Wind turbine maker Gamesa bucks the trend, projects sales of 600 MW…

 

The Indian wind industry is headed for a tepid close to the year 2013-14. Capacity additions in the year may not exceed 1,700 MW — the same as last year. Nor is there much hope for 2014-15, as the wind season begins in early summer and with the elections round the corner, not much action is expected to take place.

As is typical in India, everybody speaks of the ‘long term future’ of the wind industry in the country, what with the recently-launched National Mission on Wind.

Spanish wind turbine major Gamesa seems to have done well in this dull environment, going by the figures provided by the company.

Till December 2013, Gamesa had sold wind turbines worth 145 MW, but since 455 MW are under ‘advance stages of implementation’ — activity typically picks up in the last quarter of the year — the company expects to close the year with 600 MW of sales compared with 115 MW in 2012-13.

Gamesa India’s Chairman and Managing Director Ramesh Kymal told Business Line that the company expects sales of 800 MW in 2014-15, given that it has under its control sufficient land to install 4,000 MW more.

“We do not own all the land, but we have agreements in place that give us rights to put up projects,” Kymal said, adding that the lands are in Maharashtra, Rajasthan, Madhya Pradesh and Tamil Nadu.

The company has also stepped up indigenisation to 85 per cent of its 2 MW turbine launched two years ago. All components, except control panels and brake systems, are bought locally.

This localisation, Kymal said, does not give Gamesa an immediate cost advantage, but would serve the company well in the long run.

Gamesa’s production has just moved from a manufacturing unit north of Chennai to a recently-built factory south of the city in the village of Mamandur. There is scope to develop a vendor park near the new location. Gamesa, one of the top five wind turbine manufacturers in the world, has invested Rs 1,500 crore in India in the last four years it has been here.

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Two Pennar Industries' subsidiaries bag projects along with 50 MW Solar PV Projects from NTPC…

 

Pennar Enviro Ltd and Pennar Engineered Building Systems, subsidiaries of Pennar Industries, have bagged new projects worth Rs 70 crore from various companies including construction of a 50-MW solar power plant for National Thermal Power Corporation.

The company has bagged an order for setting up a 50-MW solar power plant for NTPC in Singrauli, Madhya Pradesh, Pennar Enviro said in a BSE filing.

Similarly the company has bagged an order from JSW Dolvi and also received another order for commissioning of a demineralisation plant of 5.5MLD capactiy in Mangalore.

An order from Texspin Bearings for construction of a factory in Ahmedabad and another order from Frontier Sales, Guwahati and for construction of plant in Odisha for Saraf Agencies was also received, it said.

"We are confident that these subsidiaries will continue to increase orders in next few quarters..", Pennar Industries Chairman, Nrupendar Rao said.

Shares of the company were trading at Rs 23.35 apiece, up by 5.92 per cent over previous close in afternoon BSE.

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Reliance Power commissions boiler at Sasan plant…

 

Reliance Power  has announced that the equipment for the third 660 MW unit at the 3,960 MW Sasan Ultra Mega Power Project in Madhya Pradesh has started functioning.

"The boiler, for its third 660 MW unit at the 3,960 MW Sasan Ultra Mega Power Project, has been commissioned," the company said in a statement. The first 660 MW unit of the Sasan UMPP had been commissioned in March 2013 while the second unit was synchronised to the grid in December 2013.

Meanwhile, coal production has already commenced from the 20 million tonnes per annum capacity Moher and Moher-Amlohri coal mines, allotted for the Sasan plant. Shares of the company were trading at Rs 67.50, up 1.43 per cent on the BSE. Reliance Power stock price On January 13, 2014, Reliance Power closed at Rs 67.35, up Rs 0.80, or 1.20 percent.

The 52-week high of the share was Rs 98.50 and the 52-week low was Rs 58.55. The company's trailing 12-month (TTM) EPS was at Rs 1.75 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 38.49. The latest book value of the company is Rs 59.98 per share. At current value, the price-to-book value of the company is 1.12.

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Odisha to extend MoUs of 10 IPPs by month-end…

 

The Odisha government has decided to extend the lapsed memorandum of understanding (MoU) with 10 independent power producers (IPPs).

"Based on the progress made on their projects, we have decided to sign fresh MoUs with 10 IPPs. The new pacts will be signed by the end of this month”, said a senior government official.

The IPPs whose MoUs are to be extended are GMR Kamalanga Energy Ltd, Lanco Babandh Power, Monnet Energy, Jindal India Thermal Power Ltd (JITPL), Ind-Barath Energy Utkal Ltd, CESC Ltd, Visakha Power, Mahanadi Aban Power Ltd, BGR Energy Systems and Maa Durga Power Company Ltd.

The IPPs have to retain at least 51% stake in their power projects for a minimum of three years from the date of commissioning of their plants, as per the new MoU framed by the state government.

Also, any stake sale beyond this lock-in period will need prior permission of the state government

According to the terms set in the new draft MoUs, the IPPs have to comply with the mandatory clause to promote employment among locals.

The clause stipulates that industries setting up their projects in the state have to reserve 90% jobs for locals in the unskilled and semi-skilled category, up to 60% in skilled category and 30% for the supervisory and managerial cadre while giving them the option to fill up the post of senior executives from the open market.

The IPPs also have to take steps to develop ancillary and downstream units around the mother plant.

It may be noted that the lapsed MoUs were impeding the progress of power projects since the banks and financial institutions were reluctant to provide funds to the developers.

So far, two IPPs- Sterlite Energy and GMR Kamalanga Energy have commissioned their units. While Sterlite Energy has fully operationalized its 2400 Mw coal-based plant at Burkhamunda near Jharsuguda, GMR has put on stream two 350 Mw units of its plant at Kamalanga in Dhenkanal district.

The rest eight IPPs were in advanced stage of commissioning their projects.

The state government had entered into MoUs with 29 developers for establishment of coal-based projects. Together, these projects have a generation capacity of over 37,000 Mw with the state share about 6000 Mw.

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GVK Power: Hopes of debt reduction priced in…

 

GVK Power & Infrastructure has gained investors’ interest recently following news of the company’s plans to monetise assets in the coal and airport verticals.

The recent completion of the new terminal at the Mumbai airport has further fuelled hopes that the company’s debt burden will ease. Though a lot of this is driven by hopes, analysts are cautious because at present there are many issues and its resolution may not happen soon, which could have a bearing on GVK’s share price.

"Notwithstanding improvements in operating performance of airport and road assets, GVK’s cash flow concerns are expected to exacerbate due to incremental funding needs for financing cost overruns. High debt burden and the need to retire acquisition debt are other issues which GVK has to face," said Shankar K, who tracks the company at Edelweiss Securities in a research note.

In fact, analysts are not falling for the stock’s cheap valuations at this point in time as they believe some of the issues are far more risky from the investors’ perspective. "We highlight that higher leverage, Hancock (coal business based in Australia) and overhang in power vertical would continue to weigh on the stock despite attractive valuations," said Deepak Purswani, who is tracking the company at ICICI Securities.

After the completion of terminal 2 at the Mumbai Airport, the market has started to look for the monetisation of the adjourning land bank. Monetisation of the land bank would be crucial for retiring some of GVK’s debt, which has been the biggest concern for the investors for quite some time now. Earlier, the company received interest from about 23 parties for the monetisation of the 1.8 million square feet of land of Mumbai International Airport (MIAL). The analysts are expecting this monetisation to fetch around Rs 1,200-1,500 crore, which may not be sufficient given the huge debt of over Rs 18,500 crore in the company’s books. However, it could kick-start the monetisation programme and would provide the much required liquidity in the interim.

The company had earlier said that it plans to monetise assets in the coal, power and airport businesses. However, looking at the issues in the power and coal businesses, the Street is banking on the monetisation of airport-related assets, which now should be easier given that the asset has become operational. Also, this vertical is currently making profits and that will enable the company to get good valuations. The book value of GVK's stake in the airport business alone is estimated to be worth over Rs 3,000 crore, including Rs 2,200 crore for the Mumbai Airport. How much the company is able to command from investors for these assets will determine the quantum of debt reduction. Analysts though are still cautious.

"Even in airport business, considering the current valuations, it would not fetch much money and if the company sells a large stake, it will have nothing in its portfolio to talk about," said an analyst with the leading broking house.

The issue of debt reduction is crucial, especially in the light of tight liquidity and weak cash flows from the operations. In the September quarter, the company incurred interest cost of Rs 213 crore on an operating profit of Rs 299 crore indicating very less leeway in terms of disposable profits for repaying debt. Even then, the Street was worried about how the company was going to repay its debt and service interest cost in the light of losses in the power business and constraint cash flows.

The power segment employs Rs 10,755 crore of capital and generates quarterly sale of Rs 96.06 crore. It’s over 900 mw of gas-based power generation capacity is currently operating at about 20-30%, and is not even able to recover the costs and service the debt. The market has written off the equity invested in these projects, which are suffering due to the lack of gas availability and because of the losses. In fact, analysts worry if the problem of the gas availability is not resolved, the debt taken for the power projects could have their bearing on the overall business of the company. However, with news about a possible increase in India’s gas availability doing the rounds, there is a ray of hope. If things improve for GVK, these assets should see better output and consequently also see an improvement in financial performance and valuations.

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Solar power initiatives in Rajarhat New Town…

 

Rajarhat New Town is slowly inching towards becoming a solar city. The New Town Kolkata development authority (NKDA) is planning to introduce net metering system to encourage consumers to install solar panels and is also planning to procure electric scooters to be run in short distances in the township.

Officials of the ministry of new and renewable energy (MNRE) came at the city recently to participate in a workshop organised in New Town on the issue of net metering system in context of solar energy use. Officials of the bureau of energy efficiency, West Bengal Renewable Energy Development Authority (WBREDA) and others were present at the workshop.

It was discussed in the workshop that to meet the energy demands and for climate reasons, solar energy should be used as much as possible. For this purpose, solar panels in roof tops, on the canals and on specific designated points on the ground can act as virtual distributed and decentralized powerhouses to generate additional energy which is clean and non conventional.

The consumers may pay only the net electrical power consumed and the solar power used will be put into the electricity grid which will result in savings in the power bill. This will further encourage consumers to invest in rooftop solar panels. NKDA officials said that this concept will be most attractive in new townships like New Town since the cost of roof top solar panels will be only marginal to the cost of construction of a new home.

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Power Grid Corporation of India - Consistency in capitalization remains the key…

 

Power Grid Corporation of India is the country's central transmission utility and carries ~50% of the nation's generated electricity. The company has embarked upon an aggressive expansion plan over the 12th Five Year Plan (FY13-17) to augment India's power transmission and distribution infrastructure.

Power Grid over the last five years has managed to beat its guidance and is geared up to achieve its target set for 12th Plan. It recently increased its capex plans during the 12th Plan to ~INR1,100bn, higher than its earlier guidance of INR 1,000bn. The company has identified 27 transmission projects worth INR 483bn to be implemented in the near-term. With a secured business model earning 15.5% post tax return, we expect earnings to grow at CAGR of 17% over FY12-17e.

Capex and capitalisation for the 12th Plan

The company has revised its 12th Plan capex target to INR1,100bn from INR 1,000 bn earlier, of which INR 200 bn has been spent in FY13. This is due to an additional INR 100 bn on account of an increase in bidding-based projects, GoI contracts, green energy corridors, intra-state projects, and transnational interconnections. Yearly capex has been revised to INR221.5bn/224.5bn/225bn/225.5bn in FY14e/15e/16e/17e, respectively, as against an earlier INR200bn each year. To fund the increased capex, the company has successfully raised INR54bn, which will be deployed over the next two years.

Regulated business model with assured returns

Power Grid continues to earn a regulated RoE of 15.5% and incentives of 1.5% due to higher availability and income from consultancy and other segments. A regulatory order by the Central Energy Regulatory Commission in Nov-13 disallowed income from short-term open access, which lowered regulated RoE to 17.5% from 19%, impacting profitability by INR2bn. Book RoE for the company will increase to 14% in FY16 from 13% in FY14 due to a flat yearly capex of INR200bn and higher capitalisation in the years to come.

No further dilution required to fund capex for next five years

Power Grid has successfully concluded the follow-on public offer of 787m equity shares of INR10 each, comprising 17% of the existing paid-up capital, which comprises of: (a) Fresh issue of 601.8m shares (13% of existing paid-up capital); (b) Disinvestment of 185.2m equity shares (4% of existing paid-up capital). Post issue, the company is well capitalised to fund its capex requirements over the next five years and will not require to raise further equity.

Grid strengthening to help improve power sector volumes

Due to the grid collapse in Jul-12, thrust on grid security and strengthening schemes have taken precedence. Of the capex planned, INR180bn is for grid strengthening and INR90bn for ultra mega power projects. This will help in providing long- and medium-term open access to the consumers.

Valuations

At the current market price of INR99 per share, the stock trades at a FY15e P/E of 9.6x and P/B of 1.3x. We reiterate our Buy recommendation with a target price of NR124/share, (target P/BV multiple of 1.7x FY15e).

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To fulfil its promise, Rajasthan government to buy electricity from private companies...

 

To fulfil its poll promise of continuous electricity supply to the domestic consumers and over six hours supply to agricultural sector across the state, the Vasundhara Raje government has decided to purchase electricity from private companies for the first three months to provide uninterrupted power supply to people.

Sources inform that the ruling party doesn’t want to take chances in the upcoming general elections and hence, has decided to ensure proper supply of electricity to farmers during the Rabi season. It has therefore ordered all three discoms - Ajmer, Jaipur and Jodhpur to purchase electricity from private companies.  A total of 1,050 MW of power will be purchased in total in first three months.

The purchase is only for a short term, as another unit of Chhabbra Power Plant is expected to start generating power by April. Also, the government is expecting power supply from Kawai Power Station in the coming months.

On various occasions, energy minister of Rajasthan, Gajendra Singh Khinwsar has stressed on continuous electricity supply in rural areas and ordered officials to ensure the same.

However, as ironic as this may sound, but the ‘necessary’ supply will affect the cash-strained discoms.

“I can’t tell you about the availability and the quantum of the electricity purchased right now. I will be able to tell about it on Monday when I resume my office. And, all the information will be known to all soon,” said Arjun Singh, director of power trading cell of Jaipur Discom.

To manage the daily balance between demand and supply of electricity across the state, power trading cell usually adopts the bidding route and purchases electricity from power exchange depending on the anticipated electricity demand.

Since the day it took charge, the BJP has been focusing on the availability of electricity in the state especially to the farmers which may prove to be politically sensitive. Notably, other parties, especially AAP had come to power in Delhi on the basic issue of electricity only.

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Parali thermal plant of Mahagenco closes down one unit due to coal shortage...

 

Maharashtra State Power Generation Company Ltd (Mahagenco) has closed down the unit No 5 of the 1330 mega watt Parali thermal power station (TPS) due to shortage of coal. The other units of the thermal plant based in Beed district of Maharashtra, are not able to run with full capacity due to non-availability of coal.

Mahagenco has stated in a release today that the Parali TPS has coal availability enough for only one day.

"We are following up with the coal suppliers MEL, MECL and WCL about increasing the coal supply. Last year, the thermal plant had to be kept shut for six months due to shortage of water," stated the release.

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Japanese firms interested in partnering Indian companies to develop technology solutions for Renewable Energy Sector...

 

A renewable energy delegation from Japan is now visiting India to explore opportunities for partnership with Indian companies in the renewable energy sector.

Smart grids, waste to energy and storage solutions clearly emerged as areas where both Japan and India could explore partnerships at the ‘Japan India Public Private Round Table on Renewable Energy’ organized by the Confederation of Indian Industry (CII) in partnership with the Ministry of New and Renewable Energy (MNRE) under the aegis of Japan-India Energy Dialogue in New Delhi.

Delivering the inaugural address at the roundtable, Dr Satish B Agnihotri, Secretary, Ministry of New and Renewable Energy, said, “Storage solutions is amongst the key renewable energy technologies that need to be evaluated. Within storage solutions, it is important to look at hybridization, given the intermittent nature of solar and wind power. Hybridization increases the combined capacity utilization factor thereby improving the financial viability. India also needs to leverage the Japanese experience in smart grid deployment and efficient appliances.”

Stressing on the importance of technology, H. E. Mr Takeshi Yagi, Ambassador of Japan, said, “Expansion of technology innovation is extremely important in the renewable energy field. With both Japan and India witnessing a sharp increase in energy imports, renewable energy is a key component of the energy mix. There is a need to harness the huge potential of renewable energy through the development of new technologies and their application to society. It is also important to utilize the private sector’s know how in the areas of waste to energy, storage batteries and smart grids.”

Highlighting some key areas that could be of interest for Indo-Japanese collaboration, Alok Srivastava, Joint Secretary, Ministry of New and Renewable Energy, said, “New areas of co-operation between India and Japan could be in developing cutting edge technologies. Another opportunity is in the area of financing at an affordable cost.”

Key Japanese companies accompanying the Ministry of Economy Trade and Industry (METI, Japan) include, Mitsui Engineering and Ship Building (Solar Power), NGK Insulators (storage solutions), Mitsubishi Heavy Industries (smart Grids), Hitachi Zosen Corporation (waste to energy).

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Report on Coal Imports by India in 2013...

 

Based on preliminary data from major ports, imports of various types of coal and coke into India during 2013 have totalled 141.509 million tonnes.

While thermal coal import, estimated at 107.8 million tonnes, accounted for about 76%, coking coal import is estimated at about 30.7 million tonnes. The other products like met coke, pet coke and coke nut accounted for about 2%

Australia remained the top supplier of coking coal with about 84% share. For thermal coal Indonesia was the major supplier with about 75% share. For met coke, Chinese dominance at about 56% was somewhat diluted with supplies coming from 9 other nations.

The highest monthly imports took place in July 2013 at about 13.4 million tonnes with monthly average for 2013 at 11.79 million tonnes per month

Ports on Western Coast received about 69 million tonnes, followed by Eastern Coast at about 50 million tonnes and Southern Coast at 21 million tonnes. The highest imports occurred at Mundra 33.1 million tonnes, followed by Krishnapatnam at about 18.6 million tonnes, Ennore at 10.4 million tonnes, Paradip at 9.3 million tonnes, Haldia at 7.7 million tonnes, New Mangalore at 7.3 million tonnes, Mormugao at 7.3 million tonnes, Dahej at 6.9 million tonnes, Vizag at 6.4 million tonnes and Kandla at 5.2 million tonnes. The balance 14 ports accounted for 29.2 million tonnes

A total of about 2300 number of vessels were unloaded ie about 50 per week at various ports with an average cargo size of 60,000 tonnes per vessel

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Power generation grows, but is it enough? Analysis

 

Electricity production in December grew 6.7% from a year ago, data from the Central Electricity Authority shows. Coming on the back of a 6.3% growth in November, it does look like the power supply has improved. For sure, the coal supply situation has improved and good rains, which have boosted hydel power production, have also helped.

However, that has to be weighed against anecdotal evidence of power shortages in the country. In HSBC’s latest Purchasing Managers’ Index survey, participants complained about “raw material shortages and power cuts.”

That’s because power demand in the country seems to be artificially suppressed. The “reported figures on power supply situation reflect distribution companies’ inability/unwillingness to buy enough power to meet the real demand and not ‘on the ground’ improvement in power availability for end users,” says a note from UBS Securities India Ltd.

Unless state electricity boards’s (SEB) financials improve, this situation is likely to persist. In the near term, the elections may provide some succour though as SEBs buy more due to political pressure.

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Kerala, Tamil Nadu unable to buy power from National Grid...

 

India's southern states are unable to buy power from the rest of the country although a new grid has been put in place since January 1.

Kerala and Tamil Nadu have not been able to buy power from the exchanges over the past one month, a senior official of Indian Exchange said, adding that prices have risen substantially in Andhra Pradesh and Karnataka due to inadequate supply from the local plants.

"Although the national grid now connects the entire country, Kerala and Tamil Nadu have not been able to source any power because this new grid is wheeling only about 300-400 mw a day and power trading has not been allowed on the grid yet," the official said, requesting anonymity.

Kerala, Tamil Nadu unable to buy power from National Grid

While there is no generating station with excess power in these two states, Andhra Pradesh and Karnataka have been receiving some supply from the local plants, he said. However, this supply is not adequate.

As a result, power prices in these two states have risen sharply to 5 per unit from 3 per unit over the past one month, he added. At the same time, there are a number of thermal power stations with idle capacity in north and east India.These plants cannot be fired up as the new grid is not stable enough to supply excess power to the southern states from the rest of the country, officials said.

Until last month, the southern grid was a standalone power distribution system which could not draw adequate power from the rest of the country. Producers such as NTPC, on the other hand, were saddled with idle capacity because they could not route power from their plants due to lack of a transmission system linking southern India. Power prices have, therefore, remained high in the southern states, officials said, adding that the new grid is yet to change the scenario.

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Manali Hydel project wall collapses during trial run...

 

The reservoir of a hydel project near here burst on Sunday morning during a trial run of filling it with water, causing panic in settlements downstream. The exercise was undertaken just a few days before the commissioning of the project at Aleo village.

A 4.8MW hydropower project, Aleo Manali Hydropower Pvt Ltd stage-II, being set up on Allain Nullah, is scheduled to start power generation by the end of this month. Sources said the project management had opened the inlet gates of the reservoir, which has capacity to store 12,000 cubic meter of water, on Saturday. A day later, around 10am, a huge chunk of the reservoir wall collapsed when it was filled to only 75% of its capacity. As the water breached embankment, levels in Allain stream and the Beas rose suddenly, causing panic among residents in Kullu and Bhuntar towns, some 50 kms from here.

An official of the project management said the reservoir was being filled on a trial basis, but a wall collapsed before it was filled to capacity. "We have suffered huge losses. The reasons for the incident are still unknown. About 95% work of the project has already been completed," he said.

According to Manali sub-divisional magistrate Vinay Dhiman, the project management had not informed them about filling up the reservoir on trial basis. "It could have proved fatal for many. We are looking into the matter and those found guilty will be liable for legal action," he said.

Vashisht panchayat pradhan Govardhan Thakur alleged that the project management had neither informed them of the filling of reservoir nor warned the public. Thakur Dass, pradhan of Prini village, located next to the project site, said the management should take extra care of the people and property in nearby villages.

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Haryana nuclear project to be on stream in 5 years...

 

Prime Minister Manmohan Singh will lay the foundation stone on Monday for a nuclear power project near Gorakhpur village in Fatehbad district of Haryana.

The project will comprise two reactors of 700 MWe each. They are Pressurised Heavy Water Reactors (PHWRs) that will use natural uranium as fuel and heavy water as both coolant and moderator.

The Nuclear Power Corporation of India Limited (NPCIL) will build these reactors. This is the first time Haryana will have a nuclear project.

In the second stage, the NPCIL will build two more PHWRS of 700 MWe each at the Gorakhpur site.

The first pour of the concrete for the first two reactors will take place in June 2015 . As per present plans, the first unit will be commissioned 63 months from now and the second unit six months later. About 534 hectares for the entire project and 75 hectares for residential quarters for the NPCIL employees have been acquired around Gorakhpur.

Informed sources said the Cabinet has given “in-principle” approval for building the third and fourth PHWRS of 700 MWe each at the site.

The NPCIL is already building four PHWRS of 700 MWe each, two units each at Kakrapara in Gujarat and Rawatbhatta in Rajasthan. The units at Kakrapara are under advanced stage of construction and they will reach criticality in 2016.

The NPCIL will also build 700 MWe reactors that will use natural uranium as fuel at Chutka and Bhimpur in Madhya Pradesh, Mahi Banswara in Rajasthan and Kaiga in Karnataka.

The NPCIL had notched up a capacity factor of more than 80 per cent in its operating units across the country in both the financial years 2012-13 and 2013-2014, the sources said.

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Bikram Coal Block allocated to Birla Corporation Ltd has been de-allocated...

 

The Ministry of Coal (MOC) has de-allocated Bikram Coal Block allocated to Birla Corporation Ltd vide its letter dated January 07, 2014 on the grounds that the coal block has not been developed as per the milestones prescribed in the allocation letter.

Though significant progress has been made in the development of the coal block the delays have been entirely due to delays/lapses in receipt of various clearances and approvals from the government authorities, which were beyond the control of the Company. Such facts have not been recognised by Inter Ministerial Group (IMG) constituted by the government to review the progress of development of allocated Coal Blocks in arriving at the decision to de-allocate the coal block.

Order regarding deduction of 50% of Bank Guarantee, which is linked to the milestones set for the development of the block, would be issued separately after receipt of calculation of amount from the office of Coal Controller.

The Company is in the process of taking appropriate legal recourse against the de-allocation of coal block and deduction of Bank Guarantee.

Shares of Birla Corporation Ltd was last trading in BSE at Rs.252.90, down by Rs.9.05 or 3.45%. The stock hit an intraday high of Rs.263.70 and intraday low of Rs.252.

The total traded quantity was 2695 shares as compared to 2 week average of 1798 shares.

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