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India Inc raised Rs1,07,177 cr through debt in H1FY11

Mumbai: Corporate India raised around Rs1,07,177 crore through debt (bonds) on a private placement basis in the first-half of the current fiscal, which is a 23% jump over the amount collected in the corresponding period last year, according to Prime Database. A report from Prime Database said the figure for the first half of the last fiscal stood at around Rs86,796 crore, PTI reports.

The amount was mobilised by only a handful of 127 institutions and corporates, said Prime Database, the country's first and only database dedicated to the capital markets.

This year’s figure is the highest for a six-month period in the past decade, Prime Database chairman Prithvi Haldea said. The mobilisation each year was as follows: In 2001-02 Rs45,427 crore, in 2002-03 Rs48,424 crore, in 2003-04 Rs48,428 crore, in 2004-05 Rs55,409 crore, in 2005-06 Rs81,847 crore, in 2006-07 Rs93,855 crore, in 2007-08 Rs1,15,423 crore, in 2008-09 Rs 1,74,327 crore and in 2009-10 it was Rs1,89,478 crore.

The report said financial institutions and banks made the biggest mobilisation. They amount raised was 33% higher at Rs68,314 crore compared to Rs51,488 crore in the corresponding period of the previous year.

There was also a marginal increase of 14% in the mobilisation by the private sector at Rs30,912 crore compared to Rs27,210 crore in the year-ago period. However, the mobilisation by public sector firms this year slumped by 7% to Rs7,355 crore compared to Rs7,887 crore in the year-ago period.

The sector which saw the most significant growth was state financial institutions whose mobilisations went up by 395% from Rs 20 crore to Rs 99 crore, and state level undertakings whose mobilisation went up by 159% from Rs192 crore to Rs496 crore, Prime Database said.

The highest mobilisation through debt private placements during the period was by PFC (Rs10,293 crore), followed by IDFC (Rs8,038 crore), LIC Housing (Rs7,230 crore), HDFC (Rs6,825 crore), Export-Import Bank (Rs3,970 crore), NHB (Rs3,675 crore), IRFC (Rs3,455 crore), REC (RS3,250 crore) and NABARD (Rs3,100 crore).

Industry-wise, the financial services sector continued to dominate the market, collectively raising Rs80,749 crore or 76% of the total amount, followed by the power sector at 8% or Rs8,185 crore.

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Food inflation falls to 4-month low at 8.6%

New Delhi: Food inflation fell to a four-month low at 8.60% for the week ended 20th November from 10.15% in the previous week, as prices of vegetables, wheat and pulses declined on increased output and arrival of kharif crop in the market, reports PTI.

This is the seventh consecutive week of decline in the food inflation as availability of food commodities improved after the end of the monsoon season.

While pulses’ prices fell by 10%, vegetables became cheaper by 3% on account of a sharp dip in potato prices that declined by as much as 42.99% on an annual basis. Also, wheat prices went down by 3.16%, according to the government data released today.

However, food items like eggs, meat and fish rose by about 15.58%.

In vegetables, onion was expensive by 16.86% on annual basis. Rice also became expensive by 1.84%. Fruits and milk became costlier by 19.27% and 17.76%, respectively, on year-on-year basis.

The fall in food inflation is in line with chief economic advisor Kaushik Basu’s projection earlier this week that food prices inflation will come down to single-digit levels, declining beyond 9% for the week ended 20th November.

The decline in food inflation has raised hopes that overall inflation may decline to around 6% by the end of the year, as predicted by the government.

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