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Thursday, December 11, 2008

RCom surges on FCCB buyback move

Reliance Communications (RCom) surged by 10.2 per cent to close the day at Rs 228.25 on reports that the company is all set to take advantage of the new norms issued by RBI, for premature buyback of foreign currency convertible bonds (FCCB).

As per the new norms, corporates can now buy back FCCBs out of rupee resources provided there is a minimum discount of 25 per cent on the book value. RCom will be buying back the $1 billion FCCB issued in February 2007, with a tenure of five years and at a conversion price of Rs 661 per share. The stock made an intraday high/low of Rs 230.95/Rs 209.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 19
24h Juneteenth 0
16:30 BoE MPC Vote Rate Cut 3 3 2 7
16:30 BoE Monetary Policy Summary 3
16:30 BoE Interest Rate Decision 3 4.25% 4.25% 4.25%
18:00 Employment Insurance Beneficiaries Change (MoM) 1 3.4% 0.3%
Friday, Jun 20
04:31 GfK Consumer Confidence 2 -20 -20
11:30 Retail Sales ex-Fuel (MoM) 2 -0.5% 1.3%
11:30 Retail Sales ex-Fuel (YoY) 2 1.8% 5.3%
11:30 Retail Sales (MoM) 3 -0.5% 1.2%
11:30 Retail Sales (YoY) 2 1.7% 5.0%
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