New Delhi: Indian stocks traded flat for the third straight day Thursday in the absence of domestic or global triggers.
Brigade Enterprises, Indian Hotels, and MARG gained on positive news flow.
1) Brigade Enterprises: It traded 8% higher at Rs 52.65 on the BSE. The company has singed a joint venture with Singapore Investment Corp for Bangalore residential project.
2) Indian Hotels:
Shares in the company rose 3% to Rs 60.55 on the BSE. Promoter Tata Sons has hiked its stake by 4.78% to 24.36% for Rs 497.47 crore.
3) MARG:The stock traded 2.1% higher at Rs 84.80 on the BSE. StanChart private equity has acquired a stake in Marg's Karaikal Port.
Rolta India, JSW Steel, and Strides Arcolab gained on FCCB redemptions.
4) Rolta India: It has redeemed foreign currency convertible bonds worth $134.7 million. Shares in Rolta rose 4.6 percent.
5) JSW Steel: It has redeemed foreign currency convertible bonds worth $274.4 million. JSW Steel added 0.7 percent.
6) Strides Arcolab: It rose for the second day after it repaid $80 million outstanding FCCBs. Strides was up 1.2 percent, after gaining 2.7 percent on Wednesday.
Traders say there has been concern about companies' capacity to repay FCCBs, primarily due to a sharp fall in the rupee. A slumping rupee is expected to cause big market to market losses to unhedged FCCBs, increase the cost of borrowing and even lower the probability of conversion. Edelweiss estimates $6 billion in FCCBs are outstanding as of May 28, 2012, of which it estimates $3.2 billion will be redeemed in the current fiscal year.
(With inputs from Reuters)
Brigade Enterprises, Indian Hotels, and MARG gained on positive news flow.
1) Brigade Enterprises: It traded 8% higher at Rs 52.65 on the BSE. The company has singed a joint venture with Singapore Investment Corp for Bangalore residential project.
2) Indian Hotels:
Shares in the company rose 3% to Rs 60.55 on the BSE. Promoter Tata Sons has hiked its stake by 4.78% to 24.36% for Rs 497.47 crore.
3) MARG:The stock traded 2.1% higher at Rs 84.80 on the BSE. StanChart private equity has acquired a stake in Marg's Karaikal Port.
Rolta India, JSW Steel, and Strides Arcolab gained on FCCB redemptions.
4) Rolta India: It has redeemed foreign currency convertible bonds worth $134.7 million. Shares in Rolta rose 4.6 percent.
5) JSW Steel: It has redeemed foreign currency convertible bonds worth $274.4 million. JSW Steel added 0.7 percent.
6) Strides Arcolab: It rose for the second day after it repaid $80 million outstanding FCCBs. Strides was up 1.2 percent, after gaining 2.7 percent on Wednesday.
Traders say there has been concern about companies' capacity to repay FCCBs, primarily due to a sharp fall in the rupee. A slumping rupee is expected to cause big market to market losses to unhedged FCCBs, increase the cost of borrowing and even lower the probability of conversion. Edelweiss estimates $6 billion in FCCBs are outstanding as of May 28, 2012, of which it estimates $3.2 billion will be redeemed in the current fiscal year.
(With inputs from Reuters)
