In a positive for Gujarat State Petronet (GSPL), PNGRB has re-computed the transmission tariff for GSPL’s High Pressure network by 11% to Rs26.6/mmbtu, says Nomura in a research note
The regulator Petroleum & Natural Gas Regulatory Board (PNGRB) has re-computed the transmission tariff for High Pressure network Gujarat State Petronet (GSPL) by 11% to Rs26.6/mmbtu.
According to Nomura, while exact impact of revised tariff order will be clear once zonal apportionment of tariff is finalised, the research note estimates, the impact is as follows:
(a) Annual transmission revenue increase of Rs820 million (post-tax impact of
Rs0.95/share – 12% of Nomura’s FY15F EPS of Rs8.0/share); and
(b) Retrospective gains of Rs1.4 billion for the period July12 to Mar14 (post tax impact of Rs1.6/share or 20% of Nomura’s FY15F EPS).
The tariff increase is a further positive for GSPL, points out Nomura. The research note says, “We highlight that GSPL was already a net gainer of the tariff-setting exercise. The average tariff for GSPL had increased by 11%-12%, and it had booked a gain of Rs1 billion for the nine-month period from July-12 to Mar-2013.”
However, PNGRB has said that it will file an appeal in the Supreme Court against the Appellate Tribunal’s order. Nomura has had a view, that there was not much case for retroactive tariff fixation, even for the period prior to network authorisation.
Jail authorities from Goa seized nine mobile phones, including one from the cell Tarun Tejpal, during an inspection at the Sada sub-jail
Jail authorities from Goa seized nine mobile phones, including one from the cell of Tehelka founder and former editor Tarun Tejpal, during an inspection at the Sada sub-jail near Vasco town on Sunday.
Deputy Collector Gaurish Shankhwalkar told reporters that a surprise check was conducted in the Sada sub-jail. “We found nine mobile phones, including one in Tejpal’s custody,” he said.
However, jail authorities refused to state whether the mobile phone was carried by Tejpal. They also refused to disclose anything about whom Tejpal shares his judicial lock-up cell.
Shankhwalkar said that a detailed probe into the incident which has been initiated, would reveal the truth.
Tejpal who is accused of raping his junior colleague has been lodged in the Sada sub-jail. His bail petition is scheduled to be heard by the Goa bench of the Bombay High Court on 4th March.
RBI approved IDFC’s resolution to decrease foreign investment limit to 52.50% from 54%, the maximum allowed for FIIs
The Reserve Bank of India (RBI) approved a special resolution passed by shareholders of IDFC Ltd, to reduce investment limit to 52.5% from 54% for foreign institutional investors (FIIs). Since this is the maximum allowed by RBI, FII cannot purchase further shares of IDFC.
As on 31st December 2013, FII shareholding in IDFC was 52.31% which now crossed overall limit of 52.50% of its paid-up capital.
IDFC board of directors and shareholders has passed special resolution agreeing for decreasing the limit from 54% to 52.50% for the purchase of its equity shares and convertible debentures by FIIs.
IDFC closed Monday marginally down at Rs94.15 on the BSE, while the 30-share benchmark Sensex ended the day marginally up at 20,811.