Rolta,JSW Steel shares up on bond byte

Shares in Rolta,and JSW Steel rose after companies said that they have redeemed FCCBs.

* Shares in Rolta India,and JSW Steel rose after companies’ said that they have redeemed foreign currency convertible bonds worth $134.7 million and $274.4 million respectively.

* Strides Arcolab also rose for the second day after it repaid $80 million outstanding FCCBs.. Strides was up 1.2 percent,after gaining 2.7 percent on Wednesday.

* Traders say there has been concern about companies’ capacity to repay FCCBs,primarily due to a sharp fall in the rupee.

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* A slumping rupee is expected to cause big market to market losses to unhedged FCCBs,increase the cost of borrowing and even lower the probability of conversion.

* Edelweiss estimates $6 billion in FCCBs are outstanding as of May 28,2012,of which it estimates $3.2 billion will be redeemed in the current fiscal year.

* Shares in Rolta rose 4.6 percent while JSW Steel added 0.7 percent.

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