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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
Wednesday, Jun 11
18:00 Consumer Price Index ex Food & Energy (MoM) 3 0.1% 0.3% 0.2%
18:00 Building Permits (MoM) 1 -6.6% 2.2% -5.3% Revised from -4.1%
20:00 EIA Crude Oil Stocks Change 1 -3.644M 0.100M -4.304M
22:30 10-Year Note Auction 1 4.421% 4.342%
23:30 Monthly Budget Statement 2 $-316B $-325B $258B
Thursday, Jun 12
04:15 Electronic Card Retail Sales (YoY) 1 -0.3% -0.3%
04:15 Electronic Card Retail Sales (MoM) 1 0%
04:31 RICS Housing Price Balance 1 -3% -3%
06:30 Consumer Inflation Expectations 2 4.1%
11:30 Industrial Production (MoM) 2 -0.5% -0.7%
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