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Wednesday, October 22, 2008

NTPC to raise up to Rs45bn for expansion

NTPC plans to raise up to Rs45bn from domestic as well as international markets for meeting its expansion plans in the current financial year, according to reports.

“We will raise up to US$500mn (around Rs24.5bn) from the global market for our expansion plans in the present financial year,” NTPC Chairman and MD, R.S. Sharma, was quoted as saying by a financial newspaper.

The public sector company also plans to raise Rs20bn from the domestic market through private placement of bonds, the paper added. "We also plan to raise Rs20bn from the domestic market through bonds," Sharma said.

NTPC, India's biggest power producer, may raise funds through a secondary public offer when market conditions improve, Power Secretary Anil Razdan said today. NTPC sold an 11% stake through an IPO in 2004.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 05
07:00 Trade Balance (MoM) 3 5,413M 6,100M 6,892M Revised from 6,900M
07:00 Imports (MoM) 2 1.1% -2.4% Revised from -2.2%
07:00 Exports (MoM) 2 -2.4% 7.2% Revised from 7.6%
n/a Unemployment Rate s.a (MoM) 1 2.9% 2.8% 2.8%
13:15 BoE's Greene speech 2
14:00 S&P Global Construction PMI 1 47.2 46.6
17:00 Challenger Job Cuts 2 105.441K
18:00 Goods and Services Trade Balance 1 $-94.0B $-140.5B
18:00 Initial Jobless Claims 4-week average 1 230.75K
18:00 Initial Jobless Claims 2 235K 240K
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