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Indian markets open in green
Fri, 27 Nov 09:30 am

The major Asian stock markets have opened the day in red with stock markets in China (down 1.6%) and Hong Kong (down 1.3%) being the top losers. Major stock indices in Europe and US ended their previous session in green. The rupee is trading at 66.55 per US dollar.

Indian stock markets too have opened the day on a positive note. BSE-Sensex is trading higher by 76 points (up 0.3%) and NSE-Nifty is trading higher by 28 points (up 0.4%). Both BSE Mid Cap and BSE Small Cap have moved upwards and are trading higher by 0.4%. Barring FMCG major sectoral indices have opened the day in green. Stocks from banking and automobile are witnessing maximum buying interest.

As per an article in Livemint, the Reserve Bank of India (RBI) has allowed foreign portfolio investors (FPIs) to acquire bonds that are either partly or fully in default. The move will be permitting existing investors an exit option and will also boost the fledging distress bond market in the country.

FPIs wanting to acquire such bonds shall disclose to the debenture trustees the terms of their offer to debenture holders or beneficial owners from whom they are going to acquire. Furthermore, the RBI stated that issuers of such bonds will have to restructure repayment tenures. While doing so, they should bear in mind existing norms for foreign investors that mandate them to buy bonds only of a maturity of three years or more.

Many policymakers have been pushing firms to trim their debts and clean up balance sheets after a slowdown in economic growth weighed on the profits and in some cases dragged them below debt-servicing levels. This in turn led to an increased stress for banks as firms began to default on loan and bond repayments. And the defaults in bond repayments are rising ever since.

As per a leading financial daily, a total of 2,311.88 MW (mega watt) of grid-connected power generation capacity has been added during the current fiscal so far in India. This in the form of renewable energy sources like solar and wind energy.

This has taken the cumulative solar electricity generation capacity to 4,579.24 MW. Similarly, 1,234.11 MW wind power generation capacity was added during the period, taking cumulative wind electricity generation capacity to 24,677.72 MW. The country's total grid-connected power generation capacity from all the above mentioned renewable sources was 3,8096.49 MW at the end of October.

Going by that, the government has aimed to add 1,400 MW and 2,400 MW of solar power generation capacity and wind power generation capacity respectively in 2015-16.

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