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Showing posts with label Coal India. Show all posts

Monday, 10 June 2019

Market Headstart: Nifty likely to open higher; Coal India, PFC top buys

The Nifty50 is likely to open higher on Monday tracking positive trend seen in other Asian markets after the United States dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Central America.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 56 points or 0.47 percent. Nifty futures were trading around 11,953-level on the Singaporean Exchange.

The S&P BSE Sensex 86 points higher at 39,615 while the Nifty50 closed 26 points higher at 11,870 on Friday.

The rupee on Friday fell by 18 paise to close at 69.46 against the US currency on strengthening of the greenback in overseas markets and rising crude oil prices.

Foreign investors (FIIs) have pumped in a net amount of Rs 7,095 crore into the Indian capital markets during the first week of June in anticipation of continued policy reforms.

Stocks in news:

As resolution through the insolvency courts keep getting delayed inordinately, the state-run Bank of Baroda has put on sale non-performing loans amounting to Rs 9,060 crore, including two large accounts - Bhushan Power & Steel and Alok Industries which are undergoing insolvency process but delayed.

The Reserve Bank of India (RBI) has, by an order dated June 06, 2019, imposed a monetary penalty of Rs 2 crore on Kotak Mahindra Bank for non-compliance of directions, a statement from the Central Bank said.

A day after the RBI cut the key repo rate, public sector Bank of Maharashtra Friday announced to cut the benchmark one-year MCLR by 0.10 percent to 8.60 percent.

Technical Recommendations:

We spoke to 5nance.com and here’s what they have to recommend:

Power Finance Corporation: Buy| LTP: Rs 134| Target: Rs 140 | Stop Loss: Rs. 125 | Upside 4%

Coal India Ltd: Buy| LTP: Rs 265| Target: Rs. 280 | Stop Loss: Rs. 255 | Upside 6%

Aurobindo Pharma Ltd: Sell| LTP: Rs 619.80| Target: Rs 605| Stop Loss: Rs. 645|Downside 2%

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Friday, 31 May 2019

Coal India surges 2% on strong Q4 earnings; brokerages raise price target

Coal India shares rallied 4 percent intraday on May 31 as global brokerages remained bullish on the stock after the fourth quarter earnings beat analyst expectations.

The stock was quoting at Rs 258.30, up Rs 5.40, or 2.14 percent on the BSE at 10:04 hours. The scrip has rallied 13 percent in the last three months.

The country's largest coal mining company beat on earnings front due to its strong realisations.

Fuel supply agreement realisations came in at Rs 1,460 per tonne against CNBC-TV18 poll expectations of sub Rs 1,390 per tonne, as FSA sales are 87 percent of total sales volumes. E-auction realisations were also good at Rs 2,754 per tonne against expectations of sub Rs 2,700 per tonne.

Profit in March quarter grew by a whopping 363 percent year-on-year to Rs 6,027 crore; revenue increased by 7.5 percent to Rs 28,546 crore.

At operating level, earnings before interest, tax, depreciation and amortisation surged 4,122 percent to Rs 8,211.9 crore and margin expanded sharply to 28.77 percent against 0.73 percent in the corresponding period of last fiscal.

Numbers were ahead of analyst estimates as CNBC-TV18 poll estimated profit at Rs 5,175 crore on revenue of Rs 27,250 crore and EBITDA at Rs 7,350 crore with margin at 27 percent for the quarter.

Global brokerages remained bullish on the stock and raised price target after solid earnings growth reported by the state-owned company.

Here is what the brokerages said after Coal India's Q4 earnings:

Brokerage: CLSA | Rating: Buy | Target: Rs 290 | Return: 15%

We maintain buy rating on the stock and raised price target to Rs 290 from Rs 275 earlier as the stock is at a reasonable 10x FY20 PE with an attractive 8 percent dividend yield.

Coal India is a defensive play amidst global headwinds in the resources sector.

The fourth quarter EBITDA was higher than the estimates, led by better-than-expected realisations.

We see a flattish EPS over FY19-21.

Brokerage: Citi | Rating: Buy | Target: Rs 320 | Return: 26%

We have a buy call on the stock and increased price target to Rs 320 from Rs 300 as the company offers an attractive dividend yield.

We value the company at a premium given resource base & limited exposure to global volatility.

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Stocks in the news: ONGC, Coal India, IDBI Bank, Jain Irrigation, Jet Airways

Here are the stocks that are in news today:

Results on May 31: Encore Software, Lakshmi Overseas Industries, MVL, Nakoda, Nitco, Orchid Pharma, United Textiles

ONGC Q4: Profit down 51 percent at Rs 4,044.6 crore versus Rs 8,262.7 crore; revenue down 3.4 percent at Rs 26,758.5 crore versus Rs 27,694 crore (QoQ).

Coal India Q4: Profit at Rs 6,024.2 crore versus Rs 1,302.6 crore, revenue up 7.5 percent at Rs 28,546.3 crore versus Rs 26,547 crore (YoY).

IDBI Bank Q4: Loss at Rs 4,918.4 crore versus loss of Rs 5,662.8 crore; NII up 75.7 percent at Rs 1,609 crore versus Rs 915.7 crore (YoY).

Jain Irrigation Q4: Profit down 39.5 percent at Rs 56.1 crore versus Rs 92.7 crore; revenue down 6 percent at Rs 2,583.1 crore versus Rs 2,747.8 crore (YoY).

KNR Constructions Q4: Profit up 15.6 percent at Rs 92.1 crore versus Rs 79.7 crore; revenue up 14.6 percent at Rs 715.7 crore versus Rs 624.4 crore (YoY).

Jet Airways: Company not in a position to consider & approve audited Q4 financial results due to ongoing bidding process.

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Monday, 29 April 2019

Coal shipments at major ports rise 11% to 161 MT in FY19

Coal shipments handled by India's 12 major ports saw a 10.81 percent rise to 161.34 million tonne (MT) in the previous financial year, according to ports' body IPA.

These top ports under the control of the Centre had handled 145.59 MT of coal cargo in 2017-18.

Shipments of thermal or steam coal and coking coal rose 9 percent and 14.25 percent, respectively, during 2018-19.

The Indian Ports Association (IPA) said the major ports handled 103.84 MT of thermal or steam coal during the financial year, compared with 95.26 MT in the previous fiscal.

IPA in its latest report said the major ports handled shipments of 57.50 MT of coking coal during 2018-19, against 50.33 MT in the previous fiscal.

Thermal coal is the mainstay of the country's energy programme as 70 percent of power generation is dependent on the dry fuel, while coking coal is used mainly for steel-making.

India is the third-largest producer of coal after China and the US and has 299 billion tonne of resources and 123 billion tonne of proven reserves, which may last for over 100 years.

Overall, these ports recorded 2.90 percent growth in total cargo handling at 699.04 MT in the previous financial year.

The growth at these ports, which had handled 679.37 MT cargo in 2017-18, was driven mainly by higher handling of coal, fertilisers and containers.

These ports had recorded 4.77 percent growth in 2017-18 over the previous fiscal.

The 12 major ports are Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia).

Increased demand from various sectors including coal, containers, fertilisers and POL (petroleum, oil and lubricant) was the main reason behind the growth in traffic, IPA said.

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Source: Moneycontrol

Monday, 8 April 2019

India's coal import rises 8% to 212 million tonnes in April-February

India's coal import increased by 7.8 percent to 212.11 million tonnes in the April-February period of FY19, a report said. This comes at a time when the government is looking at relaxing the timeline for the 1 billion tonne coal production target it had set earlier for Coal India (CIL), which accounts for over 80 percent of the domestic coal output.

The country produced 196.59 million tonnes (MT) of coal in April-February period of fiscal 2017-18, according to the report by mjunction services.

"During April-February 2018-19, coal and coke imports stood at 212.11 MT, about 7.89 percent increase over 196.59 MT recorded for the same period last year," it said.

Coal imports in the month of February was at 18.31 MT (provisional) as compared to 21.15 MT (revised) in January 2019, it said.

Coal and coke imports in February 2018 stood at 15.98 MT, according to mjunction's compilation.

"Coking coal imports saw a marginal decline in February, primarily due to the firm prices and not so upbeat outlook for the Indian steel sector. Real estate and auto sector's consumption of steel was down, which impacted production.

"Non-coking coal offers, however, eased during the month in select markets, leading to steady import demand," mjunction MD and CEO Vinaya Varma said.

mjunction -- a joint venture between Tata Steel and SAIL -- is a B2B e-commerce company and also publishes research reports on coal and steel verticals.

Of the total imports during February 2019, non-coking coal was at 13.86 MT, against 14.59 MT imported in January 2019, it said.

Coking coal imports were at 2.93 MT in February 2019, down against 3.32 MT a month ago.

Metallurgical coke imports during the month were at 0.26 MT, while 0.34 MT was imported in January.

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Source: Moneycontrol

Wednesday, 13 February 2019

Stocks in the news: IIFL Holdings, Sun Pharma, Axis Bank, Coal India and Bosch

Nifty futures on the Singapore Exchange were trading 23 points, or 0.21 per cent, higher at 10,884.50, indicating a positive start for the Nifty50. Here are a few stocks which may buzz the most in today’s trade:

Bosch, Godrej Industries: Bosch, Fortis HealthcareNSE -0.30 %, Godrej Industries, NBCC, Bharat Forge, Repco Home Finance, Adani Gas, Siti Networks, Ansal Housing, Ruchi Soya, Safari Industries, Talwarkars Better Value Fitness are among companies which are scheduled to report their quarterly earnings on Wednesday.

IIFL Holdings: Promoters and key employees have bought shares of the company from the open market in the last one week. According to BSE data, Nirmal Jain, the chairman of the IIFL group, acquired 1 lakh shares of IIFL, while MD, K Ventaraman, and director Karan Bhagar bought 50,000 and 75,000 shares from the market between February 5 and 12.

Axis Bank: The government's share sale in Axis Bank held through SUUTI witnessed a blockbuster start with institutional investors putting in bids worth over Rs 8,000 crore by lapping up 2.56 times the shares reserved for them on the first day of the offer for sale (OFS). Retail investors will bid today.

Sun Pharmaceutical Industries: Drug major Sun Pharmaceutical Industries reported nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended on December 31, 2018.

Coal India: State-owned Coal India said its consolidated net profit rose 50 per cent to Rs 4,566.81 crore during the third quarter ended December 31, on higher income. The company had posted Rs 3,042.68 crore net profit during the same quarter a year ago, Coal India said in a BSE filing.

Crisil: Largest domestic rating agency Crisil has reported a 19 percent jump in consolidated net profit at Rs 113.8 crore in the December quarter on an 11.5 percent rise in consolidated income at Rs 496.5 crore.

RCom: The National Company Law Appellate Tribunal (NCLAT) Tuesday adjourned the hearing over Reliance CommunicationsNSE 4.42 %' plea to proceed with insolvency process to March 6. A two-member bench headed by Chairman Justice S J Mukhopadhaya said a matter is also pending before the Supreme Court against RCom and hence adjourned it.

Hindalco: Aditya Birla Group company Hindalco Industries Tuesday reported a 34.38 per cent decline in standalone net profit to Rs 247.46 crore for the December 2018 quarter due to increased cost of materials consumed. It had clocked a profit of Rs 377.14 crore in the corresponding quarter in the previous fiscal, Hindalco Industries Ltd said in a BSE filing.

Dr Reddy's Labs: The drug maker said it has launched Tadalafil tablets, used for the treatment of pulmonary arterial hypertension in the US market.

Religare Enterprises: The comapny saw its standalone net loss narrowing to Rs 10.33 crore during the December 2018 quarter, compared with Rs 45.14 crore a year ago.

Zenith Birla: The company has entered in to one-time settlement (OTS) with Invent Assets Securitisation & Reconstruction (Loan assigned by State Bank of India) against the credit facilities availed by the company

NCL India: Public sector NLC India Ltd Tuesday recorded net profit for the October-December 2018 quarter at Rs 329.49 crore. The Tamil Nadu-based firm registered net profit at Rs 313.80 crore during the corresponding period of previous fiscal.

Hind Rectifiers: Industrial power electronics and power conversion equipment Hind Rectifiers reported nearly four times jump in net profit at Rs 3.15 crore for the quarter ended December 31, 2018 as against Rs 66 lakh in the same pe ..

Punjab & Sind Bank: State-owned Punjab & Sind Bank reported a net profit of Rs 22 crore in the third quarter ended December 2018. It had reported a loss of Rs 258 crore in the corresponding period of 2017-18, according to a release by the company.

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Source: Moneycontrol

Tuesday, 5 February 2019

Coal India approves buyback of up to Rs 1,050 crore at Rs 235 per share

Coal India board on February 4 approved buyback of up to 4.47 crore shares totalling to Rs 1,050 crore at Rs 235 per share.

This is the second buyback by the Maharatna company in two years. CIL had bought back nearly 10.9 crore shares in 2017 at Rs 335 per share. The government garnered approximately Rs 2,638 crore by tendering 8 crore shares in the issue.

The buyback portion accounts for 0.72 percent of the total outstanding equity shares.

The record date to ascertain the eligibility of shareholders to the tender offer route issue is February 15, 2019.

The government is likely to garner Rs 766 crore from the buyback.

The buy back exercise will be conducted in two steps.

Coal India subsidiaries Mahanadi Coalfields Ltd, South Eastern Coalfields Ltd and Northern Coalfields Ltd will buy back their shares worth Rs 355 crore each from the parent.

Thereafter, CIL will buy back its own shares from shareholders out of the free reserves worth Rs 1,065 crore.

Currently, the government holds 72.9 percent in the company, foreign portfolio investors foreign and institutional investors hold about 6 percent, financial institutions/banks/MFs/Alternate Investment Funds hold roughly six percent and insurance companies hold around 12 percent.

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Source: Moneycontrol

Monday, 4 February 2019

Coal India board to consider share buyback on today

State-owned CIL announced that its board will meet on Monday to consider and approve buy back of shares of the company.

"Board meeting of the company is scheduled on Monday, the February 4, 2019 interalia to consider and approve buyback of the fully paid up equity shares of the company having face value of Rs 10 each," Coal India (CIL) said in a BSE filing on Wednesday.

CIL accounts for over 80 per cent of domestic coal output.

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Source: Moneycontrol