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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Heavyweights keep mkts buoyant 
(Thu, 14 Mar Closing) 
 
Buying interest in auto, power and FMCG heavyweights helped the key indices in Indian stock markets close firmly in the positive today. Even the unconfirmed reports of a money laundering scam in private sector banks failed to make any impact on banking stocks. Profit booking was, however, seen in select telecom, pharma and Energy stocks. While the BSE-Sensex closed higher by around 208 points, the NSE-Nifty closed higher by 58 points. The BSE Mid Cap and the BSE Small Cap ended close to the dotted line.

As regards global markets, most other Asian indices closed higher today while European indices have also opened in the positive. The rupee was placed at Rs 54.34 to the dollar at the time of writing. Sintex Industries, a leader in plastic processing and textiles businesses, has redeemed Foreign Currency Convertible Bonds (FCCBs) worth US$ 291 m on due date. During the December quarter, Sintex culminated its fund raising exercise to redeem the old FCCBs through a mix of QIP, preferential allotment of warrants to promoters and new step down FCCBs. As per management, the said exercise is likely to bring down the debt/equity ratio to about 0.8x by the end of the year.The company had issued FCCBs aggregating US$ 225 million in March 2008, each bond having face value of US$ 100,000. The zero-coupon bonds were to be redeemed at a premium of 29.28% in March 2013. The redemption was achieved through a mix of step down coupon FCCBs aggregating US$ 140 m, a QIP, internal accruals and preferential warrants to promoters. The fresh FCCB issue was fully subscribed. The preferential warrants will increase the promoter's holding in the company to 39.3% after conversion of warrants. The stock, however, closed 1% lower today.

As per a business daily, a special insurance fund will be set up by the government to provide insurance to public and private refineries to overcome obstacles from global re-insurers who are not providing cover to Indian oil companies because of sanctions against Iran. Finance and oil ministries are preparing the proposal, which will be finalized in consultation with the ministry of external affairs. The move will help all refineries importing crude oil from Iran. The government is working on a proposal to set up an insurance pool account, which will be funded by both insurance and oil companies and they will share insurance risk.At present, Indian general insurers provide cover to oil firms and then re-insure the risk with global re-insurers. But under US and EU sanctions, the global insurers provide re-insurance with sanction clause, which limit the amount to be paid in case a claim arises. Energy sector stocks witnessed mixed investor interest today.

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Jul 21, 2017 (Close)

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