The Tamil Nadu government imposed 30% entertainment tax (e-tax) on direct to home (DTH) operators. Dish TV revenues are impacted almost 7% because of the entertainment tax across the country. Dish TV's last quarter EBITDA was in the range of 24-26%.
Wednesday 21 September 2011
GAIL Will likely to get Subsidy Burden of 2500-2600 Crore
Yesterday on news that there could be rethinking on the one-third subsidy sharing formula that the government has been working with there was a bit of cloud on oil marketing companies.The company's subsidy burden is expected to be around Rs 2,500-2,600 crore.The EGOM will discuss about LPG subsidy and there will be some reductions on Subsidy burden. In case they are fixing four, six or eight cylinders per year, whatever is fixed has to be given on APM price and has to be based on the market price. In case it is reduced then the LPG subsidy will be reduced and contributions from it will be reduced to some extent.
PTC India To Buy Stake Into Asian Genco
PTC India Financial Services will buy a stake the in Singapore-based energy firm East Coast Energy which is part of Asian Genco. PFS has about 13.87% equity stake in East Coast Energy and invested about Rs 133 crore in the company. The valuation and related factors of the deal is expected to be finalised in the next 2-3 months
Voltas To Buy Wipro's Water Treatment Business
Voltas Ltd a Tata group co. is in advanced discussions to acquire soaps-to-software major Wipro's water purification and treatment business. Wipro attempted selling other smaller businesses like baby diapers and vanaspati oil in recent past ,The sale of the water business could be Wipro's first divestment.
TPG, Shriram May Split Vishal Retail Partnership
Vishal Retail have soured relations between joint owners TPG Capital and the Shriram Group over infusing fresh capital into Vishal Retails to such an extent that the two have started discussing a split and division of assets. The Split comes barely six months after the two jointly acquired the debt-laden discount store chain. Shriram has expressed its inability to bring in more money, which has led to both companies exploring an split.
Dubai-based GEMS Education Buys 12% Stake in Everonn Education
Dubai-based GEMS Education Buys 12% Stake in Everonn Education via a preferential allotment of shares. Each share will cost GEMS 528, an over 40% premium to Tuesday's closing price. GEMS belongs to the Varkey Group, founded by Padmashri Award recipient and Dubai-based NRI entrepreneur Sunny Varkey.Varkey had been picking up Everonn stake in the open market, he had picked up a 1.32% stake for about Rs 17 crore Last week.
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