Wednesday, September 07, 2005

SRF may surf higher on carbon credit sale deal with Royal Dutch/Shell

Tyre cord maker SRF may surge on reports that it has signed a deal to sell
5,00,000 carbon credits to a unit of Royal Dutch/Shell. The value of the
deal was not known. Under the Kyoto Protocol, industries in developed
countries can offset their carbon dioxide emissions by buying carbon credits
from projects that cut emissions in developing countries. Budget airline
Spicejet may edge higher on reports that the company is raising $ 19 million
to $ 20 million from an international institutional investor. The
international investor may be financial giant Temasek which has been eyeing
the Indian aviation space for some time now. Cipla may slip after Chairman
Yusuf Hamied told shareholders at the annual general meeting that promoters
have no intention of selling the company. The rumour mills have been abuzz
that Cipla's promoters have been in talks with multinational drug companies
such as Pfizer, Sandoz, Teva and local drug major Ranbaxy for selling their
stake. Gail India may edge higher after the company said on Tuesday it will
benefit from the approval accorded by the Department of Company Affairs
(DCA) for change in the depreciation charge on the gas and oil pipelines. As
against the present depreciation rate of 10.34 per cent per annum, the
revised rate will be 3.17 per cent per annum based on the useful technical
life of 30 years on a prospective basis from the 1 April 2005. Meanwhile,
Gail is eyeing business opportunities in Bangladesh and has planned an
annual capital expenditure of Rs 2,500 crore to Rs 3,000 crore over the next
three years. The company is keen to explore offshore blocks in the Bay of
Bengal in collaboration with a local company. Gail has also proposed to
carry out a similar study to set up CNG stations and convert diesel vehicles
into non-polluting CNG vehicles in Bangladesh. Nicholas Piramal India may
see action after the company announced the closing of the private placement
of 7,500,000 common shares at a price of Canadian $0.80 per share in
BioSyntech, Canada. Alstom Projects India may edge higher on reports that
the company has a strong order book of Rs 1,300 crore - adequate for more
than 20 months of sales.

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