* Revenue growth of 45% yoy backed by sharp rise in realizations
* OPM down 580 bps yoy due to steep rise in fuel costs
* Net profit growth of 1.7% yoy not comparable due to change in accounting
policy
* Growth plans intact with funding and fuel tie-ups in place for most projects
under implementation
Revenue growth of 45% yoy backed by sharp rise in realizations
Revenues grew 45% yoy on the back of 64% yoy rise in average realizations per
unit sold (from Rs3.5 to Rs5.8); despite 11% yoy de-growth in units sold (from 3.8
BUs to 3.4 BUs). The sharp rise in realizations was due to escalation in fuel prices,
which are a pass through for Tata Power (TPWR). Sales volumes declined due to
6% yoy decline in units generated (mainly in hydro power plants). Also, up to
Q1FY09, TPWR used to purchase extra power from outside and supply to
distribution entities in the Mumbai License Area (LA) (pure pass through). This is
now being done by another licensee. To that extent, the sales volumes for the
quarter have declined as compared to Q2FY08. Revenues from Mumbai LA
comprised 85% of total revenues in Q2FY09 as against 87% in Q2FY08.
OPM down 580 bps yoy due to steep rise in fuel costs
Contraction in OPM by 580 bps was due to 1,230 bps yoy sharp rise in cost of fuel with prices of coal, gas and oil
reaching their all-time highs in July 2008. However, further erosion in margins was restricted by an aggregate 650 bps
yoy decline in cost of power purchased, staff cost and other costs.
Net profit growth of 1.7% yoy not comparable due to change in accounting policy
Profit before tax was higher by 6.6% yoy on account of 34% yoy rise in other income, despite higher depreciation and
interest expenses. Other income comprised forex gains, dividends received and profit on sale of long term investments.
The effective tax rate for the quarter was higher at 15.2% as against 11.1% in Q2FY08. As a result, net profit was
higher by only 1.7% yoy. However, the PAT is not comparable due to change in accounting policy. Regulatory
adjustments, which used to be made on an annual basis in the last quarter of the year, are made on a provisional basis
every quarter from Q1FY09 onwards.
Business update
* Progress in implementation of generation projects: Management is confident that the company’s growth plans
will not be majorly impacted by the ongoing global financial turmoil. This confidence stems from the fact that funding
and fuel tie-ups are in place for most projects under implementation and construction work is progressing as per
schedule.
o During the quarter, the first unit of the 120 MW Haldia power project was commissioned, synchronization of the
second unit with the grid was completed and the third unit is expected to be commissioned by end FY09.
o The 4,000 MW Mundra ultra mega power project (UMPP) is progressing as per schedule and the first unit will be
commissioned by September 2011.
o For the 1,050 MW Maithon power project (JV with Damodar Valley Corporation), most equipment orders are in
place and overall progress is 20%, in line with the schedule.
o The synchronization of the 250 MW Trombay Unit 8 is scheduled for November 2008.
o The 50 MW wind project at Khandke will be commissioned in Q3FY09. TPWR is developing two more wind projects
of 50.4 MW each in Gujarat and Karnataka.
o The 120 MW each Jamshedpur and Jojobera captive projects for Tata Steel are progressing as per schedule.
* Hydro power initiative in Bhutan: During the quarter, TPWR entered a partnership with the Royal government of
Bhutan to develop 114 MW hydro power and acquired 26% stake in the project. Tata Power Trading will off-take all
the power from the project for a period of 25 years.
* Foray into geothermal energy: The company has widened its presence in the renewable energy space by
investing Rs1.65bn in Geodynamics Ltd, Australia. Post acquisition, TPWR holds 10% stake in the company.
Showing posts with label Tata Power. Show all posts
Showing posts with label Tata Power. Show all posts
Wednesday, October 29, 2008
Friday, September 19, 2008
Sensex shuts shop above 14,000 mark, spurts over 700 point
Frenzied buying in battered index pivotals along with short
covering triggered a solid rally in the key benchmark indices
today, 19 September 2008. Markets across the globe rallied on hopes
of a more comprehensive US government approach in taming the global
credit crisis.
Strong US futures after the US market regulator securities &
exchange commission reportedly halted short-selling of financial
stocks in the US, boosted the domestic bourses in late trade.
Realty, banking and IT stocks were at the forefront of the rally.
Index heavyweight Reliance Industries (RIL) surged over 6%. The
market breadth was strong. 29 from the 30-member Sensex pack logged
gains. Satyam Computer Services and ICICI Bank spurted over 10%
each. Turnover on BSE was above Rs 6,000 crore.
The BSE 30-share Sensex jumped 726.72 points or 5.46% to 14,042.32.
The Sensex opened with a huge 448.23-point upward gap at 13,763.83.
At the day's high of 14,097.44 hit in late trade, the Sensex gained
781.84 points. At the day's low of 13,674.96, the Sensex rose
359.36 points in early trade.
The S&P CNX Nifty advanced 207.1 points or 5.13%, to settle at
4245.25. Nifty September 2008 futures were at 4283.10, at a premium
of 37.85 points as compared to spot closing.
The barometer index is down 6224.67 points or 30.78% in the
calendar year 2008 so far from its close of 20,286.99 on 31
December 2007. It is 7164.45 points or 33.78% below its all-time
high of 21,206.77 struck on 10 January 2008.
US markets on Thursday, 18 September 2008, recorded biggest one-day
percentage gain since October 2002 after the US Treasury Secretary
Henry Paulson proposed to congressional lawmakers a proposal to
create an entity to deal with the billions of dollars of bad debt
still choking the financial system. The Dow Jones industrial
average jumped 410.03 points, or 3.86%, to 11,019.69. The S&P 500
index advanced 50.12 points, or 4.33%, to 1,206.51, and the Nasdaq
Composite index surged 100.25 points, or 4.78%, to 2,199.10.
Markets across the globe rallied after major central bank's infused
funds in a bid to rescue ailing financial giants. The Bank of Japan
said today it had injected two trillion yen ($19 billion) into
money markets amid continuing concerns over turmoil in financial
markets. The Japanese central bank has made emergency injections
daily for the past four days. The latest brings the total to 10
trillion yen since Tuesday, 16 September 2008. The US Federal
Reserve agreed to inject $180 billion as part of a global total of
$300 billion.
European markets, which opened after Indian markets, also joined
the global rally, boosted by a four-month ban by UK on
short-selling of financial stocks. Key benchmark indices in UK,
Germany and France were up by between 4.33% to 8.29%.
Asian markets advanced today, 19 September 2008. Key benchmark
indices in China, Hong Kong, Singapore, Japan, Taiwan, and South
Korea were up by between 4.55% and 9.61%. Battered Chinese stocks
soared 9.46% in response to an unprecedented package of government
measures to support the market.
Back home, the market breadth was strong on BSE with 1873 shares
advancing as compared to 777 that declined. 68 remained unchanged.
The BSE Mid-Cap index rose 2.95% to 5,228.78 and the BSE Small-Cap
index gained 2.31% to 6,215.99.
The total turnover on BSE amounted to Rs 6202 crore as compared to
Rs 7,376.23 crore on Thursday, 18 September 2008. NSE's futures &
options (F&O) segment turnover was Rs 73,792.36 crore, which was
lower than Rs 74,094.75 crore on Thursday, 18 September 2008.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries advanced 6.38%
to Rs 2056.25 on 16.60 lakh shares. The stock had hit a 52-week low
of Rs 1764 yesterday, 18 September 2008. The company has reportedly
struck gas at eight more locations in the Krishna-Godavari basin,
which it intends to develop at an approximate cost of $3 billion.
IT pivotals rallied on fresh buying on hopes of a solution to the
US financial crisis. India's fourth largest software services
exporter Satyam Computer Services galloped 10.97% to Rs 371.75 on
13.39 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, Infosys (up 6.52% to Rs 1622.90), Wipro (up
5.09% to Rs 417.30), and TCS (up 6.94% to Rs 770.10), edged higher.
Indian IT firms count US financial services firms among their top
clients.
Battered realty stocks made a strong comeback today. India's
largest real estate developer by market capitalisation DLF galloped
7.70% to Rs 426.60 on high volumes of 31.29 lakh shares.
Ansal Infrastructure (up 18.49% to Rs 90.10), Akruti City (up
11.52% at Rs 908.20), Indiabulls Real Estate (up 17.65% to Rs
225.30), Unitech (up 3.15% to Rs 125.90), and Housing Development &
Infrastructure (up 8.08% to Rs 224.05), advanced.
The BSE Realty index surged 7.59% to 4,102.64 and was the top
gainer among the BSE sectoral indices today, after striking a
52-week low of 3,598.36 on Thursday, 18 September 2008.
India's largest private sector bank in terms of net profit ICICI
Bank surged 10.17% to Rs 634.40, after its chief executive officer
K V Kamath said the bank is an extremely healthy institution and
has ample capital. The bank had on Wednesday, 17 September 2008,
denied rumours of top management selling shares following a
sell-off in the counter.
Other banking shares HDFC Bank (up 6.22% to Rs 1298), and State
Bank of India (up 0.30% to Rs 1566), edged higher.
India's top tractor maker by sales Mahindra & Mahindra was the lone
loser from Sensex pack. The stock lost 0.10% to Rs 550.
The wholesale price index rose 12.14% in the 12 months to 6
September 2008, marginally above the previous week's rise of
12.10%, data released after market hours on Thursday, 18 September
2008 showed.
Telecom pivotals surged in late trade. India's top cellular
services provider by market capitalisation Bharti Airtel jumped
6.54% to Rs 810.10. In late trade, 12.23 lakh shares, or 0.06% of
company's equity changed hands in a block deal at Rs 798.50 on BSE.
India's second largest cellular services provider by market
capitalisation Reliance Communcations rose 5.63% to Rs 375.50.
Capital goods heavyweights advanced. India's largest power
equipment maker by sales Bharat Heavy Electricals surged 6.57% to
Rs 1715. Larsen & Toubro, the country's largest engineering &
construction company by sales, advanced 4.27% to Rs 2650.
India's largest oil exploration company by market capitalisation
Oil & Natural Gas Corporation soared 7.27% to Rs 1071.80 on reports
the company would invest Rs 19,338 crore in oil and gas hunt during
the current fiscal year, 10% higher than last year.
India's largest private sector aluminium maker by sales Hindalco
Industries rose 0.31% to Rs 112.80. The company's rights issue will
open on Monday, 22 September 2008.
HDFC (up 8.86% to Rs 2320), Tata Power (up 8.69% to Rs 1031), and
Jaiprakash Associates (up 6.08% to Rs 135.15) edged higher from
Sensex pack.
Reliance Capital was the top traded counter on BSE with turnover of
Rs 441 crore followed by Reliance Industries (Rs 336.25 crore),
Bharti Airtel (Rs 266 crore), ICICI Bank (Rs 229.35 crore) and
State Bank of India (Rs 197 crore), in that order.
Jaiprakash Associates topped volumes chart on BSE with volumes of
1.48 crore shares followed by Reliance Natural Resources (1.34
crore shares), IFCI (1.27 crore shares), Sesa Goa (1.13 crore
shares) and Kohinoor Broadcasting (75.66 lakh shares) in that
order. Among side counters, Reliance Capital (up 14.27% to Rs
1284), Engineers India (up 14.31% to Rs 620), and Educomp Solutions
(up 14.65% to Rs 3800), surged.
HCL Technologies spurted 8.28% to Rs 213.25 on reports the company
would go for a large $1-2 billion acquisition in the US or Europe
before 2011.
Patel Engineering jumped 3.02% to Rs 363 after the company bagged
an order worth Rs 695.57 crore from the Andhra Pradesh state
government. The company made this announcement during trading hours
today, 19 September 2008.
Phoenix Mills spurted 2.06% to Rs 146 after 20.45 lakh shares, or
1.41% the company's equity, changed hands in a block deal at Rs
151.50 each on BSE at 10:07 IST.
Videocon Industries surged 6.26% to Rs 230.95 after the company
said its overseas unit VB (Brasil) Petroleo has acquired 100% stake
in EnCana Brasil Petroleo of Brazil for consideration of $165
million. The company made this announcement during trading hours
today, 19 September 2008.
Light, sweet crude for October 2008 delivery added 72 cents to
settle at $97.88 a barrel on Thursday, 18 September 2008 on the New
York Mercantile Exchange.
covering triggered a solid rally in the key benchmark indices
today, 19 September 2008. Markets across the globe rallied on hopes
of a more comprehensive US government approach in taming the global
credit crisis.
Strong US futures after the US market regulator securities &
exchange commission reportedly halted short-selling of financial
stocks in the US, boosted the domestic bourses in late trade.
Realty, banking and IT stocks were at the forefront of the rally.
Index heavyweight Reliance Industries (RIL) surged over 6%. The
market breadth was strong. 29 from the 30-member Sensex pack logged
gains. Satyam Computer Services and ICICI Bank spurted over 10%
each. Turnover on BSE was above Rs 6,000 crore.
The BSE 30-share Sensex jumped 726.72 points or 5.46% to 14,042.32.
The Sensex opened with a huge 448.23-point upward gap at 13,763.83.
At the day's high of 14,097.44 hit in late trade, the Sensex gained
781.84 points. At the day's low of 13,674.96, the Sensex rose
359.36 points in early trade.
The S&P CNX Nifty advanced 207.1 points or 5.13%, to settle at
4245.25. Nifty September 2008 futures were at 4283.10, at a premium
of 37.85 points as compared to spot closing.
The barometer index is down 6224.67 points or 30.78% in the
calendar year 2008 so far from its close of 20,286.99 on 31
December 2007. It is 7164.45 points or 33.78% below its all-time
high of 21,206.77 struck on 10 January 2008.
US markets on Thursday, 18 September 2008, recorded biggest one-day
percentage gain since October 2002 after the US Treasury Secretary
Henry Paulson proposed to congressional lawmakers a proposal to
create an entity to deal with the billions of dollars of bad debt
still choking the financial system. The Dow Jones industrial
average jumped 410.03 points, or 3.86%, to 11,019.69. The S&P 500
index advanced 50.12 points, or 4.33%, to 1,206.51, and the Nasdaq
Composite index surged 100.25 points, or 4.78%, to 2,199.10.
Markets across the globe rallied after major central bank's infused
funds in a bid to rescue ailing financial giants. The Bank of Japan
said today it had injected two trillion yen ($19 billion) into
money markets amid continuing concerns over turmoil in financial
markets. The Japanese central bank has made emergency injections
daily for the past four days. The latest brings the total to 10
trillion yen since Tuesday, 16 September 2008. The US Federal
Reserve agreed to inject $180 billion as part of a global total of
$300 billion.
European markets, which opened after Indian markets, also joined
the global rally, boosted by a four-month ban by UK on
short-selling of financial stocks. Key benchmark indices in UK,
Germany and France were up by between 4.33% to 8.29%.
Asian markets advanced today, 19 September 2008. Key benchmark
indices in China, Hong Kong, Singapore, Japan, Taiwan, and South
Korea were up by between 4.55% and 9.61%. Battered Chinese stocks
soared 9.46% in response to an unprecedented package of government
measures to support the market.
Back home, the market breadth was strong on BSE with 1873 shares
advancing as compared to 777 that declined. 68 remained unchanged.
The BSE Mid-Cap index rose 2.95% to 5,228.78 and the BSE Small-Cap
index gained 2.31% to 6,215.99.
The total turnover on BSE amounted to Rs 6202 crore as compared to
Rs 7,376.23 crore on Thursday, 18 September 2008. NSE's futures &
options (F&O) segment turnover was Rs 73,792.36 crore, which was
lower than Rs 74,094.75 crore on Thursday, 18 September 2008.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries advanced 6.38%
to Rs 2056.25 on 16.60 lakh shares. The stock had hit a 52-week low
of Rs 1764 yesterday, 18 September 2008. The company has reportedly
struck gas at eight more locations in the Krishna-Godavari basin,
which it intends to develop at an approximate cost of $3 billion.
IT pivotals rallied on fresh buying on hopes of a solution to the
US financial crisis. India's fourth largest software services
exporter Satyam Computer Services galloped 10.97% to Rs 371.75 on
13.39 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, Infosys (up 6.52% to Rs 1622.90), Wipro (up
5.09% to Rs 417.30), and TCS (up 6.94% to Rs 770.10), edged higher.
Indian IT firms count US financial services firms among their top
clients.
Battered realty stocks made a strong comeback today. India's
largest real estate developer by market capitalisation DLF galloped
7.70% to Rs 426.60 on high volumes of 31.29 lakh shares.
Ansal Infrastructure (up 18.49% to Rs 90.10), Akruti City (up
11.52% at Rs 908.20), Indiabulls Real Estate (up 17.65% to Rs
225.30), Unitech (up 3.15% to Rs 125.90), and Housing Development &
Infrastructure (up 8.08% to Rs 224.05), advanced.
The BSE Realty index surged 7.59% to 4,102.64 and was the top
gainer among the BSE sectoral indices today, after striking a
52-week low of 3,598.36 on Thursday, 18 September 2008.
India's largest private sector bank in terms of net profit ICICI
Bank surged 10.17% to Rs 634.40, after its chief executive officer
K V Kamath said the bank is an extremely healthy institution and
has ample capital. The bank had on Wednesday, 17 September 2008,
denied rumours of top management selling shares following a
sell-off in the counter.
Other banking shares HDFC Bank (up 6.22% to Rs 1298), and State
Bank of India (up 0.30% to Rs 1566), edged higher.
India's top tractor maker by sales Mahindra & Mahindra was the lone
loser from Sensex pack. The stock lost 0.10% to Rs 550.
The wholesale price index rose 12.14% in the 12 months to 6
September 2008, marginally above the previous week's rise of
12.10%, data released after market hours on Thursday, 18 September
2008 showed.
Telecom pivotals surged in late trade. India's top cellular
services provider by market capitalisation Bharti Airtel jumped
6.54% to Rs 810.10. In late trade, 12.23 lakh shares, or 0.06% of
company's equity changed hands in a block deal at Rs 798.50 on BSE.
India's second largest cellular services provider by market
capitalisation Reliance Communcations rose 5.63% to Rs 375.50.
Capital goods heavyweights advanced. India's largest power
equipment maker by sales Bharat Heavy Electricals surged 6.57% to
Rs 1715. Larsen & Toubro, the country's largest engineering &
construction company by sales, advanced 4.27% to Rs 2650.
India's largest oil exploration company by market capitalisation
Oil & Natural Gas Corporation soared 7.27% to Rs 1071.80 on reports
the company would invest Rs 19,338 crore in oil and gas hunt during
the current fiscal year, 10% higher than last year.
India's largest private sector aluminium maker by sales Hindalco
Industries rose 0.31% to Rs 112.80. The company's rights issue will
open on Monday, 22 September 2008.
HDFC (up 8.86% to Rs 2320), Tata Power (up 8.69% to Rs 1031), and
Jaiprakash Associates (up 6.08% to Rs 135.15) edged higher from
Sensex pack.
Reliance Capital was the top traded counter on BSE with turnover of
Rs 441 crore followed by Reliance Industries (Rs 336.25 crore),
Bharti Airtel (Rs 266 crore), ICICI Bank (Rs 229.35 crore) and
State Bank of India (Rs 197 crore), in that order.
Jaiprakash Associates topped volumes chart on BSE with volumes of
1.48 crore shares followed by Reliance Natural Resources (1.34
crore shares), IFCI (1.27 crore shares), Sesa Goa (1.13 crore
shares) and Kohinoor Broadcasting (75.66 lakh shares) in that
order. Among side counters, Reliance Capital (up 14.27% to Rs
1284), Engineers India (up 14.31% to Rs 620), and Educomp Solutions
(up 14.65% to Rs 3800), surged.
HCL Technologies spurted 8.28% to Rs 213.25 on reports the company
would go for a large $1-2 billion acquisition in the US or Europe
before 2011.
Patel Engineering jumped 3.02% to Rs 363 after the company bagged
an order worth Rs 695.57 crore from the Andhra Pradesh state
government. The company made this announcement during trading hours
today, 19 September 2008.
Phoenix Mills spurted 2.06% to Rs 146 after 20.45 lakh shares, or
1.41% the company's equity, changed hands in a block deal at Rs
151.50 each on BSE at 10:07 IST.
Videocon Industries surged 6.26% to Rs 230.95 after the company
said its overseas unit VB (Brasil) Petroleo has acquired 100% stake
in EnCana Brasil Petroleo of Brazil for consideration of $165
million. The company made this announcement during trading hours
today, 19 September 2008.
Light, sweet crude for October 2008 delivery added 72 cents to
settle at $97.88 a barrel on Thursday, 18 September 2008 on the New
York Mercantile Exchange.
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