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Power stocks: The good, the bad, and the ugly

Jun 17, 2010

Equitymaster analyses the performance of power stocks over the past 3.5 years and suggests whether it is good time to invest in them from a long term perspective.

Power IPOs: Stretching it too far

Dec 7, 2009

Equitymaster discusses how investors in power sector IPOs face the risk of high valuations.

'Power' to the people

Oct 6, 2008

India's GDP has grown at an average rate of 4.8% in the last fifty years. Over the last two decades, its growth rate has been at levels of 5.6% and over the last decade, it has clocked a growth rate of about 7% per annum.

'R' for magic-II

Feb 25, 2008

The magic does not seem to die down! First it was the magic created by India's largest IPO that was absorbed in a minute's time.

'R' for magic

Jan 5, 2008

If the Indian stock markets were to have its own alphabet list, then 'R' would have stood for 'magic'! In an act that would embarrass the wizards in Harry Potter's school of magic, Reliance Power IPO intends to raise US$ 3 bn through India's biggest ever IPO. This for funding a business that does not exist. And a business that will earn its first penny almost 2 years down the line - if things go 100% as per schedule!

Power: Of 'ultra-mega' dreams!

Dec 19, 2006

The bids for the two ultra-mega power projects - Sasan (Madhya Pradesh) and Mundra (Gujarat) are finally out. While Lanco Infratech has emerged as the lowest bidder for the former (bidding at Rs 1.19 per unit), India's largest private sector power generator, Tata Power, has grabbed the latter (bidding at Rs 2.25 per unit). Lanco has, in fact, outbid 15 other bidders in its way of winning the Sasan project, which will involve an investment of Rs 180 to Rs 200 bn (Rs 45 m to Rs 50 m per MW). Among

NTPC: Looking 'power'ful!

Apr 11, 2005

NTPC, the country's largest power generation company, recently held a press conference in order to announce provisional unaudited financial results for FY05. As per the reported numbers given by the company, revenues were up 18% YoY, excluding the impact of the one-time settlement scheme. Profits were up almost 1% YoY. However, if we exclude the impact of the one-time settlement scheme last year, profit growth stood at over 33% YoY. Importantly, realisations of monthly bills from April 2004 to M

NTPC: Where to from here?

Mar 10, 2005

In the past couple of months, one power stock that has been much in the limelight is NTPC, India's largest power generation company. Since its listing in November 2004, the stock has outperformed the benchmark Sensex by around 5%. And this has been made possible by the decent results announced by the company for the third quarter of FY05 and due to some of its announcements with regards to future growth.

Tata Power: Lower realizations effects

Oct 26, 2004

Tata Power, the largest private sector power company in India, declared results for the September quarter yesterday. Both topline as well as bottomline of the company declined during the quarter. The operating margins of the company were down significantly. Consequently, despite higher other income, net profit of the company shrunk by 17%.

Reliance Energy: Energized by interest income…

Oct 20, 2004

Reliance Energy, India’s largest private sector integrated power utility, has reported a topline growth of 4% YoY while the bottomline has risen by over 44% YoY in 2QFY05. Further, the company has been able to improve operating margins by 400 basis points.

Tata Power: Powering ahead

Sep 23, 2004

Power stocks have witnessed significant buying interest over the last one-month in line with the positive market sentiment. The top gainer in the sector during this period was Tata Power (up 15%) followed by Reliance Energy (up 7%). However, we feel that this is not without reason. Let us consider the long-term growth prospects of the Indian power sector as well as Tata Power (TPC).

Power: Privatisation benefits!

Jun 29, 2004

Power distribution business in India has suffered from a number of problems that have accumulated over the last fifty years. Problems include unfavorable user charge regime for some section of users, excessive T&D losses and distorted tariff policies. Recognizing the current state of the sector, a number of measures have been suggested. However, implementation has been poor and significant progress towards attainment of efficiency gains is yet to be made.

Power- Why stocks are falling?

May 31, 2004

If one were to look at the key losers in the recent stock market fall, power stocks are trading almost 50% lower compared to the highs in the not-so-recent past. Why are they falling so steeply? Is it fundamental or is it just one off? We take a closer look.

Power Trading Corporation: What to do?

Apr 7, 2004

Power Trading Corporation (PTC) finally got listed on the bourses today at more than double the offer price (Rs 14 to Rs 16). Since the power sector is expected to grow at faster rate in India (due to the reform measures initiated by the government), investors have shown large interest for the scrip, as a result, the offer got oversubscribed around 47 times overall. While other reasons for the enthusiasm can be returns that stock markets have given over last one year, the low price of stock as c

Tata Power: Why so?

Mar 17, 2004

India's largest power player, Tata Power has under performed its peer Reliance Energy on the bourses in the last 3 months. The 3-month share price graph shows that Rs 100 invested in Tata Power would have fetched Rs 113, as compared to Rs 140 by Reliance Energy. Let us take a re-look at the company in detail.

Power: Where are we heading?

Mar 10, 2004

"When you think of digitizing India there will be a massive amount of power required and I pray to this government that you have to push and push and push to invest in infrastructure - Mr. Jack Welch"

Neyveli Vs Tata Power Vs Reliance Energy

Jan 7, 2004

With the power reforms gaining momentum, all major power companies are planning to take maximum benefit and add generation capacities. With the stringent anti theft regulations, even private distribution companies have plans to increase their distribution circles. In this article, let's have a look at the relative strengths and weaknesses of majors like Neyveli Lignite, Tata Power and Reliance Energy.

Tata Power: A look ahead!

Jan 5, 2004

With the opening up of Indian power sector, not only have the opportunities increased significantly, but also competition amongst the existing power players. Let’s have a look at the issues which can create problems for the India’s largest private sector power player i.e. Tata Power.

'Power'ful Year

Jan 1, 2004

Power stocks gained substantially in 2003. As can be seen from the graph below, Rs 100 invested in BSE-Sensex would have fetched around Rs 172 where as Rs 100 invested in stocks like Neyveli Lignite, Tata Power and Reliance Energy would have resulted in Rs 280, Rs 281 and Rs 229 respectively.

Neyveli Lignite: A brief overview

Dec 26, 2003

Like all other sectors, power stocks, too, have been in the limelight on the bourses. A key reason for their run up on the stock markets was the initiation of the power reforms in the country. The passage of the Electricity Act, 2003 was one of the key triggers for the stocks in the sector. In the Act, the government has planned that it would pay back the dues of SEBs to the generating companies, one of them being Neyveli Lignite, in the form of securitised assets. In this article, let us have a


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