12-04-2012

Indraprastha Gas (IGL) says
-Have approached Delhi HC against regulator's order
-Will not take a call on prices until legal action finalized
-Prices to remain same for now
-PNGRB decided tariffs 3 years after company made submissions
-PNGRB never gave IGL a hearing
-Examining Financial implications of Regulator's order
-Refund is unconstitutional & against PNGRB act
-Differ with PNGRB's assumption of volumes & utilisation
-Company's debt is approximately Rs 600 crore
-Capex for FY13 is Rs 500 crore, need to still organize funding
-No immediate plan to revise gas prices

Patni Computer Q1CY12 (QoQ) {US GAAP}
-Net revenues at Rs 938 crore versus Rs 1030 crore
-Net profit at Rs 121 crore versus Rs 146 crore

Government sources say -Draft cabinet note on 49% FDI for foreign air carriers ready
-Cabinet note to be put up for cabinet approval shortly
-DIPP has had consultations with SEBI on take over code
-Takeover code will not impact proposed aviation FDI cap
-No Takeover code exemption required for aviation FDI
-Fin Min supports 49% FDI by foreign airlines
-FDI cabinet note not on cabinet agenda for Thursday so far

Telecom Minister Kapil Sibal says -Cabinet clears presidential reference on 2G
-2G presidential reference to seek view on 3G spectrum of cancelled licences
-SEBI gives penalty of warning to NSE
-Warns NSE to be more cautious in discharge of duties

SEBI says-NSE has been negligent in discharge of regulatory duties
-NSE has failed to take action against repeat offenders
-NSE didn't provide all details on client code modification

Bombay HC dismisses Maharashtra Builders plea challenging application of VATBombay HC says:
-Builders can be held liable to pay outstanding dues since '06
Builders' Counsel:
-Will move SC against Bombay HC order
-Builders concerned over impact on prices & large inventories

Other stocks and sectors that are in news today:-Domestic airfares up 20% as Kingfisher cuts capacity
- Bharti in talks to buy 4G license from Qualcomm for Rs 6000 crore - ET
- Coal India (CIL) inflated productivity says draft CAG report - BS
- 3i infotech looking to sell majority stake in Locuz for Rs 60 crore (They bought the company in 2008)
- RIL close to buying stake in KFA, may also get UB Group's 30.44% stake in Mangalore Chemical as part of the deal - BL
- Dr Reddy's to launch generic Arixtra in Europe, seeks approval with European Medicine Authority - DNA Money
- Elecon Engineering receives orders worth Rs.22.59 crore in March 2012
-CCI report on cement cartelization likely today or tomorrow (Cement stocks to be in focus)