... hope for the best