New Delhi: India’s state-run companies are likely to raise about $618 billion (Rs 32.2 trillion) through bonds and overseas borrowings in the 2009-10 fiscal year, the government’s interim budget documents showed.
The fund-raising would include about Rs454 billion through bonds, and about Rs164 billion in overseas borrowings, government data showed.
The borrowers include ONGC Ltd, Indian Oil Corp. Ltd (IOC), Shipping Corp of India Ltd (SCI), Bharat Sanchar Nigam Ltd (BSNL), National Highways Authority of India (NHAI) and Indian Railways. According to the documents, 93 state-owned companies would invest Rs2.07 trillion in FY10, from an expected Rs1.84 trillion in this fiscal year, ending on 31 March.
HUL shares fall after JPMorgan downgrade
New Delhi: India’s biggest household products maker, Hindustan Unilever Ltd, fell in Mumbai trading after its stock rating was cut at JPMorgan Chase & Co.
Hindustan Unilever lost 4.4% to Rs230.15, the most in almost four months. The benchmark Sensitive Index dropped 2.9%. JPMorgan downgraded the stock to underweight from neutral, citing weakening growth and increasing competition.