Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian markets continue to soar
Tue, 13 May 11:30 am

After opening firm, the Indian Indices have continued the upward trend in the last two trading hours. All indices are trading positive. Heavy buying is seen in capital goods and Power stocks.

The BSE-Sensex is trading up 415 points and the NSE-Nifty is trading up 131 points. Similarly, the BSE Mid Cap index is trading up 1.9%, while the BSE Small Cap index is trading up 1.7% today. The rupee is trading at 59.91 to the US dollar.

Most steel stocks are trading higher today. Tata Steel and Steel Authority of India (SAIL) are leading the gainers. As per a leading financial daily, Tata Steel is betting big on a cyclical upturn in European Steel demand. The company's European operations formerly known as Corus will raise US$ 1.24 bn as part of its mega re-financing plan of US$ 7 bn. Tata Steel is looking to lower its debt by over US$ 1 bn as a part of this initiative by re-financing existing loans with new loans and by shifting some debt of its books to other group companies. This is being done despite much of the company's existing debt not coming due until September 2015. Tata Steel is trading up 4.1% today.

Most telecom stocks are trading positive today. Mahanagar Telephone Nigam Limited (MTNL) and ITI Ltd are leading the gainers. As per a press release on BSE, Bharti Airtel has approached investors to sell seven-year euro-denominated bonds and 10-year securities in US dollars. The cost of the proceeds will be used for repaying costlier foreign-currency debt. The company is using this strategy to reduce financing cost. According to an executive, Bharti is likely to raise a minimum of US$ 500 m in each currency. The company is in the process to raise as much as US$ 2 bn this year to refinance its existing debt and bring down finance costs. As domestic interest rates are high, it is cheaper to raise debt abroad. After refinance existing foreign currency debt; rest of the funds will be used for general corporate purposes. Following a successful refinancing initially, Bharti was able to bring down its net debt by US$ 655 m to US$ 10 bn during FY14. The debt is essentially used for the company's Africa operations. The stock is trading up 0.9% today.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian markets continue to soar". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.