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Tuesday, December 2, 2008

74 cos in BSE 500 have FCCBs outstanding of $10.9 bn

The brokerage house estimates that for 61 companies (including Ashok Leyland and India Cements) the probability of FCCBs being converted into equity is low, given the gap between current stock prices and effective conversion price.

Edelweiss also pointed out that currently, most companies do not charge redemption premium to the Profit & Loss account on the assumption that bonds will finally be converted into equity
shares. Hence, in the event of non conversion, a significant cost is kept off the P&L and profits are overstated to that extent.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 26
20:00 EIA Natural Gas Storage Change 1 96B 88B 95B
20:30 Kansas Fed Manufacturing Activity 1 5 -10
21:00 4-Week Bill Auction 1 4.00% 4.06%
22:30 7-Year Note Auction 1 4.022% 4.194%
22:45 Fed's Barr speech 2
Friday, Jun 27
03:30 ANZ – Roy Morgan Consumer Confidence 2 92.9
04:30 Fed's Kashkari speech 2
17:00 Fed's Williams speech 2
18:00 Personal Spending 2 0.1% 0.2%
18:00 Personal Consumption Expenditures - Price Index (MoM) 2 0.1% 0.1%
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