PSU float managers may have to keep off private rival's stake sale
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Merchant bankers managing public issues of a state-run company as well its private sector rival may be asked to ensure the two offerings are not scheduled close to each other.
MUMBAI: Indian overnight indexed swaps (OIS) were largely steady on Friday as traders sought fresh triggers for further direction. At 1:35 p.m., the one-year OIS rate was at 7.35 percent compared with 7.37 percent at close on Thursday. The benchmark five-year swap was at 7.95 percent, from 7.98 percent on Thursday. Volumes were at 7.75 billion on the central bank's trading platform. "There are no fresh cues currently and there will be concerns on the next fiscal year's borrowing which will keep the pressure on the back end of the curve," said a senior trader at a foreign bank. Traders said they see the one-year OIS rate supported at 7.30 percent and five-year at 7.90 percent levels. The OIS curve has flattened this month with the one-year OIS rising 26 basis poi...
MUMBAI: India Inc is bracing up for repayment of foreign currency convertible bonds (FCCBs) as they fast approach the maturity or conversion dates in 2011. Many of them are discussing refinance options in a market facing liquidity and inflationary pressures. And these companies may be left with no option but to buyback or repay bondholders as their stocks are trading lower than the price at which these bonds would convert into equity shares. It is estimated that Indian companies raised over $20 billion in FCCBs in the four years preceding the market crash of 2008. The FCCB binge had peaked around 2006-07, with these bonds raised then coming up for conversion five years later. Most of these were zero coupon bonds with significant redemption premium, which effectively accounts for yield-to-premium ( YTM )) for bond-holders. Jubilan...
MUMBAI: Brokerage firm India Infoline today said its consolidated net profit after tax and minority interests grew 12.70 per cent to Rs 67.06 crore for the third quarter ended December 31, 2010, over the corresponding period a year ago. The group had a consolidated net profit from ordinary activities after tax and minority interests at Rs 10.77 crore for the same quarter last fiscal, India Infoline Limited said in a filing with the National Stock Exchange. Total income of the group increased to Rs 459.58 crore for the quarter under review from Rs 289.58 crore for the same period previous fiscal. For the nine-month period ended December 31, 2010, consolidated net profit from ordinary activities after tax and minority interests declined to Rs 164.34 crore from Rs 169.21 crore in the same period previous year. Consolidated total income ros...
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