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)