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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, 11 February 10
THE INDIAN MARKET SOFTENING A BIT - FEARNRESEARCH
Handy
The BSI has gone down for 3 weeks now but it is more a reflection of the Pac market. Activity in the Atl remains solid and rates remain firm ...
Thursday, 11 February 10
SOUTH AFRICA COAL EXPORTS DROP TO INDIA, CHINA
South African coal exports to India from Richards Bay Coal Terminal fell 39% in January from December's levels while shipments to China dropped 55% ...
Thursday, 11 February 10
JSW STEEL IS CLOSE TO ACQUIRING TWO COAL MINES IN THE US
“We are in advanced stages of negotiation and the deal will be completed in a month or two,” a company official told DNA Money on the co ...
Wednesday, 10 February 10
BHP TAKES MARUWAI SALE OFF THE TABLE, MINISTRY SAYS
Australian mining giant BHP Billiton may cancel a plan to sell a stake in its coal mining project in Maruwai, East Kalimantan, an official at the En ...
Wednesday, 10 February 10
JPMORGAN FORECASTS A 5.7% GROWTH IN SEABORNE IRON ORE SHIPMENTS, 3.8% FOR COAL AND GRAIN THIS YEAR
This year volumes of iron ore transportation by sea may grow to 5.7%, coal and grain up 3.8% over numbers in 2009, Ukrrudprom reports citing analyst ...
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Showing 6006 to 6010 news of total 6871 |
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- Mercuria Energy - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
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- Rio Tinto Coal - Australia
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- Straits Asia Resources Limited - Singapore
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- Electricity Authority, New Zealand
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- Africa Commodities Group - South Africa
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- GN Power Mariveles Coal Plant, Philippines
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- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
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- Sakthi Sugars Limited - India
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- SMG Consultants - Indonesia
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- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
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- Binh Thuan Hamico - Vietnam
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- Sarangani Energy Corporation, Philippines
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- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
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- Oldendorff Carriers - Singapore
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- Tata Chemicals Ltd - India
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- Medco Energi Mining Internasional
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- Sojitz Corporation - Japan
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- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
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- Electricity Generating Authority of Thailand
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- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
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- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
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- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
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- Kartika Selabumi Mining - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
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- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
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- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
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- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
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- The University of Queensland
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- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
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- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
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- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- The State Trading Corporation of India Ltd
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- Xindia Steels Limited - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
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- White Energy Company Limited
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- AsiaOL BioFuels Corp., Philippines
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- Central Java Power - Indonesia
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- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
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- International Coal Ventures Pvt Ltd - India
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