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Indian markets continue in green
Fri, 11 Jan 11:30 am

Indian equity markets have continued in green during the previous two hours of trade. The most noticeable upward movement was noticed in the software sector. Oil and gas and FMCG have showed the maximum decline.

BSE-Sensex is up by 85 points and NSE-Nifty is up by 18 points. BSE Mid Cap and BSE Small Cap indices are trading lower by 0.29% and 0.24% respectively. The rupee is trading at 54.50 to the US dollar.

According to a leading financial daily, India's biggest engineering company, Larsen & Toubro confronts the chance of cancellation of one of its biggest road-building contracts worth almost Rs 30 bn as its client, GMR Infrastructure has decided to terminate a National Highways Authority of India (NHAI) toll road project. GMR has pulled out of the NHAI contract citing land acquisition, environmental clearance and toll notification as some of the issues. A senior executive at L&T has said that the firm is watching the situation and pending official confirmation from GMR, the order still remains on the books of L&T. The particular order accounts for 2% of the order book. In the near term, the news does not bode well for L&T given the slowdown in investment cycle, leading to slower growth in the order book.

Power Grid Corporation of India has raised US$ 500 million through ten years dollar denominated bonds at 4.03%. The funds would be used to partly finance its Rs 20,000 crores capital expenditure planned for 2012-13. The bond issue is being led by Standard Chartered, Royal Bank of Scotland and Barclays. Power Grid has raised the bonds at 4.03% about seven basis points lower than the rates at which EXIM Bank raised US$ 750 million at the beginning of the year. The transaction is expected to set a record in the lowest coupon ever paid by an Indian company to raise ten-year dollar bonds and it is expected to get the highest over-subscriptions in this category. Indian companies have raised US$ 10 billion last year through offshore bonds.

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