Cairn India will be in focus as a meeting of the board of directors of the company will be held today, 26 November 2013, to consider a proposal for buyback of equity shares of the company.
Shares of United Spirits will be watched after the Office of Fair Trading (OFT) in the UK on Monday, 25 November 2013, said Diageo's acquisition of United Spirits is against competition and may lead to higher whisky prices in the UK.
United Spirits announced after market hours on Monday, 25 November 2013, that its board will consider the OFT announcement and determine further course of action in this regard.
United Spirits said in a statement that the remedy being considered by the OFT to address the competition concerns arising from the acquisition by Diageo plc of its stake in United Spirits is the disposal of the Whyte and Mackay business with the exception of the Dalmore and Tamnavulin distilleries, brands, maturing inventory and associated management and operations which will be retained. Whyte and Mackay is an indirect wholly-owned subsidiary of the company, United Spirits said in a statement.
Credit Analysis and Research (CARE) turns ex-dividend for a second interim dividend of Rs 6 per equity share for financial year ending March 2014.
GAIL (India) after trading hours on Monday, 25 November 2013, said that the company has allocated one MMTPA of LNG volume sourced from the United States to its subsidiary GAIL Global (Singapore) Pte. (GGSPL) for trading in the global market. This experience of global trading would help to develop requisite skill sets and competence within the company and thereby expand the business in the global LNG market in a self-sustaining manner, GAIL (India) Chairman and Managing Director, Mr. B C Tripathi said. GAIL opened its Singapore office in 2011 through GGSPL for sourcing natural gas and for trading in LNG and petrochemicals, etc.
Mr. Tripathi also mentioned about GAIL's plans to venture into LNG shipping to bring LNG volume from the US, doubling the capacity of Dabhol LNG terminal, upstream investment in Tanzania and setting up floating LNG re-gasification terminal in Andhra Pradesh along with GDF Suez and Shell. He emphasized that going forward, innovative new business models are essential for the LNG industry which can provide flexibility and security in supplies while reducing the total cost of LNG to consumers. He reiterated that GAIL would continue to promote regional cooperation among Asian buyers and create Asian Gas Index so that LNG prices for Asia become in sync with market prices.
GAIL (India) was the first Asian company to have signed a long term LNG Sales and Purchase Agreement with Sabine Pass Liquefaction, LLC, USA in 2011 for supply of 3.5 MTPA LNG over 20 years. This agreement had price linkage with Henry-Hub price instead of crude oil and signalled a new approach in gas pricing. Building on this deal, GAIL signed a Terminal Service Agreement with M/s Dominion Cove Point LNG LP for booking 2.3 MMTPA liquefaction capacity in the Cove Point liquefaction terminal in the US. The US subsidiary of GAIL contracted half of Dominion's capacity for 20 years. GAIL also executed a long-term Gas Sale and Purchase Agreement with Gazprom Marketing and Trading Singapore for supply of 2.5 MMTPA LNG per annum from its Shtokman production facilities over a period of 20 years. GAIL signed an MoU with EDF Trading of the US for cooperation in the areas of North American upstream equity investments, gas supply to export facilities and LNG supply optimization.
Asian Paints after trading hours on Monday, 25 November 2013, said that its wholly owned subsidiary -- Asian Paints Industrial Coatings (APICL) -- has closed down the operations of its powder coatings plant at Baddi, Himachal Pradesh with effect from 25 November 2013 due to significant decline in the processing volume of powder coatings over the last two years. APICL's plant at Sarigam, Gujarat will continue its normal operations and is sufficient to cater to the future requirements, Asian Paints said in a statement.
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Kalpataru Power Transmission has secured orders worth Rs 1007 crore. The company is into EPC (engineering, procurement and construction) business in the power and infrastructure sector. The first order is for a 500-kV D/C over-head transmission line worth Rs 630 crore in Egypt.
Another order is for supply and installation of 220 kV transmission systems worth Rs 246 crore in Rwanda and D. R. Congo. The company has also received an order for installing a pipeline from Hindustan Petroleum Corporation valued at Rs 131 crore. Ranjit Singh, Managing Director, said the order inflow for the year to date was satisfactory, having received orders over Rs 2750 crore with the international segment being a major contributor.
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