Morning Mumble (Via Email): Indian Taxation (cost savings), VED+CNE, Polyus Gold (PGIL) not quite what it seems, S'ard Africa and the bets!

Good Morning,

Being dressed very conservatively "autumn warm", with a sense of decency and propriety (as per invite), and with the compulsory braces and hip-flask just in case service slows down, it was rude not to check on the state of the market. Autumn warm? Who writes these things!

Yesterday, Vedanta got slapped with a tax demand. Can Vedanta make a joint claim against India? Unlikely, but it would be wise for VED and Cairn Energy to collaborate and really stick it to the India Tax authorities. They must surely be aware of the damage it is doing to FDI* in India. VED just aren't having a good time of it!

We'll ignore the obvious from Polyus Gold (PGIL) where those with a basic maths qualification can see the obvious in their annual accounts. Afren's coming has happened today, with the term, highly dilutive to existing shareholders summing things up. 

There's rumour's coming up out Republic of South Africa (RSA) that the banks are putting pressure on Lonmin putting the cap around for $500M post Glencore divestment. With common-sense prevailing, Lonmin's Furnaces need some long-term work, their capex expenditure can be pared back to some degree but there's a lot of $ to sink yet. Expect news in due course...Some decent analysts suggest it's as low as $300M. 

The going today is good to soft, having bet the ranch on Road to Riches ridden by Bryan Cooper today. Noel Meade wants the win more than the Grand National, the horse will obviously have the final say. With all the confidence in the world, it’s rude not to back AP McCoy's last attempt, Carlingford Lough as well. 

Atb Fraser

* Foreign Direct Investment