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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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Wednesday, 06 January 10
BUMI SHARES UP AS OVERALL PERFORMANCE BEATS PREDICTIONS
The world’s largest thermal coal exporter PT Bumi Resources saw its shares jump 10 percent to Rp 2,675 ($29 US cents) on Tuesday after the com ...
Wednesday, 06 January 10
INDIA MAY HAVE BECOME TOP BUYER OF SOUTH AFRICAN COAL
India may have overtaken Europe for the first time as the biggest purchaser of South African coal in 2009, according to Raymond Chirwa, Richards Bay ...
Wednesday, 06 January 10
COAL PEAK RECEDES INTO THE FAR DISTANCE
COALspot.com (German): Coal will be available to mankind as an energy source for the next 120 years.
The German Coal Importer Association has ca ...
Tuesday, 05 January 10
SUPRAMAX MARKET REMAINED QUIET OVER THE LAST 10 DAYS BRS - DRY BULK
Despite a damp end to the year for bulk rates, shipping has weathered the storm far better than was initially expected in the wake of the financ ...
Tuesday, 05 January 10
WINTER WEATHER SPIKES COAL PRICES - CHINA UPDATE
Cold weather is driving coal prices higher and will lend the advantage in annual negotiations to suppliers, analysts said, predicting that the risin ...
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- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
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- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
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- Sical Logistics Limited - India
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- Australian Coal Association
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- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
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- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
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- Energy Link Ltd, New Zealand
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- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
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- Siam City Cement PLC, Thailand
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- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
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- Edison Trading Spa - Italy
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- Metalloyd Limited - United Kingdom
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- Alfred C Toepfer International GmbH - Germany
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- Thiess Contractors Indonesia
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- Global Business Power Corporation, Philippines
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- SMC Global Power, Philippines
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- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
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- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
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- Altura Mining Limited, Indonesia
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- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
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- Sakthi Sugars Limited - India
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- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
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- Anglo American - United Kingdom
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Singapore Mercantile Exchange
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- Star Paper Mills Limited - India
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- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
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- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
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- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
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- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Marubeni Corporation - India
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- Kepco SPC Power Corporation, Philippines
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