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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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Thursday, 18 February 10
THE INDIAN MARKET IS FIRMING A BIT, DUE TO LACK OF TONNAGE IN THE REGION
HANDY
The BSI still decline as holidays around the world have reduced trading.
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Thursday, 18 February 10
COAL MINERS FACE SHUTDOWN OVER RECLAMATION FUNDING
Three coal mining companies may be forced to temporarily stop operations this year if they fail to provide funding for a site-reclamation program.
...
Thursday, 18 February 10
DECOUPLING FROM OIL PRICES ON STRONG GLOBAL ENERGY DEMAND
A recent coal market conference in Singapore focused on two main issues –— the demand for coal as a source of energy, and coal pricing.& ...
Thursday, 18 February 10
INDONESIA TO INVITE BIDS FOR $1.5 BLN COAL RAILWAY IN MAY
Indonesia plans to invite investors to bid for contracts to build a $1.5 billion coal railway line in Central Kalimantan, a planning ministry offici ...
Thursday, 18 February 10
INDONESIA ZONING RULE THREATENS MINING - INDUSTRY
Reuters reported that, confusion over a new Indonesian land use regulation could halt the operations of some mining firms, providing a new threat to ...
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- Minerals Council of Australia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
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- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
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- Singapore Mercantile Exchange
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- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
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- Ambuja Cements Ltd - India
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- Riau Bara Harum - Indonesia
- Australian Coal Association
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- Ind-Barath Power Infra Limited - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
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- New Zealand Coal & Carbon
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- Ministry of Finance - Indonesia
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- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
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- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Oldendorff Carriers - Singapore
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- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
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- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
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- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
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- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
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- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
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- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
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- Baramulti Group, Indonesia
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