NMDC is India's largest iron ore producer and exporter. It has a production capacity of 32 million tonnes per annum. NMDC reported a decline in production and sales in Q3 FY2013 due to lower offtake by customers and evacuation problems. However, the company aims to ramp up production capacity to 48 million tonnes by FY2015 through mine expansion and development. NMDC is also moving into steel production and pelletization to add value to its iron ore and benefit from rising steel demand in India. The company has a strong balance sheet with no debt and large cash reserves which will support its expansion plans.
Gujarat Mineral Development Corporation Ltd. is initiating coverage with a buy recommendation and a target price of Rs. 255. The company is expected to see revenues and earnings grow at a CAGR of 27.1% and 23.7% through FY2014 due to increased lignite volumes, price hikes, and growth in its bauxite business. While its power business has faced issues, the analysts expect a turnaround by FY2014. At the current market price of Rs. 187, the stock is trading at attractive valuations and expected to provide upside of around 36% over 18 months.
MEED Projects Oil and gas Webinar Presentation 10.12.12humeras
The document summarizes oil and gas contracts awarded between 2007-2012 in the GCC region. It shows that contracts worth $182.2 billion were awarded during this period, with a peak of $52.3 billion in 2009. Saudi Arabia accounted for the largest share at $87.6 billion, followed by the UAE at $60.2 billion. By sector, oil and gas production saw the highest value contracts of $49.1 billion. The document also provides an overview of major past and planned contracts in various GCC countries through 2012-2015.
Deutsche bank 8th annual russia one on-one conference, лондонevraz_company
This document provides an overview of EVRAZ Group, a world-class steel and mining company. Some key points:
- EVRAZ is one of the largest steel producers globally and a leader in markets like Russia, CIS, Europe, and North America.
- In 2009, EVRAZ produced over 15 million tons of crude steel and over 14 million tons of rolled steel products.
- EVRAZ has implemented cost-cutting measures and production optimizations to maintain its low-cost position. This has helped stabilize operations during the economic crisis.
- The mining segment has remained EBITDA positive due to self-sufficiency in raw materials and benefitting from higher iron ore and coal prices.
Petrobras´ Business Plan - At a Glance | CEO José Sergio Gabrielli de Azevedo...Petrobras
Petrobras' business plan aims to:
1. Increase oil production to 6.4 million barrels per day by 2020, with significant production coming from pre-salt fields, requiring billions in investments and critical resources like drilling rigs and production platforms.
2. Rely primarily on operating cash flow to fund the $224.7 billion budget, maintaining leverage around 29% on average through 2015.
3. Expand domestic refining capacity to meet growing demand for oil products in Brazil, adding over 1 million barrels per day of capacity by 2020 through projects like Premium I, II and Comperj.
Six grid-connected solar PV power plants totaling 20 MW have been commissioned in India under a demonstration program. The plants use different PV technologies and have been operating for varying periods of time. Four plants that have operated for over a year have average capacity utilization factors ranging from 12.29% to 18.8%. All plants experienced their highest CUF between March and May, with most over 20%. Their lowest reported CUF was generally in the first few months of operation, below 11% for most. Detailed monthly generation data is provided for each plant.
The document discusses various allegations of impropriety and corruption related to the allocation of coal mining blocks in India. It lists the top 20 beneficiaries of coal block allocations and the estimated windfall gains to them. It then details allegations against several prominent political figures from various parties, including Congress leaders Subodh Kant Sahay, Naveen Jindal, Vijay Darda, Premchand Gupta, and Sriprakash Jaiswal as well as BJP leader Nitin Gadkari, regarding their alleged role in influencing the allocation of coal blocks to companies with which they or their relatives were associated.
Press Release Business Plan 2011-2015 PresentationPetrobras
José Sergio Gabrielli, CEO of Petrobras, presented at a press conference on July 25th, 2011. He discussed Petrobras' business plan and investments from 2011-2015. Key points included increasing investments in exploration and production, especially in pre-salt areas, to meet growing global oil demand. Investments would focus on developing 30 new production systems by 2015. Sales volumes were projected to increase substantially through 2020 to over 7 million boe/day. The business plan aimed to maximize local supplier development and local content. Challenges included developing human resources to become an international benchmark in the energy sector.
The document provides a summary of a company's full year 2012 results, highlighting record revenue and tonnage. Key points include growth in revenue and profit, ongoing investment expenditures, strong liquidity position, and conservative capital structure. Segment results and various expansion projects are also summarized.
Gujarat Mineral Development Corporation Ltd. is initiating coverage with a buy recommendation and a target price of Rs. 255. The company is expected to see revenues and earnings grow at a CAGR of 27.1% and 23.7% through FY2014 due to increased lignite volumes, price hikes, and growth in its bauxite business. While its power business has faced issues, the analysts expect a turnaround by FY2014. At the current market price of Rs. 187, the stock is trading at attractive valuations and expected to provide upside of around 36% over 18 months.
MEED Projects Oil and gas Webinar Presentation 10.12.12humeras
The document summarizes oil and gas contracts awarded between 2007-2012 in the GCC region. It shows that contracts worth $182.2 billion were awarded during this period, with a peak of $52.3 billion in 2009. Saudi Arabia accounted for the largest share at $87.6 billion, followed by the UAE at $60.2 billion. By sector, oil and gas production saw the highest value contracts of $49.1 billion. The document also provides an overview of major past and planned contracts in various GCC countries through 2012-2015.
Deutsche bank 8th annual russia one on-one conference, лондонevraz_company
This document provides an overview of EVRAZ Group, a world-class steel and mining company. Some key points:
- EVRAZ is one of the largest steel producers globally and a leader in markets like Russia, CIS, Europe, and North America.
- In 2009, EVRAZ produced over 15 million tons of crude steel and over 14 million tons of rolled steel products.
- EVRAZ has implemented cost-cutting measures and production optimizations to maintain its low-cost position. This has helped stabilize operations during the economic crisis.
- The mining segment has remained EBITDA positive due to self-sufficiency in raw materials and benefitting from higher iron ore and coal prices.
Petrobras´ Business Plan - At a Glance | CEO José Sergio Gabrielli de Azevedo...Petrobras
Petrobras' business plan aims to:
1. Increase oil production to 6.4 million barrels per day by 2020, with significant production coming from pre-salt fields, requiring billions in investments and critical resources like drilling rigs and production platforms.
2. Rely primarily on operating cash flow to fund the $224.7 billion budget, maintaining leverage around 29% on average through 2015.
3. Expand domestic refining capacity to meet growing demand for oil products in Brazil, adding over 1 million barrels per day of capacity by 2020 through projects like Premium I, II and Comperj.
Six grid-connected solar PV power plants totaling 20 MW have been commissioned in India under a demonstration program. The plants use different PV technologies and have been operating for varying periods of time. Four plants that have operated for over a year have average capacity utilization factors ranging from 12.29% to 18.8%. All plants experienced their highest CUF between March and May, with most over 20%. Their lowest reported CUF was generally in the first few months of operation, below 11% for most. Detailed monthly generation data is provided for each plant.
The document discusses various allegations of impropriety and corruption related to the allocation of coal mining blocks in India. It lists the top 20 beneficiaries of coal block allocations and the estimated windfall gains to them. It then details allegations against several prominent political figures from various parties, including Congress leaders Subodh Kant Sahay, Naveen Jindal, Vijay Darda, Premchand Gupta, and Sriprakash Jaiswal as well as BJP leader Nitin Gadkari, regarding their alleged role in influencing the allocation of coal blocks to companies with which they or their relatives were associated.
Press Release Business Plan 2011-2015 PresentationPetrobras
José Sergio Gabrielli, CEO of Petrobras, presented at a press conference on July 25th, 2011. He discussed Petrobras' business plan and investments from 2011-2015. Key points included increasing investments in exploration and production, especially in pre-salt areas, to meet growing global oil demand. Investments would focus on developing 30 new production systems by 2015. Sales volumes were projected to increase substantially through 2020 to over 7 million boe/day. The business plan aimed to maximize local supplier development and local content. Challenges included developing human resources to become an international benchmark in the energy sector.
The document provides a summary of a company's full year 2012 results, highlighting record revenue and tonnage. Key points include growth in revenue and profit, ongoing investment expenditures, strong liquidity position, and conservative capital structure. Segment results and various expansion projects are also summarized.
Cidade Paradiso (Nova Iguaçu, RJ) – Biggest Undertaking Residential of the Baixada Fluminense reported financial results for 3Q08 and 9M08. Key highlights included EPS of R$0.16 in 3Q08 and R$0.77 in 9M08, net profit before minorities of R$9.1 million in 3Q08 and R$41.0 million in 9M08. Total launches in 3Q08 were R$129 million with contracted sales of R$80 million and 794 units sold. The company has a strong balance sheet with R$87 million in cash and R$43 million in debt.
2010 03 23 NERA NYC Nuclear Power Briefing Final With NotesEdward Kee
This document provides a summary of a briefing on nuclear power given on March 23, 2010. It discusses several key points:
1. Existing nuclear power plants are low-cost sources of energy but building new plants faces challenges of high upfront costs and long development timelines.
2. In the US, the first wave of new nuclear plant construction is becoming clearer, but international projects are growing rapidly led by China.
3. Factors like US government support for nuclear under Obama, settlement of disputes over existing projects, and the search for alternatives to Yucca Mountain storage could impact the future of nuclear power in the US.
This document summarizes the development of the 600 MW Chandgana power plant and coal mine in Mongolia. Red Hill Energy acquired and explored coal deposits from 2005-2010, spending $30 million total. In 2010, Prophecy Coal acquired Red Hill and further explored the deposits, spending $60 million total. Prophecy Coal now controls an indicated resource of 1.2 billion tonnes of coal at Chandgana. Prophecy plans to develop a 600 MW mine-mouth power plant fueled by the Chandgana coal mine. The power plant will be developed in phases from 2013-2017 with Chinese EPC contractors and financing from debt and equity investors.
AREVA, business & strategy overview - January 2009 - Appendix 1 to 6AREVA
1. Worldwide demand for electricity is projected to double by 2030, with investments in power generation and transmission expected to reach $11 trillion.
2. Nuclear power is presented as a necessary part of the solution for power generation due to its lack of carbon dioxide emissions, relatively low and stable generation costs, and access to uranium fuel resources.
3. A snapshot compares the efficiency, emissions, and costs of various energy technologies including nuclear power, coal, gas, wind, hydro, and biomass. Nuclear power has very low emissions but relatively high upfront capital costs.
This document provides an introduction to a thesis on designing and modeling a hydraulic regenerative braking system for vehicles. It discusses the motivation for improving vehicle braking efficiency based on the large amounts of energy lost during conventional braking. The document then provides background on Pakistan's energy situation, including its reliance on imported oil and the transportation sector's role as a major consumer of oil. It also discusses the environmental impacts of transportation emissions and the opportunity to improve vehicle efficiency to reduce emissions and energy consumption.
The document presents production data for various metallic minerals in the Philippines in 2011 compared to 2010. It shows that gold and copper production decreased from 2010 to 2011, while silver and nickel production increased. Overall, total mineral production value increased 9% from 2011 to 2010, driven primarily by increases in silver and nickel.
PHILIPPINE METALLIC MINERAL PRODUCTION 2011 vs 2010 (As of March 2012)No to mining in Palawan
The document summarizes Philippine metallic mineral production data from 2011 versus 2010. It shows that in 2011, total production value was 122.1 billion PHP, up 9% from 112 billion PHP in 2010. Gold production decreased 24% in quantity but 10% in value, while silver increased 11% in quantity and 132% in value. Copper and nickel concentrate production and value all increased between 7-74%.
- Metallic mineral production in the Philippines increased 42% in Q1 2011 compared to Q1 2010 in terms of value. Precious metals led the growth at 59% as gold production rose 28% and silver rose 6%.
- Gold production from both primary and secondary producers rose in Q1 2011, with small-scale mines accounting for over half of gold production.
- Silver production increased slightly from primary producers but fell 13% overall as TVI Resources' production declined substantially.
- Copper concentrate production rose 5% by quantity and 13% by value, with increases across most producers led by Carmen Copper Corporation.
- Philippine mineral production increased in both quantity and value in 2010 compared to 2009, with total production valued at PHP 111 billion in 2010 versus PHP 79.6 billion in 2009, a 39% increase.
- Gold production increased 10% in quantity and 34% in value, with the largest producers being Philippine Gold Processing & Refining Corp. and Philsaga Mining Corp.
- Copper production increased 16% in quantity and 46% in value, led by Carmen Copper Corporation and Philex Mining Corporation.
- Nickel production from direct shipping ore increased 59% in quantity and 87% in value, primarily from increases at Platinum Group Metals Corporation and CTP Construction & Mining Corp
Financial Chronicle 10 March 2010 NMDC Issue Gets Tepid Response On Day 1Jagannadham Thunuguntla
SMC Capital head of equity Jagannadham Thunuguntla begs to differ.
“The issue is overpriced even at the lower end. I think yet again public institutions like LIC will come to the rescue as it happened in the case of NTPC and REC (issues),” he said.
National mineral development corporationPranjal Sao
The document provides details about the Bailadila Iron Ore Mines located in Kirandul, India. It discusses the geology of the area and describes the various machinery used in the mining process including electric shovels, drilling machines, graders, dozers, loaders, dumpers, and water tanks. It outlines the steps of exploration, drilling, charging, blasting, loading, crushing, screening, and loading for transportation of the extracted iron ore.
{ To Study the structure and function of HR policy in HCL/ICC,
{ To compare the HR policy of HCL/ICC with other companies of similar profile
{ To find out the key techniques that makes The HR Policy effective and valuable in HCL/ICC and in other organizations.
This document is a project report submitted by Jitendra Kumar Nayak to Regional College of Management in partial fulfillment of an MBA degree. The report aims to find new business opportunities for Dabur India Ltd. in the rural Sundergarh district of Odisha. It provides an introduction on the growing potential of rural Indian markets due to rising incomes and market saturation in urban areas. However, rural markets are challenging to understand and penetrate due to heterogeneous audiences and remote locations. The report will analyze Sundergarh district to identify high-selling and low-selling villages for Dabur and provide suggestions to tap new opportunities.
1. The document discusses various aspects of mining, including the lives of miners, definitions of mining, materials that are mined, leaders and innovators in the mining industry, and the social, economic, political, and environmental impacts of mining.
2. Mining can have both benefits like jobs and economic growth as well as negatives such as health issues for miners, environmental pollution, and conflicts over mining revenues.
3. There are ongoing efforts to address issues like conflict diamonds and ensure the profits from mining are distributed fairly and used to help local communities.
KPR Mill reported 15.4% revenue growth in 9mFY12 but profitability was impacted by Tamil Nadu's power shortage. While KPR's exports grew strongly, output was reduced in Q3FY12 due to lower utilization from power cuts. Cotton prices stabilized after an initial sharp fall resulted in a one-time inventory write-down for KPR. The company's FY13 outlook is positive as the full benefits of its expanded yarn capacity will be realized and power availability is expected to improve in the second half of the year. However, near-term estimates have been reduced due to the expected impact of continuing power issues in the first quarter of FY13.
Godawari Power & Ispat reported mediocre results for the first quarter of FY2011 with net sales falling 9.6% year-over-year to Rs196 crore due to reduced sponge iron production and lower steel sales. EBITDA margins grew 383 basis points year-over-year to 18.4% but fell 119 basis points quarter-over-quarter due to higher coal and iron ore costs. Net profit declined 12.8% year-over-year to Rs13 crore. The brokerage maintains a 'Buy' rating with a revised target price of Rs313, expecting earnings to grow at a 93.6% CAGR through FY2012 given ramped up iron
KTK is one of the largest thermal coal producers in Russia, producing 8.74 million tonnes in 2011. It operates 3 open-pit coal mines in Western Siberia and plans to open a fourth mine. From 2012-2016, KTK will invest over $521 million to expand production capacity, including developing the new Bryanskiy mine, building new processing plants, and acquiring additional mining equipment. This investment is expected to increase annual coal production to over 15 million tonnes by 2016 and maintain KTK's position as a top coal supplier in Russia.
Graphite india - Initiating Coverage 28.04.10Angel Broking
Graphite India is the world's fifth largest manufacturer of graphite electrodes, a key input for electric arc furnace (EAF) steel production. The graphite electrode industry is expected to rebound with EAF steel production growing at a 10.8% CAGR from 2009-2011 as production shut down during the recession resumes. Graphite India is well positioned to benefit from this growth with its capacity expansion plans. The company also enjoys a strong labor cost advantage versus global peers which should support margin expansion going forward as capacity additions taper off and a greater portion of the cost benefit is retained. The analyst initiates coverage with a buy rating and 12-month target price of Rs117 per share.
This document discusses considerations for planning future longwall mining operations in India. It provides background on India's energy needs and coal reserves. Currently, underground longwall mining in India is not meeting production targets when compared to international standards. Factors that have hindered longwall success include inadequate equipment selection, geological surprises, lack of spares, and insufficient training. The document argues that as opencast reserves deplete, longwall mining will need to increase to meet future coal demand. It identifies prerequisites for planning longwalls such as coal strength, roof caving behavior, and clay bands. Strategies are needed to improve longwall performance and achieve bulk coal production from deeper underground reserves.
Cidade Paradiso (Nova Iguaçu, RJ) – Biggest Undertaking Residential of the Baixada Fluminense reported financial results for 3Q08 and 9M08. Key highlights included EPS of R$0.16 in 3Q08 and R$0.77 in 9M08, net profit before minorities of R$9.1 million in 3Q08 and R$41.0 million in 9M08. Total launches in 3Q08 were R$129 million with contracted sales of R$80 million and 794 units sold. The company has a strong balance sheet with R$87 million in cash and R$43 million in debt.
2010 03 23 NERA NYC Nuclear Power Briefing Final With NotesEdward Kee
This document provides a summary of a briefing on nuclear power given on March 23, 2010. It discusses several key points:
1. Existing nuclear power plants are low-cost sources of energy but building new plants faces challenges of high upfront costs and long development timelines.
2. In the US, the first wave of new nuclear plant construction is becoming clearer, but international projects are growing rapidly led by China.
3. Factors like US government support for nuclear under Obama, settlement of disputes over existing projects, and the search for alternatives to Yucca Mountain storage could impact the future of nuclear power in the US.
This document summarizes the development of the 600 MW Chandgana power plant and coal mine in Mongolia. Red Hill Energy acquired and explored coal deposits from 2005-2010, spending $30 million total. In 2010, Prophecy Coal acquired Red Hill and further explored the deposits, spending $60 million total. Prophecy Coal now controls an indicated resource of 1.2 billion tonnes of coal at Chandgana. Prophecy plans to develop a 600 MW mine-mouth power plant fueled by the Chandgana coal mine. The power plant will be developed in phases from 2013-2017 with Chinese EPC contractors and financing from debt and equity investors.
AREVA, business & strategy overview - January 2009 - Appendix 1 to 6AREVA
1. Worldwide demand for electricity is projected to double by 2030, with investments in power generation and transmission expected to reach $11 trillion.
2. Nuclear power is presented as a necessary part of the solution for power generation due to its lack of carbon dioxide emissions, relatively low and stable generation costs, and access to uranium fuel resources.
3. A snapshot compares the efficiency, emissions, and costs of various energy technologies including nuclear power, coal, gas, wind, hydro, and biomass. Nuclear power has very low emissions but relatively high upfront capital costs.
This document provides an introduction to a thesis on designing and modeling a hydraulic regenerative braking system for vehicles. It discusses the motivation for improving vehicle braking efficiency based on the large amounts of energy lost during conventional braking. The document then provides background on Pakistan's energy situation, including its reliance on imported oil and the transportation sector's role as a major consumer of oil. It also discusses the environmental impacts of transportation emissions and the opportunity to improve vehicle efficiency to reduce emissions and energy consumption.
The document presents production data for various metallic minerals in the Philippines in 2011 compared to 2010. It shows that gold and copper production decreased from 2010 to 2011, while silver and nickel production increased. Overall, total mineral production value increased 9% from 2011 to 2010, driven primarily by increases in silver and nickel.
PHILIPPINE METALLIC MINERAL PRODUCTION 2011 vs 2010 (As of March 2012)No to mining in Palawan
The document summarizes Philippine metallic mineral production data from 2011 versus 2010. It shows that in 2011, total production value was 122.1 billion PHP, up 9% from 112 billion PHP in 2010. Gold production decreased 24% in quantity but 10% in value, while silver increased 11% in quantity and 132% in value. Copper and nickel concentrate production and value all increased between 7-74%.
- Metallic mineral production in the Philippines increased 42% in Q1 2011 compared to Q1 2010 in terms of value. Precious metals led the growth at 59% as gold production rose 28% and silver rose 6%.
- Gold production from both primary and secondary producers rose in Q1 2011, with small-scale mines accounting for over half of gold production.
- Silver production increased slightly from primary producers but fell 13% overall as TVI Resources' production declined substantially.
- Copper concentrate production rose 5% by quantity and 13% by value, with increases across most producers led by Carmen Copper Corporation.
- Philippine mineral production increased in both quantity and value in 2010 compared to 2009, with total production valued at PHP 111 billion in 2010 versus PHP 79.6 billion in 2009, a 39% increase.
- Gold production increased 10% in quantity and 34% in value, with the largest producers being Philippine Gold Processing & Refining Corp. and Philsaga Mining Corp.
- Copper production increased 16% in quantity and 46% in value, led by Carmen Copper Corporation and Philex Mining Corporation.
- Nickel production from direct shipping ore increased 59% in quantity and 87% in value, primarily from increases at Platinum Group Metals Corporation and CTP Construction & Mining Corp
Financial Chronicle 10 March 2010 NMDC Issue Gets Tepid Response On Day 1Jagannadham Thunuguntla
SMC Capital head of equity Jagannadham Thunuguntla begs to differ.
“The issue is overpriced even at the lower end. I think yet again public institutions like LIC will come to the rescue as it happened in the case of NTPC and REC (issues),” he said.
National mineral development corporationPranjal Sao
The document provides details about the Bailadila Iron Ore Mines located in Kirandul, India. It discusses the geology of the area and describes the various machinery used in the mining process including electric shovels, drilling machines, graders, dozers, loaders, dumpers, and water tanks. It outlines the steps of exploration, drilling, charging, blasting, loading, crushing, screening, and loading for transportation of the extracted iron ore.
{ To Study the structure and function of HR policy in HCL/ICC,
{ To compare the HR policy of HCL/ICC with other companies of similar profile
{ To find out the key techniques that makes The HR Policy effective and valuable in HCL/ICC and in other organizations.
This document is a project report submitted by Jitendra Kumar Nayak to Regional College of Management in partial fulfillment of an MBA degree. The report aims to find new business opportunities for Dabur India Ltd. in the rural Sundergarh district of Odisha. It provides an introduction on the growing potential of rural Indian markets due to rising incomes and market saturation in urban areas. However, rural markets are challenging to understand and penetrate due to heterogeneous audiences and remote locations. The report will analyze Sundergarh district to identify high-selling and low-selling villages for Dabur and provide suggestions to tap new opportunities.
1. The document discusses various aspects of mining, including the lives of miners, definitions of mining, materials that are mined, leaders and innovators in the mining industry, and the social, economic, political, and environmental impacts of mining.
2. Mining can have both benefits like jobs and economic growth as well as negatives such as health issues for miners, environmental pollution, and conflicts over mining revenues.
3. There are ongoing efforts to address issues like conflict diamonds and ensure the profits from mining are distributed fairly and used to help local communities.
KPR Mill reported 15.4% revenue growth in 9mFY12 but profitability was impacted by Tamil Nadu's power shortage. While KPR's exports grew strongly, output was reduced in Q3FY12 due to lower utilization from power cuts. Cotton prices stabilized after an initial sharp fall resulted in a one-time inventory write-down for KPR. The company's FY13 outlook is positive as the full benefits of its expanded yarn capacity will be realized and power availability is expected to improve in the second half of the year. However, near-term estimates have been reduced due to the expected impact of continuing power issues in the first quarter of FY13.
Godawari Power & Ispat reported mediocre results for the first quarter of FY2011 with net sales falling 9.6% year-over-year to Rs196 crore due to reduced sponge iron production and lower steel sales. EBITDA margins grew 383 basis points year-over-year to 18.4% but fell 119 basis points quarter-over-quarter due to higher coal and iron ore costs. Net profit declined 12.8% year-over-year to Rs13 crore. The brokerage maintains a 'Buy' rating with a revised target price of Rs313, expecting earnings to grow at a 93.6% CAGR through FY2012 given ramped up iron
KTK is one of the largest thermal coal producers in Russia, producing 8.74 million tonnes in 2011. It operates 3 open-pit coal mines in Western Siberia and plans to open a fourth mine. From 2012-2016, KTK will invest over $521 million to expand production capacity, including developing the new Bryanskiy mine, building new processing plants, and acquiring additional mining equipment. This investment is expected to increase annual coal production to over 15 million tonnes by 2016 and maintain KTK's position as a top coal supplier in Russia.
Graphite india - Initiating Coverage 28.04.10Angel Broking
Graphite India is the world's fifth largest manufacturer of graphite electrodes, a key input for electric arc furnace (EAF) steel production. The graphite electrode industry is expected to rebound with EAF steel production growing at a 10.8% CAGR from 2009-2011 as production shut down during the recession resumes. Graphite India is well positioned to benefit from this growth with its capacity expansion plans. The company also enjoys a strong labor cost advantage versus global peers which should support margin expansion going forward as capacity additions taper off and a greater portion of the cost benefit is retained. The analyst initiates coverage with a buy rating and 12-month target price of Rs117 per share.
This document discusses considerations for planning future longwall mining operations in India. It provides background on India's energy needs and coal reserves. Currently, underground longwall mining in India is not meeting production targets when compared to international standards. Factors that have hindered longwall success include inadequate equipment selection, geological surprises, lack of spares, and insufficient training. The document argues that as opencast reserves deplete, longwall mining will need to increase to meet future coal demand. It identifies prerequisites for planning longwalls such as coal strength, roof caving behavior, and clay bands. Strategies are needed to improve longwall performance and achieve bulk coal production from deeper underground reserves.
A project report on customer satisfaction and market potential of ambuja cementsProjects Kart
The document provides an overview of the Indian cement industry. It discusses that India is the 2nd largest cement producer globally with an installed capacity of 144 million tonnes as of the report date. It also summarizes key details about the industry such as production types, energy consumption, exports and state-wise major cement plants. The document aims to analyze customer satisfaction and market potential of Ambuja Cements.
GC energy & environmental newsletter April 2012generalcarbon
The Perform-Achieve-Trade (PAT) scheme was launched by the Bureau of Energy Efficiency to improve energy efficiency in large industries, with 478 companies designated to reduce energy consumption by certain percentages between 2012-2015; accelerated depreciation benefits for wind power projects were removed, which could impact investment; and lower emissions in the EU may reduce demand and prices for carbon credits if no market interventions occur.
Thank you for the insightful presentation on First Solar and the solar energy sector. I appreciate you taking the time to provide such a thorough analysis.
Hindustan Zinc reported lower than expected quarterly results, with net revenue of Rs1,951cr and net profit of Rs891cr, both below estimates. Revenue grew 29% year-over-year due to higher metal prices but fell 22% quarter-over-quarter due to lower production from mines and maintenance work. Margins expanded modestly to 52.4% as increased costs offset the revenue growth. The analyst maintains a Buy rating based on expansion projects and potential takeover of remaining government shares.
Hindustan Zinc reported a 20.9% year-over-year increase in net sales to Rs. 2,163 crore for 2QFY2011, driven by higher sales volumes and prices for zinc, lead, and silver. However, EBITDA margins declined significantly by 807 basis points to 52.0% due to higher mining, power, and materials costs. As a result, net profit growth was muted at 1.5% despite a 19.7% rise in other income. While expansion projects are delayed, the company is expected to benefit from capacity additions and higher silver production in the future.
This document outlines a proposal for a clean cookstove project in Indonesia. The project would distribute 8,000 improved cookstoves called "Protos" over 5 years that reduce emissions and use waste cooking oil as fuel. It would partner with local companies and charities, and generate revenue from stove, fuel, and preheating material sales as well as carbon credits under the Clean Development Mechanism. Financial projections estimate the project will have a positive NPV, 50% IRR, and reach the break-even point in the second quarter of the second year.
GC Energy & Environmental Newsletter May 2012generalcarbon
The newsletter provides an overview of developments in India's energy and carbon markets in May 2012. It notes that REC trading volumes were low in April and prices remained uncertain. It also discusses the impact of the PAT and RPO policies on India's emission reduction targets, finding they will only achieve about 20% of reductions needed. Other sections highlight renewable project highlights, REC and CER price trends, and policy developments regarding renewable subsidies, solar targets, and power sector reforms.
GC Energy & Environmental Newsletter May 2012generalcarbon
The newsletter provides an overview of developments in India's renewable energy and carbon markets. It notes that REC trading volumes were low in April while prices remained unchanged. It also discusses the impact of the PAT and RPO policies on India's emission reduction targets and notes that they currently only cover about 20% of required reductions. The carbon price fell to a new low of €3.63 per ton while demand remains low in Europe. Lower prices may not make many CDM projects financially viable given typical investment benchmarks.
GC Energy & Environmental Newsletter May 2012generalcarbon
The newsletter provides an overview of developments in India's energy and carbon markets in May 2012. It notes that REC trading volumes were low in April and prices remained uncertain. It also discusses the impact of the PAT and RPO policies on India's emission reduction targets, finding they will only achieve about 20% of reductions needed. Other sections highlight renewable project highlights, REC and CER price trends, and policy developments regarding renewable subsidies, solar targets, and power sector reforms.
Sterlite Industries reported lower than expected results for the first quarter of fiscal year 2011. Net revenue grew 30.6% year-over-year to Rs5,925 crore, below Angel Research estimates, due to lower production from planned maintenance shutdowns and resource issues. EBITDA grew 48.3% to Rs1,452 crore but margins expanded less than expected. Net profit increased 49.9% to Rs1,008 crore, also below estimates. Segment performance was mixed, with copper improving but aluminum declining due to cost pressures. The results were impacted by higher costs and lower production than anticipated.
This document proposes a project to distribute clean cookstoves in Indonesia to reduce carbon emissions. Over 5 years, the project aims to distribute 10,000 cookstoves in Majalengka, West Java and partner with local companies to supply used cooking oil to fuel the stoves. The project expects to generate revenue from cookstove sales and carbon credits from verified emissions reductions. Financial projections estimate the project will reach profitability in year 2 and have a 50% internal rate of return over 5 years.
Victoria Oil & Gas (VOG) is an oil and gas exploration and production company focused on Africa and the Former Soviet Union (FSU). VOG's key asset is the Logbaba gas field in Cameroon, which is expected to become a significant cash flow driver for the company with first commercial gas deliveries by mid-2010. VOG also has exploration assets in Russia, Kazakhstan, Ethiopia and Mali totaling over 1.5 billion barrels of oil equivalent of resources. The company aims to build production in Africa while pursuing long-term exploration potential in the FSU.
VOG owns the Logbaba gas field in Cameroon which contains proven reserves of 14 million barrels of oil equivalent. Phase 1 of the development plan is to drill a new well and install facilities to produce and sell 12 million cubic feet per day of gas to local industrial customers. VOG also has exploration assets in Russia, Kazakhstan, Ethiopia, and Mali totaling over 1.1 billion barrels of oil equivalent of prospective resources. The Logbaba field and future cash flow is expected to transform VOG into a leading energy supplier in Cameroon.
Similar to An Equity Research Report on NMDC Ltd. by Action Financial Services. (20)
An Equity Research Report on NMDC Ltd. by Action Financial Services.
1. Equity Research :: NMDC Ltd.
March 06, 2013
BSE Code: 526371 NSE Code: NMDC Reuters Code: NMDC.BO Bloomberg Code: NMDC:IN
NMDC is India's largest iron ore producer and exporter, with a capacity of Exhibit 1: Market Data
32mtpa. It produces about 30mtpa of iron ore from 3 fully mechanized mines in Rating BUY
Chhattisgarh and Karnataka. The company has 40% market share in the iron ore CMP (`) 143
producing industry on account of its high quality iron ore. Moreover, NMDC has Target Price (`) 175
the only mechanized diamond mine in the country with a capacity of 0.1 million Potential Upside (%) 22.4
carats/annum at Panna (Madhya Pradesh) and owns a 10.5MW wind power plant
Duration Mid-Term
in Karnataka.
52-week High-Low (`) 203/133
Major Catalysts Rise from 52WL (%) 7.5
Correction from 52WH (%) 29.6
Subdued Q3FY‟13 performance Beta 1.2
1 Year Average Volume 1.7mn
NMDC posted a dismal performance in Q3FY‟13 with 27.4% YoY decline in 3M- (12.6)
turnover to `204.77 bn, mainly on account of 17% YoY fall in sales volume at Stock Return (%) 6M- (21.8)
5.36 million tonne (mt). The company‟s production of iron ore registered a 9M- (14.4)
decrease of 25% YoY. The low off-take of iron ore by customers and evacuation Market Cap (`bn) 567.9
problem mainly from Bailadila project led to a 30% YoY decline in NMDC‟s Book Value (`bn) 61.6
Q3FY‟13 net profit to `12.9 bn. Despite of subdued performance, the
management of the company is confident that production will pick up in next Exhibit 2: Fiscal Year Ended
quarter. Y/E March FY11 FY12 FY13E FY14E
Net revenue (`bn) 113.7 112.6 114.9 132.1
Aims to ramp up its iron ore production capacity EBIDTA (`bn) 86.4 89.2 88.2 101.9
PAT (`bn) 65.0 72.7 74.6 85.6
NMDC, which produces about 15% of the iron ore mined in India, registered a EPS (`) 16.4 18.3 18.8 21.6
record 3.06 mt of production in January 2013, the highest monthly production in P/E (x) 8.7 7.8 7.6 6.6
the history of the company with despatches at 2.7 mt. NMDC aims to expand its P/BV (x) 3.0 2.3 1.9 1.6
production capacity from the current 32 mt to 48 mt by FY‟15E through increased EV/EBIDTA(x) 5.5 5.0 4.6 3.5
exploration of its existing mines and development of new mines. ROCE (%) 44.0 35.8 29.1 27.7
ROE (%) 33.8 29.8 25.1 23.7
Cost efficiency to boost profitability
Exhibit 3: Shareholding Pattern
NMDC is one of the lowest cost producers of Iron Ore in the world owing to its Dec'12 Sep'12 chg
highly mechanized mines, high grade iron ore reserves with Fe content of more Promoters (%) 80.0 90.0 (10.0)
than 64% and economical/inexpensive labour. Further, the company has the FII (%) 4.05 0.66 3.39
access to efficient logistics, which saves the cost. In FY12, its average cost of
DII (%) 11.63 8.42 3.21
production stood at US$17/tonne vs US$24/tonne in FY11. The lower cost of
production shields the company from any adverse situation and helps the product Public & Others (%) 4.32 0.92 3.40
to remain competitive even if iron‐ore prices drop significantly.
Exhibit 4: One Year Relative Price Performance
Setting up steel plants, pellet plants and beneficiation plants as a forward
integration programme for value addition
The company intends to diversify its operations by moving downstream through
establishing steel plants and pellet plants in order to accelerate demand for iron
ore fines, which constitute ~65% of NMDC's product mix. NMDC is moving up the
value chain by setting up the 3mtpa steel plant at Nagarnar, Chhattisgarh at an
estimated capex of `155 bn. Further, it is setting up a 2 pellet plants at
Donimalai of 1.2mtpa and one at Bacheli of 2mtpa.
2. Equity Research :: NMDC Ltd.
March 06, 2013
NMDC well placed to benefit from current mining scenario Exhibit 5: Region wise mining output of NMDC
Robust demand of iron ore in the domestic markets (as against the slowdown
in the global market) coupled with constrained supply is favorable for the
company as it has high quality assets on account of best mining practices.
Further, its assets in Karnataka have remained unharmed whereas private
mines were closed due to blanket mining ban imposed by the Supreme Court
in July 2011. Moreover, Supreme Court immediately granted all the necessary
approvals to NMDC for meeting the deadline of producing 12mtpa from
Bellary district. Also, it was unviable for steel manufacturers to procure iron
ore from other states due to logistical constraints, increasing their
dependence on NMDC.
Made its first overseas venture through 50% acquisition in Legacy Iron
Ore
Exhibit 6: Iron ore sales & production trend
NMDC has completed its first overseas acquisition for iron ore resources in
3000 0.25 (inmtpa)
Australia. It acquired 50% stake in Legacy Iron Ore 23%
(Legacy), a listed entity, for
a consideration of `996.3 mn. The acquisition will aid the company in long
2500 0.2
term mineral security for domestic industry. Legacy has six exploration stage
projects and has 11.18% stake in Hawthorn Resources Ltd, the registered
2000
owner of Mt Bevan iron ore tenements having inferred resource of 1.59 billion0.15
tonnes of magnetite iron ore at 30.2% Fe Tests which can be beneficiated to
69-70% Fe with around 44% recovery.
1500 0.1 Series1
8% Series2
Debt free company with huge cash reserves
1000 0.05
2% 2%
NMDC is a debt free company sitting on a huge cash pile of ~`225 bn cash
1% Exhibit 6: Sales Volume Trend (in mt)
500 0 0
reserve at the end of FY12 which reflects on the company‟s balance sheet
-2%
strength. The company is also consistently paying dividend. In FY12, NMDC
paid dividend of 0 -0.05
`4.5/share, implying a payout ratio of 26.1%. The company
Year FY05in FY06 FY07 FY08 FY09 FY10 FY11 10%
will be well poised for re-rating future on higher dividend payout. With
stake sale, the free float of the company has increased to 20% and has the
largest market capitalization in the Indian metals and mining sector.
Exhibit 8: Relative price chart
Exhibit 7: Relative Valuation
Dividend
P/E P/B Yield (%)
Sesa Goa 8.4 1.1 2.5
NMDC 7.8 2.3 3.1
MOIL 9.8 1.7 2.1
3. Equity Research :: NMDC Ltd.
March 06, 2013
Mining Industry
Being a rich source of minerals, India is the world's third largest producer of coal, fourth largest producer of iron ore and the fifth
largest producer of bauxite. Iron ore reserves are estimated in the region of 23bnt (billion tonnes) and account for 6% of global
reserves, while coal reserves are reported to be around 255bnt. Further, coal production is expected to grow at a CAGR of around
7.0% during FY12-14. In a recent report, the Indian Bureau of Mines (IBM) said that “almost all the major iron-ore belts - Orissa,
Jharkhand, Chattisgarh, Maharasthra, Goa and Karnataka were exploited for high-grade ore at a cutoff of around 60% iron and many
had been exploited for high- and medium-grade ores (62% plus) over the last six decades; but the country has huge potential in low-
grade ores in these regions, however exploration efforts have been highly inadequate.” Besides, only 10.0% of the country's
landmass has been explored, due to significant regulatory and bureaucratic hurdles. However, the industry performance is
anticipated to decelerate, with an expected CAGR of 12.5% for the five-year period i.e. 2011 - 2016, which is expected to drive the
industry to a value of $255.8 bn by the end of 2016. Despite of the prevailing obstacles, the fast-rising domestic demand and
favorable regulations such as FDI, Mines and Minerals Development & Regulation (MMDR) bill etc. would increase the competition
and transparency among the market players which in turn encourage the Indian companies to venture into the sector and will also
provide tailored solutions for the issues hampering the growth, without losing the operational efficiency.
Rising demand provides opportunities to the sector to drive growth
The rising demand, exploration of unknown deposits, new discoveries, upgraded technologies and favorable government policies has
opened varied opportunities to the Indian mining industry and mend the demand curve for this sector on rising side. It is believed that
the domestic steel capacity is likely to go up from current ~84 mtpa to ~110 mtpa, which in turn will help iron ore demand to remain
robust. The availability of iron ore is bound to fall in India and many steel players have started looking for imports, which definitely is a
costlier proposition, these restrictions and strict regulations, we believe would be helpful in improving NMDC‟s pricing power for its
domestic customers.
Exhibit 9: Steel capacity growth in India (mt)
Government reforms to help in improving sector's future growth
spending to boost cement demand
On the backdrop of fall in domestic iron ore production, India
would have to import about 15 mt of iron-ore by the end of FY13
and this was to increase further in the coming years since most
domestic steel companies were facing acute shortages of ore from
private miners due to ban on illegal mining. To meet the target and
to support the grounded sector, the management has taken
various steps to boost the production and investment by calling for
a sea change in the country's mining industry. India, among the top
ten mineral producing nations in the world has welcomed the
judgment given by the Supreme Court to lift ban on iron ore mining
operations in Karnataka for companies which have not flouted
lease conditions. Moreover, the infusion of some new mining
policies by the government such as competitive bidding for all
natural resources, primarily coal blocks, new MMDR bill and
various other policy interventions are likely to give a driving growth
to the sector.
Outlook
India's huge potential market for the metal is likely to encourage investments and the introduction & development of new
technologies. Going ahead, the industry in its aggressive expansion plans is all set to make a landmark in key sectors such as
construction, infrastructure and utility production that will continue to create demand for minerals and will help to shape the
modern energy economy. With the 100% approval of FDI under the automatic route in metallic and non-metallic ore mining, the
multinational corporations are expected to make significant investments in the Indian mining sector. With this, it is expected that
the value of India's mining industry will touch $57.2bn by 2017.
4. Equity Research :: NMDC Ltd.
March 06, 2013
Financial Summary
Exhibit 11: Balance Sheet (Consolidated) Exhibit 12: Profit & Loss Account (Consolidated)
(`bn) FY11A FY12A FY13E FY14E (`bn) FY11A FY12A FY13E FY14E
Share Capital 4.0 4.0 4.0 4.0 Net Revenue 113.7 112.6 114.9 132.1
Reserve and surplus 188.2 240.1 292.9 356.7
Expenses 27.3 23.4 26.7 30.3
Net Worth 192.1 244.1 296.9 360.7
EBITDA 86.4 89.2 88.2 101.9
Long term provisions 0.1 0.1 0.1 0.2
EBITDA Margin % 76.0 79.2 76.8 77.1
Current Liabilities 17.4 21.1 22.9 26.2
Other Liabilities 0.2 0.2 0.3 0.3 Depreciation 1.2 1.3 1.4 1.5
Deferred Tax Liability 1.0 1.0 1.0 1.0 EBIT 85.2 87.9 86.9 100.4
Capital Employed 211.0 266.5 321.2 388.3 Exceptional items 0.0 0.5 0.0 0.0
Fixed assets 16.7 26.8 32.7 41.9
Other Income 12.0 20.2 23.3 26.1
Loans & Advances 2.0 5.1 5.6 6.4
Profit Before Tax 97.2 107.6 110.2 126.5
Current Assets 190.9 232.0 279.8 336.2
Tax 32.3 34.9 35.6 40.9
Investment 1.4 2.5 3.0 3.7
Net Profit 65.0 72.7 74.6 85.6
Other Assets 0.1 0.1 0.1 0.1
Capital Deployed 211.0 266.5 321.2 388.3 NPM % 57.1 64.5 64.9 64.8
Exhibit 13: Ratios (Consolidated)
Valuation and view
FY11A FY12A FY13E FY14E
NMDC provides an optimistic picture of the company‟s future
EBITDA Margin (%) 76.0 79.2 76.8 77.1
growth initiatives on high quality huge reserves with strong
EBIT Margin (%) 75.0 78.1 75.6 76.0 balance sheet, fully mechanized mines, recent JVs etc. Further,
NPM (%) 57.1 64.5 64.9 64.8 the company‟s earnings will get a boost once its new capacities
ROCE (%) 44.0 35.8 29.1 27.7 come on stream. Moreover, NMDC has the only mechanized
ROE (%) 33.8 29.8 25.1 23.7
diamond mine in the country with a capacity of 0.1 million
carats/annum. Besides, ban in Karnataka on private mines
EPS (`) 16.4 18.3 18.8 21.6
augurs well for the company.
P/E (x) 8.7 7.8 7.6 6.6
BVPS(`) 48.5 61.6 74.9 91.0 We rate the stock as „BUY‟ at the current market price of `143,
P/BVPS (x) 3.0 2.3 1.9 1.6 given the strong fundamentals, apt management and long term
EV/Operating Income (x) 4.2 3.9 3.5 2.7 growth visibility. The current market price of `143, implies a
P/E of ~6.6x FY‟14E EPS of `21.6 and P/BV of 1.6x on FY‟14E
EV/EBITDA (x) 5.5 5.0 4.6 3.5
BVPS of `91.0 respectively.
5. Equity Research :: NMDC Ltd.
March 06, 2013
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