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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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Saturday, 13 February 10
INDONESIA ISSUES NEW MINING REGULATIONS
Indonesia has issued two new regulations under its mining law to allow firms to start obtaining mining permits, in a move that should increase certa ...
Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
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- Directorate Of Revenue Intelligence - India
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- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
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- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
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- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
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- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
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- Africa Commodities Group - South Africa
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- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Planning Commission, India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
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