Gujarat Gas in focus after signing agreement to buy gas from GSPC
Gujarat Gas Company (GGCL) after market hours on Friday, 21 March 2014, said it has executed an amendment agreement with GSPC for purchase of additional 0.2 mmscmd of regassified liquefied natural gas (RLNG) on 21 March 2014, for the period 1 April 2015 up to 1 July 2025. With this execution GGCL secures 0.85 mmscmd of long term RLNG for serving demand in its operating area, the company said.
Reliance Industries (RIL) clarified after market hours on Friday, 21 March 2014, that a fear psychosis is being created in the minds of the masses that come 1 April 2014, inflation will start raging in the country as gas prices shall be increased by the government. "Is this propaganda based on facts or are some politicians spreading canards for electoral gains," RIL said.
The company said that the most common allegation is LPG price will double once gas prices are increased. Nothing can be far from truth. LPG can neither be made nor is being made from KG D6 gas. Gas from these fields contains 99.9% pure methane (natural gas) and does not have any Propane and Butane which are used to make LPG. Therefore there cannot be any correlation between LPG prices and increase in natural gas prices, the company said.
This can be further corroborated from the fact that for the last five years natural gas price have been constant but the price of LPG cylinder has increased from approximately Rs 280 to approximately Rs.450 for 14.2 kg cylinder. "If there was any correlation between natural gas and LPG prices, then why have LPG cylinder prices increased while natural gas prices have remained constant?", RIL said.
RIL added that the sole purpose of perpetuating these lies is to scare the consumers. Most of the LPG is produced in refinery from crude oil it has no correlation with natural gas prices. The second lie that is being perpetuated is that with a hike in gas prices from 1 April 2014, the cost of food grains are set to increase. However, the fact is that trucks, tempos and tractors that transport goods use diesel and not gas, so how will increase in gas price impact these costs, the company said.
"These people do not want to share truth; you are being misguided to garner votes. We have put the facts before you, now you decide whether gas price hike will be inflationary or whether these lies are full of hot air," the company said in a statement.
Trent announced after market hours on Friday, 21 March 2014, that it has approved definitive agreements with regard to investment by Tesco PLC, UK (Tesco) in Trent Hypermarket (THL), a wholly-owned subsidiary of Trent. The agreements envisage that Tesco Overseas Investments (Tesco Overseas), a wholly-owned subsidiary of Tesco would purchase part of the equity shares currently held by the company in THL for an amount of approx. Rs 150 crore and would separately subscribe to additional THL equity shares for an amount of approx. Rs 700 crore. Following the conclusion of the proposed investment, Trent and Tesco Overseas will each hold a 50% stake in THL. The proposed investment by Tesco Overseas is subject to necessary approvals, the company said.
Oil India announced that its board has declared second interim dividend of Rs 10 per share for the year ending March 2014. Dividend is payable on and from 28 March 2014. Payment will be completed on and before 19 April 2014.
Shree Renuka Sugars' shareholders at the company's extraordinary general meeting (EGM) held on Friday, 21 March 2014, approved preferential allotment of upto 25.74 crore equity shares of face value of Re 1 each for a price of Rs 20.08 per share aggregating to Rs 517.04 crore to Wilmar Sugar Holdings Pte on preferential basis, subject to the approval of stock exchanges/statutory approvals, wherever required.
Sunil Hitech Engineers after market hours on Friday, 21 March 2014 said that a meeting of its board of directors will be held on Monday, 24 March 2014, to consider and discuss the issue of convertible warrants to promoters and promoter group and non promoters.
Polygenta Technologies after market hours on Friday, 21 March 2014 said that a meeting of its board of directors will be held on Tuesday, 25 March 2014, to consider and if agreed to consider issue of compulsory convertible preference shares (CCPS) or equity shares on preferential basis.
Jayaswal Neco Industries' shareholders at the company's extraordinary general meeting (EGM) held on Friday, 21 March 2014, approved issue of further 6.88 crore equity shares of Rs 10 each at premium of Rs 15 per share on preferential basis subject to requisite approvals from the stock exchanges, members and SEBI (ICDR) Regulations, 2009.
Surana Industries' board of directors at its meeting held on Friday, 21 March 2014, accepted the final letter of approval (LOA) dated 13 March 2013, issued by Corporate Debt Restructuring Empowered Group (CDR EG) approving the Corporate Debt Restructuring (CDR) proposal submitted by the Company. The board of directors of the company passed necessary resolutions for the implementation of the approved CDR scheme, Surana Industries said. The announcement was made at the fag end of trading hours on Friday, 21 March 2014.
CHL at the fag end of trading hours on Friday, 21 March 2014 said that the Committee of Board has fixed record date of 5 April 2014, for the purpose of 5-for-1 stock split.
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