NTPC among first to list on new London Stock Exchange market
LONDON: India's state-run National Thermal Power Corporation (NTPC) is among the first bonds to list on a new International Securities Market (ISM) on the London Stock Exchange (LSE).
The NTPC Masala Bond is available for trading this week on ISM following the publication of its rulebook last week by Minister of state for power, coal and renewable energy Piyush Goyal.
"I am pleased that India's NTPC is one of the first companies to list their recent Masala Bond on London Stock Exchange's innovative new debt market. London has been a long-term partner for Indian firms looking to raise finance in the global capital markets and the development of an additional platform for the listing and trading of fixed income should be welcomed," Goyal said.
The ISM is an additional market for the issuance and trading of UK and international primary debt targeted at institutional and professional investors.
"London Stock Exchange is delighted to announce that its new International Securities Market is now live and welcomes the first bonds to begin trading on the platform," said Nikhil Rathi, CEO of London Stock Exchange.
"The International Securi- ties Market will provide UK and international fixed income issuers an additional efficient London listing venue, giving them access to the City's deep pool of global capital and an international investor base," he said.
"In particular, we are honoured to welcome the support of Shri Piyush Goyal, India's Minister of State for Power, Coal and Renewable Energy, for our new market. London Stock Exchange is the global home for Masala bonds raising over 5 billion dollars for supranational, municipal and private company institutions on its markets," he added.
Kulamani Biswal, Director (Finance) at NTPC, said the listing of NTPC Masala Bonds on ISM as the "maiden issue" on the market marks the growing cooperation between NTPC and LSE.
"To NTPC and other issuers from India and across the globe, this provides an opportunity to access quality investors for meeting our financing needs. The tremendous response to NTPC Masala Bonds enthuses us to look at offshore funds as a regular source of financing our Capex needs," he said. The London Stock Exchange claims to be among the world's most international capital markets, with around 70 per cent of all bond secondary trading activity conducted out of London.
"As such issuers on ISM have access to one of the deepest pools of global capital. ISM has been designed to meet the demands of issuers and investors to improve the effectiveness and competitiveness of the UK primary debt markets providing greater choice for a variety of fixed income issuers," LSE said in a statement. NEW DELHI: Metal and mining conglomerate Vedanta Ltd on Monday saw its consolidated net profit jump over three fold to Rs 2,971 crore for the fourth quarter to March on the back of higher income.
The company had clocked a net profit of Rs 861 crore (attributable PAT before exceptional items and DDT) for the fourth quarter of 2015-16.
Its total sales grew 41 per cent to Rs 22,371 crore during the quarter under review as against Rs 15,828 crore a year ago.
"Revenue in the fourth quarter was up... 41 per cent yo-y, driven by higher volumes from Zinc India, supported by ramp-up at the aluminium and power business and improved metal and oil prices. Additionally, higher volumes at iron ore in Q4 FY2017 over Q4 FY2016 aided higher revenues," the company said in a statement.
Navin Agarwal, Chairman, Vedanta Ltd, said, "The completion of the Cairn India merger transforms Vedanta Ltd into a diversified natural resources powerhouse, anchored in India."
He said further, "The combined entity truly reflects our strong, diversified, low-cost portfolio with industry-leading volume growth from our well-invested assets."
Vedanta is one of the largest contributors to the exchequer in 2016-17, at Rs 40,000 crore, Agarwal said.
He added: "The record dividends during the past financial year highlight our commitment to shareholder value. We are looking forward to a very exciting 2017-18 and future years, with all our businesses operating at full capacities and cost efficiencies."
Tom Albanese, CEO, Vedanta Ltd, said the company's strategic focus to ramp up production across the portfolio, namely zinc, aluminium, power and iron ore businesses, has supplemented revenue growth.
"In particular, record production levels at zinc and aluminium were well-timed in an environment of strong supply side pressures on both commodities. Our cost management initiatives have helped us deliver strong returns for all our shareholders," he added.