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Friday, 12 February 10
TATA POWER: QUARTERLY BLIP
 Although the company’s revenues dipped in the December quarter, its long-term story is intact.
Lower power generation and realisations saw Tata Power’s net sales in the December 2009 quarter dip 12 per cent year-on-year to Rs 1,528 crore. Operating income and net profits, however, surged 42 per cent and 28 per cent to Rs 364 crore and Rs 148 crore, respectively.
The dip in realisations can be attributed to passing of lower fuel costs to consumers, while the closure of two units in Trombay meant that power generation was flat in spite of 500 Mw of capacity added in 2009. Fuel costs per unit of electricity generated declined from Rs 3.31 in the December 2008 quarter to Rs 2.46 for the latest quarter.
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“TATA is on track to nearly double its generation capacity to 5,800 Mw by end of 2011-12”
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A change in fuel mix in favour of gas led to a 26 per cent saving in fuel costs. This was partly passed to consumers resulting in realisations falling 12 per cent year-on-year to Rs 4.1 a unit in the quarter from Rs 4.7 in the year ago period. Average tariffs for merchant sales also dropped to Rs 5.37-6.21 from Rs 5.5-6.5 in previous quarters, according to analysts. Operationally, generation and sales remained flat. Overall, Earnings Before Interest, Taxes, Depreciation and Amortization margins expanded 9.5 percentage points y-o-y to 26.8 per cent (led by savings in fuel costs), though they were lower by 265 basis points sequentially.
The company is on track to nearly double its generation capacity to 5,800 Mw by end of 2011-12. Most projects are on schedule with the Maithon plant scheduled for commissioning in 2010-11 and Mundra UMPP scheduled for 2011-12. The company has received approval for its mining plan in Mandakini coal block with most formalities already been completed. Coal production is expected to start from July 2011 according to analysts. The Tubed block mining proposal has also been approved and submitted to the state government. Production is targeted from February 2012.
Tata Power is seen as a quasi-coal play given its acquisition of stake in two Indonesian coal mines of Bumi group. Bumi mined 29.3 million tonnes at an average cost of $60 per tonne in the first half of 2009-10. Coal prices have firmed by 11 per cent to about $90 per tonne since November 2009, analysts say.
Consolidated numbers due later this month will therefore be an interesting watch. Another positive is a freeing up of about 500 Mw that was earlier supplied to Reliance Infra in Mumbai. About 200 Mw will be available for merchant trading and the rest will be sold on regulated basis from April 2010.
The stock has largely performed in line with the BSE Sensex since the beginning of 2010. It ended yesterday at Rs 1,265, down by Rs 10 over Wednesday’s closing, and trades at 15.4 times consensus analyst 2010-11 EPS estimates. Analysts value the stock at Rs 1,500 on sum-of-the-parts basis which includes the company’s investments in Bumi (coal mines) and telecom among others, indicating that there is room for upside.
Source: Business-Standard
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Sunday, 28 February 10
CONTINENTAL TARGETS COAL SALES FROM S AFRICA MINE IN Q2 - MINING WEEKLY
Mining weekly reported that, Junior coal explorer Continental Coal would start coal sales from its Vlakvarkfontein mine, in South Africa, in the sec ...
Friday, 26 February 10
BANPU PROFITS SURGE BY 54% TO RECORD B14BN ON BRISK SALES
Banpu Plc, Asean's largest coal miner, said its earnings surged to a record high of 14.23 billion baht last year, an increase of 54% on the previou ...
Thursday, 25 February 10
INDO / INDIA COAL TRIPS SUPRAS CAN ACHIEVE AROUND MID 10S - FEARNLEYS AS
Handy
The BSI regained positive momentum exactly a week ago and the Atlantic rema ...
Thursday, 25 February 10
STEEP RISE IN COAL IMPORTS REQUIRED TO POWER INDIA - MONEYLIFE
The power ministry has estimated coal imports of 48 million tonnes in FY10-11, sharply higher than the expected imports of 28mt in the current fisca ...
Wednesday, 24 February 10
CHINA IMPORTED 8.81 MLN TONS OF INDONESIAN COAL IN JANUARY 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 24.38 million tons of coal last month, compared with 27.46 million tons in a ...
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- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
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- Port Waratah Coal Services - Australia
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- Planning Commission, India
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- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
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- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
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- Jorong Barutama Greston.PT - Indonesia
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- Grasim Industreis Ltd - India
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- Global Coal Blending Company Limited - Australia
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- Merrill Lynch Commodities Europe
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- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
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- SMC Global Power, Philippines
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- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
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- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
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- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Australian Coal Association
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- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
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- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
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- Parliament of New Zealand
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
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- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
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- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
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- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
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- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
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- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
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- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
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