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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, 07 January 10
INDONESIAS COAL OUTPUT MAY RISE TO 309 MILLION TONS IN 2014 - BLOOMBERG
Indonesia’s coal production may rise to 309 million tons by 2014 from an estimated 250 million tons this year, Bambang Setiawan, director-gene ...
Wednesday, 06 January 10
RICHARDS BAY SAYS 46% OF COAL EXPORTS WENT TO EUROPE
Richards Bay Coal Terminal, through which almost all of South Africa’s coal exports are routed, said 46 percent of the coal it exported in 200 ...
Wednesday, 06 January 10
CHINA-AUSTRALIA INVESTMENT TIES SEEN IMPROVING IN 2010
Australia and China showed a united front in a bid to improve investment ties as they signed a $3-billion coal deal on Wednesday, following a rocky ...
Wednesday, 06 January 10
INVESTMENT IN MINING TO TOP $2.5B IN 2010
The government plans to invest US$2.5 billion in the mining sector, an official said Tuesday.
Bambang Setiawan, the director general of mineral r ...
Wednesday, 06 January 10
SAS 2009 COAL EXPORTS THROUGH RBCT FLAT AT 61MT
Exports through South Africa’s Richards Bay Coal Terminal (RBCT) remained flat in 2009, as the terminal faced “critical business challen ...
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- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- The University of Queensland
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
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