Indraprastha Gas surges on entering into SPA to acquire upto 5 crore equity shares of MNGL

Indraprastha Gas has signed Share Purchase Agreement (SPA) to acquire upto 50,000,000 equity shares of Rs 10 each of Maharashtra Natural Gas (MNGL) at a price of Rs 38 per equity share from certain financial investor shareholders of MNGL in such a manner so that upto completion of the proposed transaction the Company's shareholding in MNGL shall not exceed 50% of the issued, subscribed and paid up share capital of MNGL. MNGL is in City Gas Distribution business in Pune in the State of Maharashtra.

Indraprastha Gas, incorporated in 1998, is engaged in distribution of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi. In 1999 the company took over Delhi City Gas Distribution Project from GAIL (India). IGL laid the network for the distribution of natural gas in the National Capital of Delhi to consumers in the domestic, transport, and commercial sectors.

Tata Motors gains on launching passenger vehicle range in Algeria

Tata Motors has launched its passenger vehicle range in Algeria. The range comprises Tata Indica and Tata Vista from the hatchback range, and Tata Indigo and Tata Manza from the sedans. Moreover, the company has appointed SPA Elsecom for distribution and marketing. The new range is now available in dealerships for sale.

Tata Motors in association with SPA Elsecom has set up dealerships at Algiers and Oran, with further plans underway to establish ten additional sales and service centers, to cover important regions, by the end of this year.

The company has presence in countries across Europe, Latin America, Africa, Russia, Middle East, Asia and lately Australia. Algeria has been ear-marked as a focus market in the Tata Motors global strategy.

Tata Motors, India’s largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world’s fourth largest truck and bus manufacturer.

Qantas looks past record loss, opens door to foreign investors

 Qantas Airways Ltd (QAN.AX) is looking past a record annual loss and predicting blue skies ahead, as a landmark change in Australian laws opens the door to significant foreign investment in the airline's international arm - its biggest headache.

The prospect of new funding - long desired by the struggling national flag carrier - and a surprisingly positive outlook for the current year sent Qantas' shares rising to a three-month high on the Sydney exchange on Thursday.

The so-called 'Flying Kangaroo' has been bruised by high fuel costs, a strong Australian dollar, increasing international competition and a domestic price war with arch-rival Virgin Australia Holdings (VAH.AX).

Qantas has also long complained it is competing at a disadvantage due to Australian laws restricting the level of foreign investment in the carrier while its rivals are allowed unfettered funding.

The airline unveiled a new holding structure that will divide its domestic and international arms, a separation made possible following the passing of changes to the Qantas Sale Act earlier this week, the carrier said.

Foreign and individual investors can now take a stake of up to 49 percent in the international arm. That is a major change from the previous limits on ownership by individual investors of 25 percent and by foreign-owned airlines of 35 percent.

Oil slips towards $102 on ample supply

Brent crude oil fell towards $102 a barrel on Thursday, depressed by ample supply and lacklustre demand as global economic growth remains tepid. 

Oil supply is expected to exceed demand this year, analysts forecast, and crude oil benchmarks on both sides of the Atlantic Basin are on track to post a second monthly decline. 

October Brent crude was down 25 cents at $102.47 a barrel by 0800 GMT. Last week, the contract hit a 14-month intraday low of $101.07 and it has been unable this week to break out of the $102-$103 range. 

US crude slipped after news of the fire at BP's largest refinery in the United States. The October contract was last down 40 cents at $93.48 a barrel

Political instability in Iraq and Libya continued to weigh on investors' minds even though oil exports from the two countries have actually risen in recent months. 

Adani buys Australia coal mine royalty rights from Linc for $145 million

Adani Enterprises has agreed to pay A$155 million ($145 million) to Linc Energy (LINC.SI) to buy out the Australian firm's rights to future royalties from Adani's huge but delayed Carmichael coal project, already four years behind schedule.

The deal comes amid growing questions on whether Adani will eventually go ahead with a project to build what would become Australia's biggest coal mine, amid opposition from green groups and a slump in coal prices to five-year lows.

A final decision to go ahead with the project, in Northeastern Australia, would mean spending A$16.5 billion to dig the mine, build a rail line and a port.

"This agreement reflects Adani's confidence in the progress of Carmichael mine, which received final federal environmental approvals from the Australian government last month," Adani said in a statement emailed to Reuters. "The agreement...underlines Adani's consistent commitment to ensure that the high-quality coal from the Carmichael mine is cost-efficient."

The agreement announced by Singapore-listed Linc on Thursday means Linc is walking away from a A$2 per tonne royalty, indexed to inflation, on the first 20 years of production from the coal mine. Adani bought Carmichael from Linc Energy amid a coal boom in 2010, paying A$500 million in cash upfront and agreeing to pay the royalty stream.

In 2010, Adani said it aimed to open the mine by 2014 and at the time Linc said it could earn more than A$3 billion in revenue over the life of the royalty stream.

Linc chief executive Peter Bond said the two companies agreed on the A$155 million price tag based on the risks of the current weak coal price and "all the other risks of the coal industry at the moment".

"I actually have a lot of confidence that Adani will get the pit going," Bond told Reuters by phone from Brisbane. "It's more about us focusing our strategy into cashing up the balance sheet and driving towards a more focused outcome like drilling our shale in South Australia."

 the agreement was a win-win deal for both Adani and Linc, as the Indian firm gets rid of a liability on the project, while Linc secures cash up front from a mine that may not be built for many years.

Adani is paying compared with the net present value of the royalty stream, which they estimated at A$600 million, implied Adani and Linc had put a 25 percent to 30 percent probability on the Carmichael project going ahead.

NHPC jumps as focus shifts to hydro power after coal ruling

Shares in NHPC Ltd surged as much as 6.4 per cent in trade on Thursday. Traders said the focus could shift to hydro power as an alternative to coal in electricity generation. 

NHPC was the top gainer in BSE large-cap stocks called "A group" and NSE equity derivatives. 

Volumes were at 1.4 times of the five-day average. The Supreme Court on Monday declared coal block allocations made since 1993 illegal. 

Gold up for third day on softer dollar; physical demand lags

Gold rose for the third straight day on Thursday on softening dollar and increased tensions between Ukraine and Russia, but the precious metal was under pressure from rallies in equities and the prospect of a US interest rate hike. 

Higher interest rates would dull the appeal of non-interest-bearing assets such as gold, which was struggling to cross the key resistance of $1,300 an ounce. Gold prices were more than $600 below a record hit in 2011. 

Gold added 0.56 per cent to $1,289.60 an ounce by 0635 GMT, moving away from a two-month low of $1,273.06 hit on Aug. 21. 

In other markets, Asian shares held steady after pulling back from a 6-1/2 year high as the recent rally in risk assets petered out for now, while the euro clung to modest gains after rebounding from 13-month lows. 

Brent hovers below $103 as ample supply weighs

 Brent futures dipped on Thursday, but still held between $102 and $103 a barrel, as ample supply and a refinery fire in the United States that could reduce crude demand weighed on prices. 

Global oil supply is expected to exceed demand this year, cooling prices. Oil futures on both sides of the Atlantic Basin are on track to post a second monthly decline. 

October Brent crude has been unable to break through the $102-$103 range this week, just off a 14-month low hit last week. On Thursday, Brent was down 3 cents at $102.69 a barrel by 0639 GMT. 

US crude slipped on news of the fire at BP's largest refinery in the United States. The October contract fell 25 cents to $93.63 a barrel. 

Rupee recovers 7 paise against the US dollar

The rupee recovered by 7 paise to trade at 60.38 against the US dollar in early trade today on selling of the American currency by banks and exporters amid sustained foreign capital inflows. 
Besides, a higher opening in the domestic equity market and strengthening of the euro against the dollar overseas also supported the local currency.

Yesterday, the rupee had lost two paise to close at 60.45, nearing its four-week high levels, against the American currency on dollar demand from importers. 

Railway related stocks rally as government notifies 100% FDI in the sector

Railway related stocks such as Kalindee, Texmaco Rail, Kernex rallied up to 14 per cent in intraday trade on Thursday, after the government notified liberalised FDI norms for the Railways, permitting 100 per cent foreign direct investment through automatic route in several areas, including high speed trains. 

Other segments of the Railways in which FDI will be allowed include suburban corridor projects through Public Private Partnership (PPP), dedicated freight lines, rolling stock including train sets, locomotives/coaches manufacturing and maintenance facilities, railway electrification, signalling systems, freight terminals, passenger terminals and infrastructure in industrial parks like railway line/sidings.

However, proposals involving FDI beyond 49 per cent in sensitive areas, from security point of view, will be placed before the Cabinet Committee on Security (CCS) for approval by the Railway Ministry on a case-to-case basis, said a press note of the Department of Industrial Policy and Promotion (DIPP).