SICALLOG

Dec 5 (Reuters) - Sical Logistics Ltd SICA.NS:

• APPROVED RAISING FUNDS UP TO 2.5 BILLION RUPEES

• FUND RAISE VIA QIP OR ANY OTHER METHOD

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** Shares of Sical Logistics SICA.NS rise to exchange-allowed maximum of 5% to 136.97 rupees

** SICA on Monday said it would consider raising funds via the issuance of shares through a QIP on Dec. 5

** Stock on track for a third consecutive session of gains, if trend holds

** Stock down 46% YTD

(Reporting by Ashish Chandra in Bengaluru)

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Dec 2 (Reuters) - Sical Logistics Ltd SICA.NS:

• SICAL LOGISTICS - TO CONSIDER RAISING OF FUNDS

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Nov 8 (Reuters) - Sical Logistics Ltd SICA.NS:

• SICAL LOGISTICS LTD - TO CONSIDER FUND RAISING VIA QUALIFIED INSTITUTIONAL PLACEMENT

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May 1 (Reuters) - Sical Logistics Ltd SICA.NS:

• CHAIRPERSON ANURADHA MUKHEDKAR RESIGNS

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By Dharamraj Dhutia

MUMBAI, Jan 5 (Reuters) - Corporate bond issuances in India are likely to remain robust in the new calendar year, potentially reaching fresh records, driven by the sustained capital expenditure push from companies and a likely softer interest rate regime, analysts said.

Indian companies raised a record 9.70 trillion rupees ($116.50 billion) through the sale of bonds in 2023, a 25% jump over 2022, data from information provider Prime Database showed.

The issuance size could go up by 20% from 2023 as a reversal in rates will happen this year, said Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincap.

"Usually, corporate bond yields will correct immediately, compared with rates on term loans."

India's central bank is expected to start lowering rates at some point in mid-2024 and though the rate cuts are unlikely to be deep, rates could drop by 25-50 basis points by year-end, according to traders and economists.

Better liquidity and softer interest rates are likely to fuel growth in issuances, said Sujata Guhathakurta, president-debt capital market and infrastructure financing at Kotak Mahindra Bank.

"We expect a lot of new issuers, especially from the infrastructure and NBFC (non-banking financial company) sector, tapping the bond market to meet their funding needs as part of their diversification strategy," she added.

The issuances in 2023 were dominated by banking and financial sector firms, and merchant bankers do not expect any major change in this trend in 2024.
Despite heavy supply, investors and bankers are confident that the rising corpus with mutual funds and long-term investors like insurance and pension funds would come to the rescue.

Kotak's Guhathakurta said the long-only investors would absorb the longer-tenor issues, while mutual funds, corporates and bank treasuries would remain active in the shorter-tenor space.

Longer-duration issuances by banks, financial and state-run firms have been lapped up by insurance companies and provident funds over the last few months, with spreads over government bond yields narrowing, reflecting robust demand.

($1 = 83.2640 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Swati Bhat and Sohini Goswami)

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Nov 21 (Reuters) - Sical Logistics Ltd SICA.NS:

• JV OF CO, DSPL MINING GOT TENDER WORTH 1.35 BILLION RUPEES

• CONTRACT TO BE PERFORMED THROUGH JV, CO WILL HAVE 25% PARTICIPATION

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Sical Logistics Ltd SICA.NS:

• SICAL LOGISTICS LTD- APPROVED RAISING OF CAPITAL

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By Dharamraj Dhutia and Bhakti Tambe

MUMBAI, Aug 8 (Reuters) - Indian corporates could raise record funds through bond issuances this year as they take advantage of attractive interest rates, four merchant bankers said on Tuesday.

"We see consistent supply for the rest of the year with overall supply surpassing last year's record number," said Arnab Choudhury - executive vice president and group head of debt capital markets, SBI Capital Markets.

Indian companies raised 8.17 trillion rupees in FY23, an increase of 29% over FY22, data from information service provider Prime Database showed.

In the months of April to July, firms raised 3.51 trillion rupees via bonds, of which fundraising in July was the lowest at 539 billion rupees. Bankers said the dip was an anomaly.

Expectations of a hawkish U.S. Federal Reserve pushed up U.S. yields, the effects rippling across emerging markets like India. That made issuers stay on the sidelines until rates stabilise, these bankers said.

Abhijit Roy, chief executive officer at GoldenPi, an online bond portal expects issuance to cross 9 trillion rupees in the current year, with major focus remaining on fundraising via shorter duration bonds.

With interest rates expected to remain stable at least till March, bankers are betting issuers will avoid delaying their fundraising plans and keep tapping the debt market.

While Jamnagar Utilities and IREDA are scheduled to raise funds on Wednesday, other lenders like Bank of India and Bank of Maharashtra are also likely to line up. State-run firms like PFC and REC could tap the market after the policy, bankers said.

Reuters benchmark AAA-rated corporate bond yields for three-year is around 7.70%, while State Bank of India's three-year marginal cost of lending rate (MCLR) stands at 8.15%.

SBI Caps' Choudhury said companies that had raised funds via external commercial borrowings last year will shift to local markets as yields have risen.

"The next five to six months should be a busy period...Loan markets are not attractive right now because MCLR rates have moved up, and hence highly rated issuers will continue to come to bond market."

Sujata Guhathakurta, president-debt capital market and infrastructure financing at Kotak Mahindra Bank said corporates would raise debt for refinancing and capex purposes as the current flat yield curve would ensure short-term and long-term money at almost similar levels for higher-rated firms.

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Swati Bhat and Nivedita Bhattacharjee)

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