GAIL to supply gas to IT park

GAIL has “signed a Gas Transmission Agreement (GTA) with Information Technology Park Ltd (ITPL), Bangalore, for supply of around 60,000 standard cubic metres of natural gas per day”

State-owned gas utility Gas Authority of India Ltd (GAIL) India Ltd  said it has signed an agreement to supply natural gas to Information Technology (IT) Park, Bangalore.

The company, in a press statement, said it has “signed a Gas Transmission Agreement (GTA) with Information Technology Park Ltd (ITPL), Bangalore, for supply of around 60,000 standard cubic metres of natural gas per day.”

ITPL is likely to start consumption of natural gas early next year in their upcoming captive power plant. The gas will be supplied to ITPL from the Dabhol-Bangalore Pipeline being set up by GAIL at an investment of around Rs3,500 crore.

The pipeline will connect the Dabhol- LNG Terminal, operated by Ratnagiri Gas and Power Pvt Ltd to gas consumption centres in Maharashtra, Goa and Karnataka.

The Dabhol terminal is being commissioned and the pipeline upto Bangalore is expected to be commissioned by August of this year.

GAIL India’s shares closed at Rs368.10 per share on the Bombay Stock Exchange, 0.81% up from the previous close.

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Tata Motors hikes commercial vehicle prices

“We have hiked the prices of our commercial vehicles by 2%-5% considering the hike in excise duty on vehicles and chassis,” Tata Motors president (commercial vehicle business unit), Mr Ravi Pisharody said

Tata Motors has hiked the prices of its entire range of commercial vehicles by up to Rs60,000 following excise duty hike in the Budget.

“We have hiked the prices of our commercial vehicles by 2%-5% considering the hike in excise duty on vehicles and chassis. This has been done with effect from 17 March 2012,” Tata Motors president (commercial vehicle business unit), Mr Ravi Pisharody, told reporters at the Defence Expo.

The price hike will vary between Rs5,000 and Rs60,000 depending upon different models.

When asked if this is going to affect the demand, Mr Pisharody said: “In the near term, definitely it will impact sales. It usually takes 4-6 months to fully absorb hike by the market.”

The company is expecting a growth of 18%-19% in its commercial vehicle sales in 2011-12.

Tata Motors has recently also increased the prices of its passenger vehicles, including the Nano, by up to Rs35,000 with immediate effect due to hike in excise duty.

Tata Motor’s shares closed at Rs271.95 per share on the Bombay Stock Exchange, 0.26% up from the previous close.

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Essel Group stake close to IVRCL promoter-holding level

Essel Group had said that it had hiked its stake in IVRCL to 10.19%. It had added that it was keen to hike the holding further.

Subhash Chandra-led Essel Group has bought additional shares in infrastructure company IVRCL to bring its shareholding close to 11%, the level held by promoters led by E Sudhir Reddy.

Market analysts said there is risk of control of the company changing hands. According to brokerage firm Zen Securities, the stake held by IVRCL promoters is very less and “if they do not take this seriously there is risk of taking over control of the company”.
 
IVRCL, however, sounded confident of support from financial institutions and lenders. “I have received messages from other infrastructure companies willing to extend support and personally chairmen of some banks also said they will help, if required,” IVRCL chief financial officer Balram Reddy told PTI.

“Our chairman is having talks with other FIIs and (we are) fully backed up. We are ready to resist the move to any extent,” Reddy added.

Essel Group had said that it had hiked its stake in IVRCL to 10.19%. It had added that it was keen to hike the holding further.

Promoters of IVRCL held 11.18% stake in the company while FIIs and DIIs held 37.11% and 5.4% respectively as per the shareholding pattern recorded on 31 December 2011. The rest was with public.

According to SEBI's new guidelines, the takeover trigger limit has been increased from 15% to 25%.

Essel's stake acquisition in IVRCL through secondary market triggered the possible takeover threat fuelled by its statement.

“In line with its philosophy to grow its infrastructure business to match and benefit from the rising proportion of infrastructure investment by India, the Essel Group has acquired a 10.19% stake in IVRCL and is keen to increase it and is in the process of increasing it,” Essel had said in a statement.

IVRCL reported net profit of Rs6.79 crore for the third quarter ended December 31, 2011 down 84% over the same quarter last year. Its total income decreased by 15% to nearly Rs1,203 crore in the quarter.

IVRCL shares closed at Rs64.75 per share on the Bombay Stock Exchange, 7.83% up from the previous close.

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