NTPC's Farakka Super thermal power project starts imported coal movement...

 

NTPC rose 0.82% to Rs 154 at 9:35 IST on BSE after the company said that the company's Farakka Super Thermal Power Station in West Bengal had started the movement of imported coal by barges through inland waterway.

The announcement was made during trading hours today, 18 November 2013.

NTPC's Farakka Super Thermal Power Station in West Bengal had started the movement of imported coal by barges through inland waterway.

The first set of 3 barges carrying about 1,500 tonnes each of imported coal has berthed near Farakka station on 13 November 2013. NTPC said it will transport 3 MMTPA of coal through inland waterway to Farakka station for 7 years.

NTPC's net profit declined 20.7% to Rs 2492.90 crore on 0.9% growth in net sales to Rs 16272.27 crore in Q2 September 2013 over Q2 September 2012.

NTPC, India's largest power company, has presence in the entire value chain of power generation business. The Government of India (GoI) holds 75% stake in NTPC (as per the shareholding pattern as on 30 September 2013).

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Fuel cost saps margins of Reliance Power...

 

A 30 per cent rise in fuel cost at Rs 827 crore (Rs 637 crore in the previous year quarter) brought down the margins of Reliance Power for the September quarter.

This is despite the company clocking higher revenues and its 1,200 MW Rosa Plant in Uttar Pradesh logging 90 per cent plant availability.

Apart from the Rosa Plant, its 40 MW Dhursar solar PV plant in Rajasthan operated at 20 per cent and its 45 MW wind project in Vashpet, Maharashtra, logged 33 per cent plant load factor.

RPower said the progress at the second unit of 660 MW of 4,000 MW Sasan plant is on track and the unit is likely to be commissioned this month.

Its 100 MW concentrated solar power plant at Dhursar in Rajasthan is expected to be commissioned this fiscal.

On Monday, the R Power scrip closed 2.46 per cent lower at Rs 73.40 on BSE.

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BHEL: Order flows may improve, but concerns remain...

 

BHEL’s performance for the September quarter has been disappointing. Even after adjusting for the Rs 191-crore one-time cost (predominantly wage-related expenses) on merger of Bharat Heavy Plates and Vessels Plant, net profits have almost halved from the levels (Rs 1,274 crore) achieved during the same quarter last year.

Besides, forex translation gains to the extent of Rs 365 crore, arising from deferred debts in overseas projects have also boosted the existing profits.

OUTLOOK

Though the company received about Rs 3,000 crore worth of orders during the quarter, orders in its power segment were predominantly only from the spares and services group, reflecting the weak investment scenario in the country.

The slower execution is visible in the lacklustre operating margins, which came in at 4.5 per cent, compared to 17.9 per cent a year ago.

The order flows may be slightly better in the months to come.

In the power segment, after a lull, the company has bagged an order worth Rs 2,569 crore for steam generators from Neyveli Lignite Corporation in October

With the Cabinet Committee on Investments speeding up clearances in power projects in recent times, the company could stand to gain on two fronts.

It could help speed up execution of stalled projects for which the company has already bagged the equipment orders, for instance, the 4,120-MW boiler package from Jindal Power.

Secondly, it could also help the company bag orders for newly cleared projects such as the Tilaiya UMPP.

The company expects tenders for 15,000 MW to get finalised from now onwards to March. Besides, orders for the 13th Five Year Plan is also expected to come in from FY-15 onwards.

But the risk of slowed execution, payment delays from customers and stretched working capital positions remain.

 

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Reliance Power to start second unit of Sasan plant next month...

 

Reliance Power will commission the second 660 MW unit of its ultra mega power project at Sasan in Madhya Pradesh next month.

The second unit at the coal-fired plant will be tested this month and will become operational next month, a company executive told PTI.

The Sasan project is the first of three 4,000 mega watt plants that Reliance Power is building. The first 660 MW unit at Sasan was commissioned in March.

"Boiler light-up has been achieved for the second 660 MW unit at the Sasan UMPP," the company said today in a statement.

Coal production has started from the 20 million tonne per annum capacity Moher and Moher-Amlohri mines allotted to the power project, according to the statement.

Reliance Power is setting up UMPPs at Krishnapatnam in Andhra Pradesh and Tilaiya in Jharkhand.

Two 600 MW units of the company's Rosa thermal power project are operational.

Reliance Power shares traded at Rs 75.45, up 1.14 per cent, in the afternoon on the BSE.

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CCEA likely to take up Power Grid FPO tomorrow...

 

The Cabinet Committee on Economic Affairs may today take up the Power Ministry's proposal for a follow-on public offer of state-run Power Grid Corporation, which is expected to mop up over Rs 7,500 crore.

According to sources, the proposal is likely to be considered during the CCEA meeting tomorrow.

The follow-on public offering (FPO) will comprise 13% fresh equity by the public sector company and 4% stake sale by the central government. The company will issue fresh 60.18 crore shares through the offer and a part of it would be reserved for the employees.

Meanwhile, the Department of Disinvestment has invited applications from merchant bankers for the proposed FPO.

The government proposes to dilute 4% stake, or 18.51 crore shares, out of its current 69.42% holding.

At current prices, the government could get over Rs 1,782 crore from the disinvestment, while the company would get over Rs 5,793 crore from the sale of fresh equity.

This would be the second follow-on offering from Power Grid, which sold a 10% stake along with a similar stake divested by the government in November 2010 at an issue price of Rs 90 a share.

The company hit the capital market with its initial public offering in October 2007.

Power Grid shares today were last traded at Rs 96.25 apiece, up 0.94% on the BSE. This values the entire company at Rs 44,561 crore.

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Solar Industries India declares interim dividend of Rs. 5 for 2013-14...

 

The Board of Directors of Solar Industries India Ltd at its meeting held on October 28, 2013, has considered and approved the interim Dividend of Rs. 5.00 per share.

The Board has approved the transfer of Unpaid Dividend amount lying in Final Dividend Account (2005) due for refund to Investor Education and Protection Fund (IEPF).

November 15, 2013 has been fixed as the Record Date for the purpose of Payment of Interim Dividend. The payment of Dividend will be made on or after November 20, 2013.

Shares of Solar Industries India Ltd was last trading in BSE at Rs.983.05, down by Rs.11.95 or 1.20%. The stock hit an intraday high of Rs.999 and low of Rs.976.05.

The total traded quantity was 0.12 lakhs as compared to 2 week average of 6275.

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Jindal Steel & Power Q2 net profit at Rs 4520.70 mn...

 

 

Jindal Steel & Power Ltd has posted a net profit after taxes, Minority Interest and Share of Profit / (loss) of Associates of Rs. 4520.70 mn for the quarter ended September 30, 2013 as compared to Rs. 8972.80 mn for the quarter ended September 30, 2012.

Total Income has increased from Rs. 47338.10 million for the quarter ended September 30, 2012 to Rs. 49687.10 mn for the quarter ended September 30, 2013.

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Ushdev International cons net profit jumps 112%...

 

Ushdev International Ltd (UIL), a leading corporate house engaged in the Trading of Metals and Generation of Power, has reported its Financial Performance for the second quarter and half year ended September 30, 2013.
 
Consolidated Total Sales for the quarter ended September 30, 2013 stood at Rs 2,796 crores, registering a jump of 47%, as compared to Rs 1,906 crores in the in the corresponding period previous year.
 
Consolidated Net Profit for Q2FY14 stood at Rs 44 crores, up by 112% as compared to Rs 20 crore in the corresponding period previous year.
 
For the half year ended September 30, 2013, the Company’s Consolidated Total Sales stood at Rs 4,841 crores, up by 38%, as compared to Rs 3,511 crores in the corresponding period previous year. Consolidated Net Profit for H1FY14 stood at Rs 74 crores, a rise of 65% as compared to Rs 45 crores in the corresponding period last year.
 
On the Standalone basis, Net Profit for Q2FY14 stood at Rs 16 crores, up by 15% as compared to Rs 14 crores in the corresponding period previous year.
 
The Board of Directors of the Company at its meeting held on October 29, 2013 has approved and taken on record the financial results of the Company for the quarter and half year ended September 30, 2013.
 
Commenting on the second quarter performance, Mr. Prateek Gupta, Vice-Chairman, Ushdev International Ltd, said, “The group has been consciously exploring new opportunities for business both in terms of product and geography. Quarterly performance is result of those efforts. ”
Earnings per share (EPS) for the H1FY14 stood at Rs 21.85.

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NTPC Q2 net profit at Rs24929mn...

 

NTPC Ltd has posted a net profit of Rs. 24929.00 mn for the quarter ended September 30, 2013 as compared to Rs. 31423.50 mn for the quarter ended September 30, 2012.

Total Income has decreased from Rs. 171709.30 million for the quarter ended September 30, 2012 to Rs. 170594.10 mn for the quarter ended September 30, 2013.

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NHPC to buy-back government shares...

 

State-owned NHPC would buy back government shares which would yield the exchequer about Rs. 20 billion.

The Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, is likely to give its approval to this effect soon, according to a media report.

Under the buyback scheme, the government can raise money by selling its equity in the company to the PSU itself.

The hydro power producer has informed BSE that its board of directors has unanimously approved the buyback of up to 10 per cent of fully paid-up equity shares of Rs 10 each for an aggregate amount of nearly Rs. 24 billion. Since the government holds 86.36 per cent stake in NHPC, buyback of shares on proportional basis would mean government getting about Rs. 20 billion.

The company has a cash reserve of nearly Rs. 30 billion.

NHPC was listed on the bourses in 2009 after the government divested a 5 per cent stake and the company issued 10 per cent of fresh equity.

The government plans to raise Rs. 400 billion in the current financial year (2013-14) through disinvestment.

NHPC generates 5,702 MW of electricity from 17 hydel stations in the country. As many as seven power stations totalling 4,095 MW of capacity are under construction.

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KEC International stock surges 7%

 

Shares of KEC International Ltd surged over 7% after consolidated net profit surged 34% to Rs 22 crore on 6.6% growth in net sales to Rs 1778 crore in Q2 September 2013 over Q2 September 2012.

The stock is current trading at Rs33, up Rs2.25.

The stock has hit a high of Rs33 and a low of Rs31.

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Tata Power recorded consolidated net loss of Rs. 114.7 Crores in Q1 of 2013...

 

Tata Power has recorded consolidated net loss of Rs. 114.7 Crores in the quarter ended June-13 as against the profit of Rs. 145.9 Crores during the same period a year ago.

 

As said by the company the higher interest payment and forex loss has resulted in the poor financials of the company.

• Consolidated net revenue increased by 29 percent on yearly basis to Rs 9,292 Crore
• Earnings before interest, tax, depreciation & amortization (EBITDA) margin jumped 290 bps year-on-year to 21.7 percent
• Foreign exchange loss rose by 6.5 times to Rs 292.8 Crore during April-June quarter from Rs 45.2 Crore in corresponding quarter of last fiscal.
• Finance costs (interest payment) ballooned 64.3 percent year-on-year to Rs 902 Crore in first quarter. Finance cost includes Rs. 45 Crore being provision for interest on amounts which have not been deposited with the statutory authorities on account of disputes which are pending.
• Consolidated EBIT from power business doubled to Rs. 1,303.52 Crore from Rs 579.45 Crore Y-o-Y due to higher generation after commissioning of Mundra units, but EBIT of coal business (mining and trading) plunged nearly 63 percent on yearly basis to Rs 96.19 Crore during June quarter.
• On standalone basis, net profit increased to Rs 357 Crore from Rs 312.30 Crore and revenues rose to Rs 2,484.89 Crore from Rs 2,190.02 Crore Y-o-Y.

 

Click below to view the real-time stock prices of Tata Power.

 

 

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More literature on this...

http://www.moneycontrol.com/news/results/tata-power-q1-loss-at-rs-115crinterest-cost-forex-woes_931177.html

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KEC recorded net sales of Rs. 1,746 Crores...

 

KEC International Ltd (KEC) has recorded the net sales of Rs. 1,746 Crores during the Q1 of June 2013 as against Rs. 1,364 Crores during the same period last year.

 

KEC International Ltd, a global infrastructure EPC major, an RPG Group company, today announced its unaudited consolidated results for the quarter ended June 30, 2013.

Net Sales for the quarter stands at Rs1,746 crore as against Rs1,364 crore in the corresponding quarter of previous year with an increase of 28% Y-o-Y.

Consolidated Financials of the company:

• EBITDA for the quarter stands at Rs88 crore as against Rs103 crore in the corresponding quarter of previous year.
• Profit After Tax (excluding exceptional item, net of taxes) is Rs3 crore as against Rs 33 crore in the corresponding quarter of previous year.
• The exceptional item is related to implementation of Voluntary Retirement Scheme (VRS) at Thane cable manufacturing facility. The total cost of VRS is Rs 18 crore (net of taxes Rs 12 crore).

The Company has secured new orders in Transmission and Telecom businesses of ` 804 crore. Details are as follows:
Order Intake and Order Book

According to the company, it has secured new orders worth Rs. 804 Crores in the fields of Power Transmission as well as Telecom sectors:

• Company has entered Tanzania by securing an order for design, supply and erection of 400 kV double circuit transmission line under the Tanzania Backbone Transmission Investment Project. The order valued at Rs. 772 Crores is secured from Tanzania Electric Supply Company Limited.
• In the Telecom business, the order is for establishing Optical Power Ground Wire (OPGW) communication network in the Western region of India. The order is secured from Power Grid Corporation of India (PGCIL). The order value is Rs 34 crore.

Including these orders, total order intake during current financial year is Rs2,185 crore. The order book continues to remain robust and it stands at Rs10,056 crore.

Click below to view the real-time stock prices of KEC International.

 

 

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More literature on this topic...

• http://www.indiainfoline.com/Markets/News/KEC-International-Q1-net-sales-up-28-percent/5748696184
• http://www.kecrpg.com/KEC%20data/Investor%20relations/financial%20results/Financial%20Result%20-%20June%202012.pdf

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Suzlon Energy posted net loss of Rs. 1059 Crores during Q1 of 2013-14...

Suzlon Energy Limited (SEL) has posted a net loss of Rs. 1059.0 crores for the quarter ended June 30, 2013 which was Rs. 849 crores for the similar period last year.

 

Performance of Suzlon, the world’s fifth largest wind turbine maker, was continue to be poor due to the rising forex losses and exceptional cost.

• Notional foreign exchange losses totaling approximately Rs 155 crore due to the extraordinary depreciation of the rupee against the US dollar and the euro.
• Exceptional costs for its restructuring program of Rs 136 crore
• Consolidated other income dropped significantly to Rs 11 crore from Rs 77 crore year-on-year.
• Consolidated income from operations also dropped 19 percent year-on-year (down 10 percent sequentially) to Rs 3,851.45 crore during April-June quarter.

However, company has managed to reduce the operational expenses by 31% compared to last quarter and brought down the working capital-to-sales ratio to 11.4% from 13.6% of last quarter.

Further, according to the company officials the non-critical asset divestment program continues to be on track.

As said by company, the consolidated group order book stood at 5.36 GW, approximately Rs 41,947 crore (USD 7.1 billion) in value, with an intake of 356 MW over Q1 FY14.

Click below to view the real-time stock prices of Suzlon Energy.

 

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Additional Reading...

• http://www.indiainfoline.com/Markets/News/Suzlon-Q1-net-loss-at-Rs10589mn/5748268449
• http://www.moneycontrol.com/news/results/suzlon-energy-q1-loss-widens-to-rs-1059-cr-sales-fall-19_929858.html

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Adani Power posted Net Loss of Rs. 919 Crores for the Quarter ended June 2013...

 

Adani Power Limited (APL), has posted a net loss of Rs. 919 Crores on standalone basis for the quarter ended June 2013 whilst the company had reported a net loss of Rs. 793 Crores in the corresponding period last year.

Some of the other financials as released by Adani Power Ltd are as below:

• Total income from operations increased to Rs 2,110 Crore for the first quarter ended June 2013 as against Rs 1,464 Crore during the same period last year, showing a growth of over 44%.
• On consolidated basis, company’s net loss stood at Rs 1,198 crore as against Rs 810 crore in the same period last year. The total consolidated income from operations stood at Rs 2,537 crore against Rs 1,503 crore last year.
• Finance cost has also jumped to Rs 675 crore as against Rs 280 crore in the corresponding quarter last year.
• On operations front, the company sold 8.1 billion units during first quarter ending June 2013 as against 4.5 billion units sold in the same period previous year. The company currently has an operational capacity of 7,260 Mw.
• Adani Power has raised Rs 2,562 crore by way of preferential allotment of shares to promoters at Rs 53.11 per share increasing the promoter holding to 75%.
• Notably, for the fiscal 2012-13, the company has posted net loss of Rs 1,952 crore on a total income of Rs 6333 crore.

However, the Adani group chairman Gautam Adani expressed hope over things turning to normal with several government measures turning in favour of company.

Further the company appreciates the initiatives taken by the government to resolve various issues faced by the power sector such as the CCEA directive for allowing imported coal price as a pass through, presidential directive to Coal India Limited (CIL) for signing fuel supply agreements for 78 Gw capacity, process in Financial Restructuring Plan (FRP) for state electricity boards and CERC directive for compensatory tariff and expect favorable response from these measures and also impact of more stable rupee on the financial performance of the ensuing quarters.

Click below to view the real-time stock prices of Adani Power.

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Additional Reading...

http://www.business-standard.com/article/companies/adani-power-posts-rs-919-cr-quarterly-net-loss-113080100811_1.html

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NPTC's Net ProFit increased by 1.2% at Rs. 253.0 Crores...

 

National Thermal Power Corporation (NTPC) has posted its results for the first quarter ended 30th June, 2013 and as per the same the net profit of the company was recorded at Rs. 2527.02 Crores which was higher by 1.2% compared to the level of Rs. 2498.67 Crores during the same period last year.

 

Also, the total income from operations dropped to Rs. 15,661.85 crore in the latest June quarter from Rs. 16,165.95 crore in the same period a year ago.

However, according the company officials, lower expenses helped the company to report a marginally higher quarterly net profit. In the 2013 June quarter, total expenses of the company fell to Rs.12,289.94 crore compared with Rs. 13,092.66 crore last year.

Meanwhile, the variation related to coal prices on gross calorific value (GCV) basis, worth about Rs. 3,523.18 crore at the end of June this year has been considered as “contingent liability”. From December 2011, the grading and pricing of non-coking coal was changed to GCV basis from earlier useful heat value (UHV) system.

Click below to view the real-time stock prices of NTPC.

 

 

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Additional Reading...

http://www.hindustantimes.com/business-news/CorporateNews/NTPC-net-profit-crawls-up-1-to-Rs-2-527-crore/Article1-1100853.aspx

http://www.indiainfoline.com/Markets/News/NTPC-Q1-PAT-at-Rs25.30bn/5744185524

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RPower Net ProFit remain Flat at Rs. 240 Crores...

 

Reliance Power Limited, announced its consolidated financial reports on 30/07/2013 according to which the net profit of the company is around Rs. 240 Crores for the first quarter of 2013-14 which was Rs. 239.5 Crores in the corresponding quarter of previous financial year.

Further the total income recorded was Rs. 1,206 Crores which was Rs. 1,252 Crores in the same period last year.

According to company, The total income has seen a decline mainly on account of fall in domestic and international coal prices. In the cost pass-through model, if the coal prices decline, the topline will surely be impacted.

Further according to company officials, the performance of various projects were satisfactory:

• 1,200 mw Rosa power plant in Uttar Pradesh operated at 100% availability and 72% plant load factor (PLF).
• The 40 MW Dhursar solar plant in Rajasthan operated at 23% PLF
• Performance of the 600 MW Butibori plant in Maharashtra was also satisfactory. The regulatory approval for selling power on cost-plus basis from 600 MW Butibori project will pave the way for substantially mitigating the sectoral challenges such as fuel and commercial risks for the plant. So far, short-term trading from Butibori plant was being done. Once the off-take commences (on cost pass through) the performance will further improve.

Updates given by the company on other under construction project are:

• Construction work is in progress for the second 660 mw unit of the 3,960 mw Sasan ultra mega power project and the plant is on track to start ahead of the bid schedule by June 2014.
• 45 MW Wind Project in Vashpet, Maharashtra was recenly commissioned.
• Construction work at 100 MW solar power project (CSP) at Dhursar, Rajasthan is expected to be commissioned this year.

Currently RPower is having operational capacity of 2,545 MW.

Click below to view the real-time stock prices of RPower.

 

 

 

 

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Additional Reading...

• http://www.hindustantimes.com/business-news/CorporateNews/Reliance-Power-s-Q1-Net-flat-due-to-drop-in-coal-prices/Article1-1101017.aspx
• http://www.reliancepower.co.in/1105/Shareholding_pattern_as_on_June_302013_RPower.pdf

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Net Profit of JSW Energy increased to Rs. 214.3 Crores during the quarter ended June 2013...

 

JSW Energy has posted a net profit of Rs. 214.3 Crore in the quarter ended June 2013 which in corresponding period last year was Rs. 3.41 Crore.

 

Some other financials as released by the company are:

• Total income from operations in the latest quarter rose to Rs. 2,471.96 crore. In the 2012 June quarter, the same stood at Rs. 2,191.54 crore.
• The fuel cost during the quarter was Rs. 1,062 crore, a decrease of 8 per cent over corresponding quarter of the previous year.
• At the end of June 2013 quarter, the firm's consolidated net worth touched Rs. 6,432 crore while overall debt reached Rs. 10,625 crore.
  

Company's views on the current power sector scenario are:

• Key issues such as standard bidding guidelines, fuel availability and long term power procurements are yet to be addressed.
• The imported coal prices are expected to remain benign due to subdued global demand and depreciation of currencies of the coal exporting countries against the US dollar.
• Merchant power prices to be under pressure with commissioning of additional generation capacities and slowdown in demand growth, while the congestion in transmission corridor is likely to keep prices relatively higher in southern region compared to other parts.

Currently the company is having the installed generation capacity of more than 3,140 MW. Further it has received all requisite environmental approvals and land acquisition is progressing satisfactorily for the 240 MW hydro power project at Kutehr, Himachal Pradesh.

Shares of the company, on Friday, ended at Rs. 44 on the BSE, down 0.90 per cent from the previous close.

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Additional Reading...

• http://profit.ndtv.com/news/corporates/article-jsw-energy-net-soars-to-rs-214-crore-324983
• http://economictimes.indiatimes.com/news/news-by-company/earnings/earnings-news/jsw-energy-quarterly-profit-soars-to-rs-214-crore/articleshow/21368402.cms

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CESC Limited's Q1 Net Profit increased by 4.8%; received node for delisting from London Stock exchange...

 

CESC Limited has recorded a net profit of Rs. 131 Crores for the quarter ended June 2013 which is higher by 4.8% compared to corresponding quarter last year as per the company's Annual General Meeting (AGM).

The company also secured shareholders' nod to delist its shares from London Stock Exchange to cut costs.

Net sales of the company was Rs. 1,419 which was higher by 1% compared to the corresponding period figure of Rs. 1,404 Crore.

Updates of various projects of the company as submitted to the Share Holders during the AGM:

• The 600 MW (2 X 300 MW) Chandrapur Thermal Power Project in Maharashtra was delayed due to the policy change for coal linkage.
• Haldia Power Plant in West Bengal seems to be on track and would be commissioned as per the schedule in September-December 2014.
• The 2000 MW Project in Bihar and 1320 MW Project in Orissa are awaiting coal linkages.
• Investment of Rs. 1,700 Crores is planned in next two years for the distribution network,

Further, the company has also secured approval from the shareholder's to delist its securities from the London Stock Exchange (LSE) to cut the costs.

According to company only 1% of the total issued equity share of CESC were listed on LSE.

As the market of these securities in UK was practically froze and the dealings in shares in recent years have been very low hence the company has decided to delist the shares from LSE.

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Additional Reading...

• http://www.cesc.co.in/cesc/web/investor/helpdesk/document/CESC_results%20Q1%20FY%6014.pdf
• http://profit.ndtv.com/news/corporates/article-cesc-q1-net-up-4-8-per-cent-to-delist-from-london-stock-exchange-324979

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Stock updates of various Power Companies–April 30, 2012…

Alstom T&D has gained 2.87 percent to Rs 162 per share after the company informed BSE that it has won a 400 kV substation contract worth 840 MINR from Chhattisgarh State Power Transmission.

RPower gains 6% after govt reprieve on coal use

Reliance Power has jumped 6 percent to Rs 107 per share after the company got a reprieve on Saturday as a ministerial panel under finance minister Pranab Mukherjee upheld a decision that allowed the company to use excess coal from Sasan power project’s mines to fuel its Chitrangi generation plant.

 

BHEL plunges as Rajasthan scraps Rs 12k cr tender

Reports have also stated that the  Rajasthan government has scrapped tenders worth Rs 12000 crore that were bagged by Bharat Heavy Electricals Ltd (BHEL) more than a year. The stock is down 2 percent today at Rs 223.20. Reports stated that Rajasthan Rajya Vidyut Utpadan Nigam Ltd has scrapped EPC (engineering, procurement and construction) tenders for the upcoming supercritical units of the Suratgarh and Chhabra thermal power stations.

 

Other Updates

Meanwhile, the results to be announced today include Ajmera Realty, Alstom T&D, Bank of India, Dabur India, Exide Industries, Godrej Consumer, JSW Energy, Procter & Gamble, Punj Lloyd, Titan Inds, Vijaya Bank and United Phosphorus, Hinduja Ventures.But the mixed earnings announcement kept the markets in tizzy and turned the trade volatile, while ICICI Bank surprised the street with its better than expected numbers. However, at the same time, Hindustan Construction (HCC) came up with a dismal number, reporting greater than expected net loss for the final quarter.

 

The power sector is likely to be in focus today as Tata Power has independently secured a favourable legal opinion over the legality of a government decision allowing Reliance Power to divert surplus coal from the captive mines associated with its Sasan ultra mega power project.

 

Tata Power is up 1.1 percent while Reliance Power is up 6 percent today.

 

Courtesy: First Post

 

 

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