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Updated: 10/06/2009 | 12:00 AM IST
Tata Power soars as revenues seen rising
Capital Market
Wednesday, June 10, 2009 (New Delhi)
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Meanwhile, the BSE Sensex was up 409.15 points, or 2.70%, to 15536.15.

On BSE, 1.05 lakh shares were traded in the counter. The scrip had an average daily volume of 1.25 lakh shares in the past one quarter.

The stock hit a high of Rs 1221.85 and a low of Rs 1149.80 so far during the day. The stock had hit a 52-week high of Rs 1326.65 on 13 June 2008 and a 52-week low of Rs 531.50 on 27 October 2008.

The stock had underperformed the market over the past one month till 9 June 2009, rising 26.66% as compared to the Sensex's 27.37% rise. It had, however, outperformed the market in the past one quarter, gaining 83.09% as against the Sensex rise of 85.37%.

The large-cap private sector power utility has an equity capital of Rs 221.73 crore. Face value per share is Rs 10.

The current price of Rs 1209.05 discounts the company's year ended March 2009 EPS of Rs 41.65, by a PE multiple of 29.

Merchant generation is the power generation capacity that is not covered by a power purchase agreement with a specific customer and which can be sold to any buyer.

With higher merchant power generating capacity, Tata Power Trading Company (TPTC), a wholly-owned subsidiary which is in charge of power trading, expects to trade 4,500 million units (MUs) in 2009-10, up 51% against 2,986 million units (MUs) traded in 2008-09.

The power trading business accounted for about 12% of Tata Power's consolidated income of Rs 17,529.48 crore in 2008-09

Meanwhile, with coal prices bottoming out, concerns over realisations from the Bumi coal mines, in which Tata Power holds a 30% stake, should ease. The mines are currently profitable with coal prices at around $60 per tonne and an average selling price of $50 per tonne over the longer term should be good enough to ensure that Tata Power repays the loans that it took to acquire the mines.

The first phase of Tata Power's Mundra ultra mega power project (UMPP) of 800 megawatts will be commissioned in September 2011 with about a fourth of the work having been completed.

Tata Power Company's net profit rose 57.6% to Rs 354.64 crore on a 19.9% decline in sales to Rs 1309.64 crore in Q4 March 2009 over Q4 March 2008.

On a consolidated basis, the net profit rose 27% to Rs 1264.04 crore on a 67% rise in total income to Rs 17529.48 crore in the year ended March 2009 over the year ended March 2008.

Tata Power Company generates and supplies electricity in Mumbai and its suburbs. The company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines.

Promoters of the company have pledged 3.23 crore shares of 14.59% equity. The total promoter holding in the company is 33.26% as on March 2009.

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