Indian Markets Trade near the Dotted Line

Tue, 24 Nov 11:30 am

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After opening the day on a bearish note, the Indian Markets registered some gains but are presently trading near the dotted line. Sectoral indices are trading on a mixed note with stocks from the energy and oil and gas sectors leading the gains. IT, auto and capital goods stocks are trading in the red.

The BSE-Sensex is trading down by 4 points (down 0.02%) and the NSE-Nifty is trading down by 3 points (down 0.04%). The BSE Mid Cap index and the BSE Small Cap index are trading positively, up by 0.3% and 0.4% respectively. The rupee is trading at 66.37 to the US$.

Stocks in the steel space are trading on a mixed note with Tayo Rolls and Bhushan Steel leading the losses. As per a leading financial daily, Tata Steel is looking to raise US$1.5 billion to refinance its debt and reduce interest costs. The fund size for this is said to go up to as high as US$3 billion.

This proposed mobilization is done through the company's Singapore subsidiary. The same will primarily be for Tata Steel Europe, earlier known as Corus, while balance sheet debt of others may also be refinanced.

As many as 10 to 15 local and global lenders have been mandated to raise funds which will mature in about six years. They are also linked to refinance the money the company had raised to finance its 6.2 billion euro acquisition of UK's Corus in 2007. The interest rate for the same is said to be between 70 and 100 basis points lower than the rate they are paying now. Repayment of the loan would be in four installments starting with 10% in the third year, 20% in the fourth year, 30% in the fifth year and remaining in the final year.

The new loan will allow some benefits to Tata Steel as its gives some leeway on the debt-to-equity ratio which has to be maintained by the company during the tenure of the loan.

Tata Steel Ltd is the world's 10th largest steel company and the world's 2nd most geographically diversified steel producer. The company is a diversified steel producer with major operations in India, Europe and South East Asia. The company has announced its second quarter results for the financial year 2015-2016 (2QFY16). While the topline declined by 18.1% YoY, bottom-line grew at 21.9% YoY during the quarter. Here is our detailed analysis of the results (subscription required).

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