The document provides a preview of expected quarterly financial results for utility companies in India. It is expected that aggregate revenue will grow 4% YoY while profit will decline 9% YoY mainly due to lower profits at Coal India. Generation growth was up 12% YoY in July-August due to economic recovery and improved coal supply. Power deficit remained around 4% as demand grew 9-13% YoY and supply increased 10% YoY. Imported coal prices declined slightly QoQ while domestic short-term prices increased. The document recommends preferring insulated players like CESC and Indiabulls Power given current issues around PPAs, fuel, and tariffs.
Detailed industry report based on a large number of international and domestic studies, including Taiwan energy status, government regulation, key market players and supply chain, analyzed risk assessment and future trends by SWOT and PESTEL.
Introduction of taiwan offshore wind business jimmy huangJimmy Huang
1) Taiwan has ideal geographical conditions for offshore wind farms due to its shallow coastal waters, high wind power density, and vast coastal areas available for development.
2) The Taiwanese government aims to increase renewable energy to 20% of total power output by 2025 through programs like feed-in tariffs that guarantee prices for developers.
3) Taiwan has an established supply chain for offshore wind with local suppliers experienced in components like foundations, cables, and turbines that can partner with foreign developers to reduce costs.
IPP Utility Scale Solar PV Project Development RoadmapFadi Maalouf, PMP
The document provides an overview of an 8-phase roadmap for developing an independent power producer (IPP) solar photovoltaic (PV) project from initial business development through operations and maintenance. The roadmap outlines key activities and deliverables in each phase, including concept development, feasibility studies, contracting, design, construction, and commissioning. It also includes "gates" or approval points between phases to review progress and ensure the project remains viable before advancing further.
Capital Power June 2015 Investor PresentationCapital Power
The document provides an overview of Capital Power Corporation for investors. It discusses Capital Power's fleet of power generation facilities totaling over 3,200 MW across Canada and the US. It highlights the company's focus on operational excellence with high availability rates. The document also outlines Capital Power's strong financial position with investment grade ratings, growing contracted cash flows, and ability to support annual dividend increases. It discusses the company's opportunities for growth in Alberta from increasing oil and gas development driving electricity demand as well as expected coal plant retirements in the province.
The document discusses the role of export promotion councils (EPCs) in promoting exports from the Indian textile industry. It finds that while large export houses are satisfied with EPC services like trade fairs, small companies are less satisfied as they receive less attention. EPCs work to project India's image abroad and encourage adherence to international standards. Membership provides exporters access to market opportunities and recognition to expand and diversify exports. Overall, EPCs help increase textile exports, though small businesses require more support to fully benefit.
The document discusses factors affecting Indian cotton textile exports. It provides an overview of the current scenario of the Indian textile industry, including key statistics on textile exports and segmentation. It then discusses the cotton textiles value chain and India's competitiveness compared to other nations. Specific issues are explored, such as raw material price variations, labor availability challenges, and competitive pressures. Government support and incentives are assessed, with mixed responses from exporters. Suggestions are made to continue technology upgrading funds and liberalize foreign direct investment policies to further support the industry.
hi friends....
this the slid show for motilal oswal financial services ltd. regarding presentation and introduction about the financial investment pattern.... that what customer want and needs, and what a investor can provide them.
This document is a project report submitted to Singhad Institute of Business Administration and Research on client interaction, analysis, and dealing in the stock market for Motilal Oswal Securities Ltd. It provides an introductory profile of Motilal Oswal Securities Ltd, which was founded in 1987 and has grown to a 2000 member team focused on research-based investing and high-quality customer service. It also introduces the project subject and outlines Motilal Oswal's range of financial products and services, which include wealth management, equity broking, portfolio management services, and more.
Detailed industry report based on a large number of international and domestic studies, including Taiwan energy status, government regulation, key market players and supply chain, analyzed risk assessment and future trends by SWOT and PESTEL.
Introduction of taiwan offshore wind business jimmy huangJimmy Huang
1) Taiwan has ideal geographical conditions for offshore wind farms due to its shallow coastal waters, high wind power density, and vast coastal areas available for development.
2) The Taiwanese government aims to increase renewable energy to 20% of total power output by 2025 through programs like feed-in tariffs that guarantee prices for developers.
3) Taiwan has an established supply chain for offshore wind with local suppliers experienced in components like foundations, cables, and turbines that can partner with foreign developers to reduce costs.
IPP Utility Scale Solar PV Project Development RoadmapFadi Maalouf, PMP
The document provides an overview of an 8-phase roadmap for developing an independent power producer (IPP) solar photovoltaic (PV) project from initial business development through operations and maintenance. The roadmap outlines key activities and deliverables in each phase, including concept development, feasibility studies, contracting, design, construction, and commissioning. It also includes "gates" or approval points between phases to review progress and ensure the project remains viable before advancing further.
Capital Power June 2015 Investor PresentationCapital Power
The document provides an overview of Capital Power Corporation for investors. It discusses Capital Power's fleet of power generation facilities totaling over 3,200 MW across Canada and the US. It highlights the company's focus on operational excellence with high availability rates. The document also outlines Capital Power's strong financial position with investment grade ratings, growing contracted cash flows, and ability to support annual dividend increases. It discusses the company's opportunities for growth in Alberta from increasing oil and gas development driving electricity demand as well as expected coal plant retirements in the province.
The document discusses the role of export promotion councils (EPCs) in promoting exports from the Indian textile industry. It finds that while large export houses are satisfied with EPC services like trade fairs, small companies are less satisfied as they receive less attention. EPCs work to project India's image abroad and encourage adherence to international standards. Membership provides exporters access to market opportunities and recognition to expand and diversify exports. Overall, EPCs help increase textile exports, though small businesses require more support to fully benefit.
The document discusses factors affecting Indian cotton textile exports. It provides an overview of the current scenario of the Indian textile industry, including key statistics on textile exports and segmentation. It then discusses the cotton textiles value chain and India's competitiveness compared to other nations. Specific issues are explored, such as raw material price variations, labor availability challenges, and competitive pressures. Government support and incentives are assessed, with mixed responses from exporters. Suggestions are made to continue technology upgrading funds and liberalize foreign direct investment policies to further support the industry.
hi friends....
this the slid show for motilal oswal financial services ltd. regarding presentation and introduction about the financial investment pattern.... that what customer want and needs, and what a investor can provide them.
This document is a project report submitted to Singhad Institute of Business Administration and Research on client interaction, analysis, and dealing in the stock market for Motilal Oswal Securities Ltd. It provides an introductory profile of Motilal Oswal Securities Ltd, which was founded in 1987 and has grown to a 2000 member team focused on research-based investing and high-quality customer service. It also introduces the project subject and outlines Motilal Oswal's range of financial products and services, which include wealth management, equity broking, portfolio management services, and more.
Amara Raja Batteries Q2FY15: Buy for a target of Rs790IndiaNotes.com
Nalco reported strong results for the second quarter of fiscal year 2015. Net sales grew 15% year-over-year to INR 20 billion, 4% ahead of estimates, driven by higher metal and alumina realization and increased metal sales volumes. Profit after tax grew 91% year-over-year to INR 3.4 billion, 5% above estimates. Earnings were boosted by rising sales and stable production costs. The broker maintains a "Buy" rating for Nalco, seeing continued growth momentum and attractive valuations.
- The key takeaways from a meeting with the Coal Secretary are that the focus is shifting from increasing coal supply to boosting power sector demand. Coal India's volume growth is expected to remain robust but coal demand from power plants has been sluggish.
- Non-power sector allocation of coal is expected to increase which would benefit Coal India. A price hike for coal supplied to the power sector may also be considered.
- The broker maintains a 'Buy' rating on Coal India with a target price of INR448 per share, expecting coal volumes to grow at a 10% CAGR and earnings to double over the next five years.
Oil & Gas sector in 4QFY15: Higher GRM and auto fuel margins to benefit OMCsIndiaNotes.com
The document summarizes key points about the oil and gas sector performance in the fourth quarter of fiscal year 2015. It notes that diesel and petrol marketing margins trended higher due to deregulation. Refiners are expected to report high profits due to increased gasoline refining margins and stable crude prices. For oil PSUs, profitability will depend on subsidy sharing, which remains unclear. Reliance Industries' profit is forecast to rise 6% due to higher gasoline refining margins.
JK Cement Q1FY15: Buy for a target of Rs520IndiaNotes.com
Net sales grew by 22% YoY (-3% QoQ) to INR8b (v/s est. of INR7.4b). Cement volumes grew by 21% to 1.74mt (v/s est. 1.53mt). Grey cement volume grew 22% YoY (+1% QoQ) at 1.54mt (v/s est. of 1.34mt) led by South volumes growing 39% and North growing 15%.
NTPC Limited is India's largest power producer with the vision to be the world's largest and best power producer, powering India's growth. As of July 2014, NTPC has over 43 GW of installed capacity across coal, gas, hydro, and solar. In FY2014, NTPC achieved a coal plant availability factor of 91.79% and commissioned over 1,800 MW of new capacity while investing over Rs. 21,000 crore. NTPC has a pan-India presence with power plants located across 20 states and aims to reach 128 GW of installed capacity by 2032.
Nifty breached the resistance after four trading session of
ping pong. Index has closed above the resistance level of
10,400 levels. Now previous resistance will act as an initial
support level. Index above 10,450 will continue with its bullish momentum and move towards 10,500 levels.
Energy Security in South Asia Opportunities & ChallengesIPPAI
The document discusses energy security challenges and opportunities in South Asia. It notes that while the region has significant energy resources, optimal development is hampered by a lack of cooperation and integration between countries. Major challenges include high energy demand growth outpacing supply additions, large unmet energy access needs, and mobilizing financing for new infrastructure projects. The document examines trends in energy consumption, resources, and generation across South Asian nations.
The document discusses the Indian telecom sector and provides recommendations. It notes that competitive intensity is declining as smaller players focus on profitable growth, with the number of players consolidating to 6-8 from more previously. Incumbents have gained market share while being rational in the market. Realizations should increase over the medium term as freebies are withdrawn and data usage rises. The document recommends Bharti Airtel, Idea Cellular and Reliance Communications as preferred stocks based on valuations offering 30-40% upside over the next 12-18 months. It notes regulatory issues still need to be addressed and questions Reliance Infotel's entry strategy.
This document summarizes key information from a market handbook published by CEEW Centre For Energy Finance. It provides the following highlights:
- India is undergoing an energy transition from fossil fuels to clean energy, and evidence-based decision making can accelerate this process.
- The handbook analyzes trends critical to India's energy transition, presents data-backed evidence on relevant indicators, and provides a short-term market outlook.
- It examines topics like generation capacity and energy mix, renewable energy tariffs, payment delays by power distribution companies, and developments in the electric vehicles and energy storage markets.
This document summarizes key information from a market handbook published by CEEW Centre For Energy Finance. It provides the following highlights:
- India is undergoing an energy transition from fossil fuels to clean energy, and evidence-based decision making can accelerate this process.
- The handbook analyzes trends critical to India's energy transition, presents data on relevant indicators, and provides a short-term market outlook.
- It examines topics like generation capacity and energy mix, renewable energy tariffs, payment delays by power distribution companies, and developments in the electric vehicle and energy storage markets.
This document provides an overview of Graphite India's financial performance for the fourth quarter (Q4) of fiscal year 2015.
1. Gross sales decreased 13.7% year-over-year to Rs. 429 crore in Q4FY2015 due to lower global demand and prices for graphite electrodes. Operating profit declined 46.3% to Rs. 45.1 crore.
2. Net profit fell 68.4% to Rs. 14.2 crore in Q4FY2015 compared to the prior year period, impacted by lower sales volumes and prices as well as a higher effective tax rate.
3. Capacity utilization was 76% in Q4FY2015, down from 83
JSW Steel reported stronger than expected results for the fourth quarter with adjusted profit increasing 9% quarter-over-quarter driven by strong performance at its standalone operations. The company announced plans to expand capacity at its Dolvi and Vijaynagar plants by 1.7 and 2 million tons respectively at a low specific capex. The analyst upgraded earnings estimates by 15-20% and raised the target price for JSW Steel while upgrading the stock to a "Buy" rating based on improved growth visibility and potential benefits from auctioning of mining leases in Karnataka.
Nifty futures/Bank Nifty futures market closed on 8569/ 18835. According to technical analysis if Nifty futures and Bank Nifty future moves down-word in tomorrow treading session then 8449 will be small support for Nifty futures and 18367 will be small support for Bank Nifty futures.
fundamental analysis and valuation of public sector power companiesNitin Jaggi
This document provides an overview and valuation of two major Indian public sector power companies: NTPC and NHPC. It first discusses Trustline Securities Ltd, the company conducting the analysis. It then provides background on India's power sector and an overview of NTPC, including its financials and valuation using DCF. For NHPC, it discusses the company overview and indicators but does not provide a valuation. The document aims to analyze and value these two major power companies in India.
India's Index of Eight Core Industries Performance from June to November 2014Jhunjhunwalas
#India’s Index of #EightCoreIndustries from June to November 2014 stands at 166.20 which is at +6.70% compared to the same period last year.
#IndustrialIndex #IndiaIndustrialData #IndiaEconomicData #Coal #CoalProduction #CrudeOil #CrudeOilProduction #NaturalGas #NaturalGasProduction #PetroleumRefinery #PetroleumRefineryProduction #Fertilizers #FertilizersProduction #IndiaFertilizers #ChemicalFertilizers #IndiaSteelProduction #Steel #Cement #CementProduction #IndiaCement #IndiaEletricityGeneration #EnergyProduction #IndiaIndustrialProduction #IndustrialOutput #JhunjhunwalasFinance
For more Informative post click :
https://www.linkedin.com/company/jhunjhunwalas
FAISAL BASRI: Subsidi BBM Sudah Bewujud Kanker GanasRuslan Chandra
Forum Diskusi Ekonomi Politik "Subsidi BBM, Solusi atau Masalah?" Minggu, 7 September 2014 bertempat di
Double Bay Lounge and Resto, Lobby Ibis Budget (ex Formula 1) Plaza Menteng GF 9-10, Jl Cokroaminoto 79 Jakarta Pusat.
Pembicara :
Ir. Hasto Kristiyanto, MM (Wakil Sekjend PDIP)
Faisal Basri (Pengamat Ekonomi)
Joko Anwar (Seniman Indonesia)
Olga Lydia (Seniman Indonesia)
Moderator : Azwar Zulkarnaen (FDEP).
Upload by: Ruslan Andy Chandra
http://liputansatu.blogspot.com/2014/09/faisal-basri-subsidi-bbm-solusi-atau.html.
Sumber: Forum Diskusi Ekonomi Politik (FDEP),
This document summarizes Madras Cements' (MAC) financial performance in the second quarter of fiscal year 2011. Key points include:
- MAC's net revenue declined 20.4% year-over-year to Rs. 650 crore due to a 22.7% decline in cement revenue.
- Operating profit margin plunged to 17.7% from 41.6% a year ago due to falling cement prices and rising fuel costs.
- The analyst maintains a "Buy" rating with a target price of Rs. 141, valuing MAC's cement assets at $75 per tonne.
This Webinar covers the prospects of the cement industry and the two stocks that Ventura Securities has initiated coverage on: Sanghi Industries and Sagar Cements
Power procurement strategy--Mr. rohit bajaj Sujoy Das
The document provides an overview of India's power sector, including generation capacity and sources, renewable energy targets, capacity addition plans, financial health of generators and distribution companies, coal production and imports, power procurement strategies, and opportunities for cost optimization. Key points include:
- Coal based plants account for over 60% of installed capacity but are running at reduced plant load factors due to fuel shortages.
- Distribution companies have accumulated losses of over $45 billion due to low tariffs and inability to procure cheaper power.
- Procurement of power through short-term markets and electricity exchanges provides opportunities for cost savings compared to long-term bilateral contracts. Replacing higher cost generation with exchange power could save over $7.
The document summarizes financial information for GlaxoSmithKline Consumer Healthcare Ltd for quarters ending June 2015 and September 2015E. Key highlights include:
- For Q1 FY16 ending June 2015, net profit increased 19.13% YoY to Rs. 1550.10 million, net sales grew 8.18% YoY, and operating profit rose 20.64% YoY.
- Estimates for Q2 FY16 ending September 2015 show net sales growth to Rs. 11850.30 million and net profit increasing to Rs. 1775.02 million.
- At the current market price of Rs. 6270.20, the stock trades at a P/E ratio of 40.
Amara Raja Batteries Q2FY15: Buy for a target of Rs790IndiaNotes.com
Nalco reported strong results for the second quarter of fiscal year 2015. Net sales grew 15% year-over-year to INR 20 billion, 4% ahead of estimates, driven by higher metal and alumina realization and increased metal sales volumes. Profit after tax grew 91% year-over-year to INR 3.4 billion, 5% above estimates. Earnings were boosted by rising sales and stable production costs. The broker maintains a "Buy" rating for Nalco, seeing continued growth momentum and attractive valuations.
- The key takeaways from a meeting with the Coal Secretary are that the focus is shifting from increasing coal supply to boosting power sector demand. Coal India's volume growth is expected to remain robust but coal demand from power plants has been sluggish.
- Non-power sector allocation of coal is expected to increase which would benefit Coal India. A price hike for coal supplied to the power sector may also be considered.
- The broker maintains a 'Buy' rating on Coal India with a target price of INR448 per share, expecting coal volumes to grow at a 10% CAGR and earnings to double over the next five years.
Oil & Gas sector in 4QFY15: Higher GRM and auto fuel margins to benefit OMCsIndiaNotes.com
The document summarizes key points about the oil and gas sector performance in the fourth quarter of fiscal year 2015. It notes that diesel and petrol marketing margins trended higher due to deregulation. Refiners are expected to report high profits due to increased gasoline refining margins and stable crude prices. For oil PSUs, profitability will depend on subsidy sharing, which remains unclear. Reliance Industries' profit is forecast to rise 6% due to higher gasoline refining margins.
JK Cement Q1FY15: Buy for a target of Rs520IndiaNotes.com
Net sales grew by 22% YoY (-3% QoQ) to INR8b (v/s est. of INR7.4b). Cement volumes grew by 21% to 1.74mt (v/s est. 1.53mt). Grey cement volume grew 22% YoY (+1% QoQ) at 1.54mt (v/s est. of 1.34mt) led by South volumes growing 39% and North growing 15%.
NTPC Limited is India's largest power producer with the vision to be the world's largest and best power producer, powering India's growth. As of July 2014, NTPC has over 43 GW of installed capacity across coal, gas, hydro, and solar. In FY2014, NTPC achieved a coal plant availability factor of 91.79% and commissioned over 1,800 MW of new capacity while investing over Rs. 21,000 crore. NTPC has a pan-India presence with power plants located across 20 states and aims to reach 128 GW of installed capacity by 2032.
Nifty breached the resistance after four trading session of
ping pong. Index has closed above the resistance level of
10,400 levels. Now previous resistance will act as an initial
support level. Index above 10,450 will continue with its bullish momentum and move towards 10,500 levels.
Energy Security in South Asia Opportunities & ChallengesIPPAI
The document discusses energy security challenges and opportunities in South Asia. It notes that while the region has significant energy resources, optimal development is hampered by a lack of cooperation and integration between countries. Major challenges include high energy demand growth outpacing supply additions, large unmet energy access needs, and mobilizing financing for new infrastructure projects. The document examines trends in energy consumption, resources, and generation across South Asian nations.
The document discusses the Indian telecom sector and provides recommendations. It notes that competitive intensity is declining as smaller players focus on profitable growth, with the number of players consolidating to 6-8 from more previously. Incumbents have gained market share while being rational in the market. Realizations should increase over the medium term as freebies are withdrawn and data usage rises. The document recommends Bharti Airtel, Idea Cellular and Reliance Communications as preferred stocks based on valuations offering 30-40% upside over the next 12-18 months. It notes regulatory issues still need to be addressed and questions Reliance Infotel's entry strategy.
This document summarizes key information from a market handbook published by CEEW Centre For Energy Finance. It provides the following highlights:
- India is undergoing an energy transition from fossil fuels to clean energy, and evidence-based decision making can accelerate this process.
- The handbook analyzes trends critical to India's energy transition, presents data-backed evidence on relevant indicators, and provides a short-term market outlook.
- It examines topics like generation capacity and energy mix, renewable energy tariffs, payment delays by power distribution companies, and developments in the electric vehicles and energy storage markets.
This document summarizes key information from a market handbook published by CEEW Centre For Energy Finance. It provides the following highlights:
- India is undergoing an energy transition from fossil fuels to clean energy, and evidence-based decision making can accelerate this process.
- The handbook analyzes trends critical to India's energy transition, presents data on relevant indicators, and provides a short-term market outlook.
- It examines topics like generation capacity and energy mix, renewable energy tariffs, payment delays by power distribution companies, and developments in the electric vehicle and energy storage markets.
This document provides an overview of Graphite India's financial performance for the fourth quarter (Q4) of fiscal year 2015.
1. Gross sales decreased 13.7% year-over-year to Rs. 429 crore in Q4FY2015 due to lower global demand and prices for graphite electrodes. Operating profit declined 46.3% to Rs. 45.1 crore.
2. Net profit fell 68.4% to Rs. 14.2 crore in Q4FY2015 compared to the prior year period, impacted by lower sales volumes and prices as well as a higher effective tax rate.
3. Capacity utilization was 76% in Q4FY2015, down from 83
JSW Steel reported stronger than expected results for the fourth quarter with adjusted profit increasing 9% quarter-over-quarter driven by strong performance at its standalone operations. The company announced plans to expand capacity at its Dolvi and Vijaynagar plants by 1.7 and 2 million tons respectively at a low specific capex. The analyst upgraded earnings estimates by 15-20% and raised the target price for JSW Steel while upgrading the stock to a "Buy" rating based on improved growth visibility and potential benefits from auctioning of mining leases in Karnataka.
Nifty futures/Bank Nifty futures market closed on 8569/ 18835. According to technical analysis if Nifty futures and Bank Nifty future moves down-word in tomorrow treading session then 8449 will be small support for Nifty futures and 18367 will be small support for Bank Nifty futures.
fundamental analysis and valuation of public sector power companiesNitin Jaggi
This document provides an overview and valuation of two major Indian public sector power companies: NTPC and NHPC. It first discusses Trustline Securities Ltd, the company conducting the analysis. It then provides background on India's power sector and an overview of NTPC, including its financials and valuation using DCF. For NHPC, it discusses the company overview and indicators but does not provide a valuation. The document aims to analyze and value these two major power companies in India.
India's Index of Eight Core Industries Performance from June to November 2014Jhunjhunwalas
#India’s Index of #EightCoreIndustries from June to November 2014 stands at 166.20 which is at +6.70% compared to the same period last year.
#IndustrialIndex #IndiaIndustrialData #IndiaEconomicData #Coal #CoalProduction #CrudeOil #CrudeOilProduction #NaturalGas #NaturalGasProduction #PetroleumRefinery #PetroleumRefineryProduction #Fertilizers #FertilizersProduction #IndiaFertilizers #ChemicalFertilizers #IndiaSteelProduction #Steel #Cement #CementProduction #IndiaCement #IndiaEletricityGeneration #EnergyProduction #IndiaIndustrialProduction #IndustrialOutput #JhunjhunwalasFinance
For more Informative post click :
https://www.linkedin.com/company/jhunjhunwalas
FAISAL BASRI: Subsidi BBM Sudah Bewujud Kanker GanasRuslan Chandra
Forum Diskusi Ekonomi Politik "Subsidi BBM, Solusi atau Masalah?" Minggu, 7 September 2014 bertempat di
Double Bay Lounge and Resto, Lobby Ibis Budget (ex Formula 1) Plaza Menteng GF 9-10, Jl Cokroaminoto 79 Jakarta Pusat.
Pembicara :
Ir. Hasto Kristiyanto, MM (Wakil Sekjend PDIP)
Faisal Basri (Pengamat Ekonomi)
Joko Anwar (Seniman Indonesia)
Olga Lydia (Seniman Indonesia)
Moderator : Azwar Zulkarnaen (FDEP).
Upload by: Ruslan Andy Chandra
http://liputansatu.blogspot.com/2014/09/faisal-basri-subsidi-bbm-solusi-atau.html.
Sumber: Forum Diskusi Ekonomi Politik (FDEP),
This document summarizes Madras Cements' (MAC) financial performance in the second quarter of fiscal year 2011. Key points include:
- MAC's net revenue declined 20.4% year-over-year to Rs. 650 crore due to a 22.7% decline in cement revenue.
- Operating profit margin plunged to 17.7% from 41.6% a year ago due to falling cement prices and rising fuel costs.
- The analyst maintains a "Buy" rating with a target price of Rs. 141, valuing MAC's cement assets at $75 per tonne.
This Webinar covers the prospects of the cement industry and the two stocks that Ventura Securities has initiated coverage on: Sanghi Industries and Sagar Cements
Power procurement strategy--Mr. rohit bajaj Sujoy Das
The document provides an overview of India's power sector, including generation capacity and sources, renewable energy targets, capacity addition plans, financial health of generators and distribution companies, coal production and imports, power procurement strategies, and opportunities for cost optimization. Key points include:
- Coal based plants account for over 60% of installed capacity but are running at reduced plant load factors due to fuel shortages.
- Distribution companies have accumulated losses of over $45 billion due to low tariffs and inability to procure cheaper power.
- Procurement of power through short-term markets and electricity exchanges provides opportunities for cost savings compared to long-term bilateral contracts. Replacing higher cost generation with exchange power could save over $7.
Similar to Power Sector Update: Generation growth buoyant - Motilal Oswal (20)
The document summarizes financial information for GlaxoSmithKline Consumer Healthcare Ltd for quarters ending June 2015 and September 2015E. Key highlights include:
- For Q1 FY16 ending June 2015, net profit increased 19.13% YoY to Rs. 1550.10 million, net sales grew 8.18% YoY, and operating profit rose 20.64% YoY.
- Estimates for Q2 FY16 ending September 2015 show net sales growth to Rs. 11850.30 million and net profit increasing to Rs. 1775.02 million.
- At the current market price of Rs. 6270.20, the stock trades at a P/E ratio of 40.
Apollo Tyres approves further expansion of the Truck & Bus radial tyre capacityIndiaNotes.com
Apollo Tyres reported a 12.4% decrease in net sales but a 27.5% increase in net profit for Q1 FY16 compared to Q1 FY15. EBITDA rose 15.4% and profit margins increased 319 and 447 basis points respectively. Apollo Tyres approved expanding its Chennai truck and bus radial tire capacity and raising Rs. 20,000 million in debt for ongoing expansions. Analyst estimates see Apollo Tyres' operating profit and PAT growing at a CAGR of 13% and 23% from FY14 to FY17 respectively.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
The document provides a technical analysis recommendation for buying Lupin stock. It recommends buying between price levels of 1790 and 1820 with a stop-loss of 1660. The analysis notes that shorter term moving averages have converged and the RSI oscillator is showing a positive signal in the mid-range, indicating buy signals on both technical indicators.
Indoco Remedies reported quarterly results slightly below expectations due to restructuring of its domestic business. Sales grew 9% to Rs 216 crore while margins improved. Exports grew 23% but was offset by weak 2% domestic growth. The company expects the domestic segment to recover in the second half of the year. For the full year, sales are expected to grow 19% overall. While the quarter saw short-term impacts of domestic restructuring, the analyst maintains a HOLD recommendation based on the company's business model and expectations for profitability and returns to further expand.
Thermax Limited is a leading energy and environment solutions provider operating globally. In Q1 FY2016, the company's net sales increased 19.27% to Rs. 10011.90 million and net profit increased 48.96% to Rs. 616.78 million compared to the same period last year. The order balance on June 30, 2015 stood at Rs. 42750 million, down 18% from the previous year. The company plans to set up new manufacturing facilities. Analysts recommend buying the stock with a target price of Rs. 1145, citing expected growth in earnings.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Power Sector Update: Generation growth buoyant - Motilal Oswal
1. September 2014 Results Preview | Sector: Utilities
September 2014 Results Preview | October 2014
Utilities
Discoms financials, fuel, PPA rejig key issues
Prefer insulated players; NTPC, Powergrid, CESC, Indiabulls Power remain our top
picks
We expect utility companies in our coverage to report aggregate 2QFY15 revenue
growth of 4% YoY and PAT de-growth of 9% YoY. PAT de-growth will mainly be
driven by Coal India’s lower profitability on lesser e-auction volumes. Also, NTPC and
PTC India would report lower profits YoY. Powergrid is expected to record robust
earnings growth of 22% YoY led by capitalization.
Generation growth buoyant, coal projects’ PLF shows positive growth: In
July/August 2014, all India generation grew at 12% YoY – led by 13% YoY growth in
July and 9% YoY growth in August 2014. Weak monsoon, improved generation from
captive fuel-based projects such as Sasan, Raj West and higher domestic coal supply
led to higher generation growth. Overall PLF for July/August 2014 grew to 55.5% v/s
54.5% (YoY). Coal project PLF over the same period saw an improvement and stood
at 62.5% v/s 58.6% YoY. For YTD FY15, gas-based generation de-grew by 6.5% YoY
and PLF stood at 22% v/s 26% YoY. Nuclear power grew by 5% on account of higher
PLF, while hydro power de-grew by 3% YoY in YTD FY15.
Power deficit remains muted: Power demand for July and August 2014 grew by
9% and 13% YoY, respectively. This is partly due to a lower base and possible
recovery. Over the same period, power supply increased by ~10% YoY, leading to a
base deficit at ~4%. Southern region registered significant improvement, with the
deficit reducing to 5.3% YTD FY15 v/s 9.7% YoY.
Imported coal prices lower QoQ, ST prices firm: Imported coal average prices
for the quarter stood at USD71/t, compared to USD73/t YoY and USD75/t QoQ. Post
the 3QFY14 increase, global coal prices softened again. Short term price at IEX has
looked up QoQ and the average stood at INR4.01/unit in 2QFY15 v/s INR3.6/unit in
1QFY15. This is due to the recent pickup in economy, which led to higher demand,
especially from industrial and agricultural sectors.
Company name
CESC
Coal India
JSW Energy
NHPC
NTPC
Power Grid Corporation
PTC India
Reliance Infrastructure
Tata Power
Expected quarterly performance summary (INR Million)
Sector CMP
Sales (INR m) EBDITA (INR m) Net Profit (INR m)
(INR)
30.9.14
Reco. Sep-14
Var %
YoY
Var %
QoQ
CESC 749 Buy
15,790 -3.2 -15.2
3,840 2.1 1.6
1,746 2.1 15.6
Coal India 341 Neutral
148,866 -3.4 -16.4
14,916 -46.6 -65.2
21,823 -28.7 -45.7
JSW Energy 71 Neutral
24,140 19.2 -5.6
8,083 -3.5 -10.8
2,987 29.2 -8.2
NHPC 20 Neutral
19,602 18.8 -4.6
13,802 35.5 4.8
8,301 7.2 11.1
NTPC 139 Buy
172,262 5.9 -4.8
37,194 -9.5 13.8
19,008 -13.6 -3.6
Power Grid Corp. 135 Buy
42,132 5.8 7.0
35,782 6.1 6.2
12,785 22.5 7.4
PTC India 85 Buy
43,408 38.2 17.7
530 -21.9 -7.2
491 -20.7 12.1
Reliance Infrastructure 585 Buy
23,750 -16.1 -6.3
5,750 20.6 33.6
3,588 3.7 11.6
Tata Power 83 Neutral
89,043 1.6 1.9
23,835 17.4 36.4
3,299 30.6 32.2
Utilities Sector Aggregate 578,993 3.9 -5.5 143,732 -4.7 -8.8 74,027 -9.1 -17.9
Nalin Bhatt (NalinBhatt@MotilalOswal.com); +91 22 3982 5429
Mihir Shah (Mihir.Shah@MotilalOswal.com); +91 22 3089 6693
Sep-14
Var %
YoY
Var %
QoQ
Sep-14
Var %
YoY
Var %
QoQ
Source: Company, MOSL
October 2014 274
2. September 2014 Results Preview | Sector: Utilities
SC de-allocates coal blocks: The Supreme Court has de-allocated 214 blocks of
the 218 allotted to various companies since 1993. Timeline for handing over the
mines and completion of related modalities is till March 2015. Also, the current
judgment recommends a payment of INR295/t as additional levy for every ton of
coal mined from the start of captive coal block till March 2015. Though this may
create near-term hiccups, it streamlines the process of usage and pricing of coal for
all sectors, pertinently power in the longer term.
Valuation and view: We continue to prefer CPSUs which are better placed in the
current uncertain environment of PPA, fuel and tariff. We rate NTPC and Powergrid
as the top picks in the sector. Among IPPs, we prefer CESC and IBPOW, being
relatively insulated from the current crisis.
Relative Performance - 3m (%)
Sensex Index MOSL Utilities Index
Jun-14 Jul-14 Aug-14 Sep-14
Source: Bloomberg, MOSL
Relative Performance - 1 Year (%)
Sensex Index MOSL Utilities Index
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Source: Bloomberg, MOSL
110
105
100
95
90
85
140
125
110
95
80
Comparative Valuation
Sector / Companies CMP Reco. EPS (INR) PE (x) EV/EBITDA (x) RoE (%)
(INR) FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E
Utilities
CESC 749 Buy 56.0 61.2 66.2
13.4 12.2 11.3 8.2 7.4 6.6 11.0 10.9 10.7
Coal India 341 Neutral 26.0 28.9 32.4
13.1 11.8 10.5 9.0 7.6 6.3 23.9 23.4 23.1
Indiabulls Power 13 Buy 0.2 1.9 3.0
75.5 6.7 4.2 12.1 5.1 4.4 0.8 9.0 13.0
Jaiprakash Power 12 Under Review 2.8 3.6 4.1
4.5 3.5 3.0 8.8 5.1 4.5 13.0 15.6 15.6
JSW Energy 71 Neutral 7.8 5.8 5.6
9.0 12.2 12.6 5.8 6.4 6.3 18.3 12.1 10.8
NHPC 20 Neutral 2.1 2.4 2.5
9.3 8.0 7.9 7.8 7.3 7.0 8.1 8.4 8.2
NTPC 139 Buy 10.3 12.2 14.5
13.5 11.4 9.6 10.7 9.4 8.0 9.6 10.8 12.0
Power Grid Corp. 135 Buy 10.0 11.9 14.0
13.6 11.4 9.6 10.6 9.5 8.6 14.4 15.6 16.6
PTC India 85 Buy 9.5 13.3 15.0
9.0 6.4 5.7 8.7 4.4 3.3 7.0 10.4 10.9
Reliance Infra. 585 Buy 53.6 61.8 63.2
10.9 9.5 9.3 4.7 3.6 3.4 6.7 7.3 7.0
Tata Power 83 Neutral 5.6 6.8 8.0
14.9 12.2 10.4 11.3 9.0 8.2 7.9 8.5 8.5
Sector Aggregate
12.7 11.1 9.8 9.5 8.0 7.1 14.2 15.0 15.7
Source: Company, MOSL
October 2014 275
3. October 2014 276
September 2014 Results Preview | Sector: Utilities
Jul/Aug 2014 generation growth up due to economic recovery
Source: CEA
Monthly generation appears flattish
Source: CEA
Power demand growth sees upward trend YoY
Source: CEA
Base deficit remains at 4% in Jul/Aug 2014 period
Source: CEA
Peak deficit too trends lower, though shot up in Aug
Source: CEA
ST prices on upward trajectory since past four quarters
Source: IEX
RB Index* prices decline QoQ (USD/t)
* 6000Kcal, FoB South Africa Source: Bloomberg
INR remains flat
Source: RBI
42
50
52
55
56
55
59
57
59
56
54
51
50
60
58
62
64
56
64
62
66
57
58
53
61
60
62
67
66
73
68
70
71
69
69
65
61
71
74
76
76
78
78
75
74
72
67
61
62
71
71
73
74
71
72
70
72
65
61
56
65
62
65
69
70
69
66
69
68
68
65
60
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Coal Generation (BUs) PLF (%)
73
72
70
74
71
73
73
71
77
75
79
76
75
73
72
78
73
76
78
68
80
77
84
76
80
78
82
79
77
82
79
87
84
87
89
88
89
89
1113
0
19
6
1
12
-6
8
0
13
3 4 5
-2
10
0
4
10
-11
7
-2
10
1
8 9
5
8
1
5
15
9 8
4
18
1113
9
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
All India Generation (BUs) Gr (YoY, %)
79
84
85
86
83
80
84
79
85
85
73
86
83
91
83
87
84
83
80
77
83
84
78
85
7.4%
89
91
94
95
95
0.1%
13.8%
8.9%
12.9%
April May June July Aug Sept Oct Nov Dec Jan Feb Mar
FY13 FY14 FY15 Gr (%)
5
4.4
3.8 3.7 3.6
4.3
2
8
11
14
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
YTD FY15 FY12 FY13 FY14
5
4.9
4.1
5.1
3.5
8
6.0
2
11
14
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
YTDFY15 FY12 FY13 FY14
5.3
3.1
2.3
3.6
3.1
2.9
4.6
3.4
3.1
3.5
3.5
3.2
2.7
2.5
2.9
3.1
3.6
4.0
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
91
88
104
121
121
117
107
105
96
88
86
85
81
73
83
79
75
71
50
-40%
70
-15%
90
10%
110
35%
130
60%
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
Avg RB Index (USD/ton) YoY QoQ
46.0
55 55 54 5457
46 46 45 45 44
51.0
46
56.0
51 50
-2%
63 62 62 60 60
36.0
-10%
6%
14%
22%
41.0
61.0
66.0
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
QoQ (%) YoY (%) INR/USD
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