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Sensex Surges 300 Points; Tata Steel Up 3.5%
Tue, 23 Jan 01:30 pm | Karan Janani, TM Team

After opening the day in green, share markets in India have continued the momentum and are presently trading near all-time high levels. Sectoral indices are trading on a positive note, with stocks in the banking sector and stocks in the metal sector leading the gains.

The BSE Sensex is up by 320 points (up 0.9%) and the NSE Nifty is trading up by 105 points (up 0.9%). Meanwhile, the BSE Mid Cap index is trading up by 1.1%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 63.78 to the US$.

In news from stocks in the steel sector. Tata Steel share price is among the top gainers on the bourses today.

The surge came after the company's CEO announced that the steel major is ready for expansion through both capex and acquisitions.

The company's board has already approved a plan to expand the capacity of its Kalinganagar facility by up to 5 million tonnes. The facility currently produces 3 mt of steel a year.

In addition, Tata Steel has submitted bids for at least three stressed steelmakers: Bhushan Steel Ltd, Electrosteel Steels Ltd and Essar Steel India Ltd.

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Just recently, the steel major raised over US$ 1.3 billion through bond issues.

The company raised funds through unsecured bonds in the international markets.

Tata Steel said that the funds from the issue will be used to refinance the offshore obligations of the group, which will enhance its financial flexibility and improve the overall balance sheet.

With the current development, Tata Steel is set to join the ever-growing list of Indian companies opting to raise funds via bond issues.

Increasing Bond Issues by Indian Companies


Indian companies raised a record US$ 46.5 in debt and equity in 2017, the highest amount in the last decade. 64% of these funds are from the financial sector. What is interesting is that the energy and power sector was the second highest in raising funds. Also, amongst the financial sector companies, Power finance corp. Ltd (PFC) which raised US$ 3.5 billion was one of the largest fundraisers.

At the time of writing, Tata Steel share price was trading up by 3.5%.

Moving on to global news. The ongoing government shutdown ended today as the US House of Representatives passed a short-term measure on Monday to fund the federal government through February 8.

The bill signed by US President Donald trump ended the three-day shutdown.

This is the fourth temporary funding bill since October 2017.

The enactment by Trump of the bill allowed the government to reopen fully on Tuesday and keep the lights on through Feb. 8, when the Republican-led Congress will have to revisit budget and immigration policy, two disparate issues that have become closely linked.

The brief US government shutdown put only a minor dent to equities, with Wall Street rallying to record highs overnight following the deal to end the impasse in Washington.

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