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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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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.

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