Tata Power Company Ltd Stock Quotes and Charts
Can anybody give me some idea about Tata Power Share.<br><br>I am stuck with it @1390/-<br>
Tata Power plans to invest Rs250bn to boost its capacity by six-fold to 12,800mw by 2013.
TATA POWER<br><br>Weekly Trend Decider 1317 Trading range 1250 to 1350 to be watch out.....break out in either side happened shortly.
Tata Power<br>Hold<br>Price: Rs1,323 Target Price (Mar 11): Rs1,270<br><br>1H FY10 Consolidated Results<br><br>* Consolidated Sales flat; PAT at Rs3.8 bn: Tata Power (TPC) reported<br>Sep qtr consolidated profits at Rs3.8 bn (down 29.3% YoY) on lower<br>exchange gains (Rs287 mn in 2Q10 vs. Rs764 mn in 2Q09) and higher tax<br>provisioning at 38.8% (vs. 16.4% in 2Q09). Higher taxes were on account<br>of higher MAT provisioning for NDPL (partly includes 1Q provisions) and<br>under-provisioning in coal assets last year (in 2Q09). Revenues remained<br>flat YoY at Rs45.6 bn despite higher volumes in coal business and<br>translational gains (+13.5% exchange rate movement in 2Q FY10). For<br>1H10, reported PAT grew 19.4% YoY on back of 6.7% YoY sales growth<br>and 500 bps improvement in EBITDA margins (due to lower fuel cost).<br><br>* Coal Sales volumes up 23%; ASP down 29% to US$57.9/MT: TPC<br>reported 6.8% de-growth in coal segment sales with 390 bps decline in<br>margins to 30.1%. The margins declined despite 13.5% currency gains and<br>record 23% YoY gain in volumes (to 15.4 MT), as sale price declined<br>sharply to $57.9/MT (29.4% lower YoY). Volumes were up 23% YoY as the<br>weather conditions were favorable. Cash cost of production was also<br>reduced to US$31.1/MT (-19.6% YoY). Coal SPVs reported $9 mn profits<br>for the quarter (post- interest repayment for acquisition debt) vs. $5 mn<br>loss in 2Q09. Outstanding debt as of Sep`09 is $740 mn with a cash<br>balance of $100 mn. Management guided for effective tax rate of 35-40%<br>(we have built 40%) as management fees remains tax deductable.<br><br>* Subsidiaries performance: NDPL (delhi distribution business) recorded<br>41% YoY growth in sales but its PAT declined 32%, primarily due to extra<br>provisioning of tax given higher MAT rate. Powerlinks, almost doubled its<br>profits to Rs206 mn as its sales grew 34.5% to Rs751.1 mn, on account of<br>new CERC norms as well as higher capitalization in 2Q10 (Rs63.2 mn<br>benefit). Tata Power Trading registered 1% sales growth and 8% PAT<br>growth despite 27% YoY increase in volumes (to 807 MU) traded, as the<br>average tariffs declined 20% YoY to Rs5.6/kWh from Rs7.1/kWh.<br><br>* Lower TP to Rs1,270; maintain Hold: While we reduce Coal ASP for<br>CY09 to $62/MT (inline with Bumi`s guidance) and lower merchant tariffs to<br>Rs5.5 (from Rs6.5/kWh earlier), we have tried to capture merchant upsides<br>from 450 MW (out of Reliance Infra`s 500 MW PPA expiring by Mar`10) by<br>giving 40% ROE to proportionate regulated equity for MLA (Rs12.5 bn).<br>Lower ASP for coal leads to Rs70 decrease in our valuation of coal assets to<br>Rs333/share. Adjusting for $300 mn FCCB dilution, our new TP at Rs1,270<br>(for Mar`11) offers 4% downside (see Exhibit 5) from current levels.<br>Maintain Hold.
Technically this stock is weak and may come down in a week time upto 1290 with a stop loss of 1350 one may short at cmp or at higher level.
<b>Sell@ Rs 87.25 For target of Rs 84 In 1 Week.</b><br><br>Tip for 2012 sell tata power below 87....target 84.....
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