Buffett’s Berkshire to buy Dominion Energy gas assets for $4 billion
Berkshire Hathaway Inc said its energy unit will buy Dominion Energy Inc’s natural gas transmission and storage network for $4 billion, helping billionaire Chairman Warren Buffett reduce his conglomerate’s cash pile while letting Dominion focus on utilities operations. The transaction announced on Sunday includes more than 7,700 miles (12,390 km) of natural gas transmission lines and 900 billion cubic feet of gas storage. Berkshire Hathaway Energy is buying Dominion Energy Transmission, Questar Pipeline, Carolina Gas Transmission, 50 percent of the Iroquois Gas Transmission System, and 25 percent of the Cove Point liquefied natural gas facility in Maryland. More here
Stock picks by Nooresh Merani, nooreshtech.co.in for today
1) Buy on Grasim, which has given a short-term breakout above Rs 640, could head up to Rs 680 in the short-term with a stop loss of Rs 630.
2) Second is a pre-emptive buy on Bharti Infratel, which has given a range breakout over the last three-four sessions with a very small stop loss of Rs 220 and could go all the way up to Rs 240.
CLSA picks Sun Pharma over Lupin despite the latter performing better. Here’s why
The pharma companies had a great run in the first half of this year and are most likely to continue further. The strong bullish sentiment has led to a rally of 61 percent for the Nifty Pharma index from March lows. As competition increases further among pharma companies, CLSA has placed its bet on Sun Pharma as opposed to Lupin in its recent research report. The global brokerage clearly said that it prefers India’s largest pharmaceutical company Sun Pharma over Lupin given more predictable earnings and valuation discounts. Despite Sun Pharma reporting a slip in its consolidated net profit while Lupin’s profit rising, CLSA placed its bet on the former. More here