India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

<h2>DISCOMs will be penalized for undue power cuts?</h2><p>India's Power Minister (R K Singh) has said that from 2019, deliberate power cuts by State government owned power distribution companies (DISCOMs) will attract penalties. “The States have arrived at consensus-based roadmap to bring down losses in State utilities/DISCOMS to below 15% by then and any gratuitous load shedding by them after that deadline would attract penalties,” Mr. Singh said, following a conference with power and energy state…</p>

DISCOMs will be penalized for undue power cuts?India's Power Minister (R K Singh) has said that from 2019, deliberate power cuts by State government owned power distribution companies (DISCOMs) will attract penalties. “The States have arrived at consensus-based roadmap to bring down losses in State utilities/DISCOMS to below 15% by then and any gratuitous load shedding by them after that deadline would attract penalties,” Mr. Singh said, following a conference with power and energy state…

India: Penalty on Power Companies for Electricity Cuts - Game Changer or A Utopian Idea?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<p>Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The largest 51 debtors in India in our S&amp;P sample set have total debt of US$320 billion as at the latest full year. <a href="https://www.smartkarma.com/entities/6614" target="_blank" data-smartkarma-citation="entities:6614:1">Jindal Steel &amp; Power Ltd (JSP IN)</a> is included in this group. While the average interest cover ratio may be high, there are many at 1x or less. These companies hold US$68 billion in total debt and have an average interest cover ratio of 0.4x…</p>

Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The largest 51 debtors in India in our S&amp;P sample set have total debt of US$320 billion as at the latest full year. Jindal Steel &amp; Power Ltd (JSP IN) is included in this group. While the average interest cover ratio may be high, there are many at 1x or less. These companies hold US$68 billion in total debt and have an average interest cover ratio of 0.4x…

HDFC Bank: Finding the Next Jindal Steel & Power

Indian Energy Exchange Ltd / Equity Bottom-Up

<h2>Spot market for electricity is showing signs of cool off</h2><p>In our previous insight on this subject released end-October, we had spoken about a sharp pick up in day-ahead spot market for electricity in India over last few months (as per the data from <a href="https://www.smartkarma.com/entities/25946" target="_blank" data-smartkarma-citation="entities:25946:1">Indian Energy Exchange Limited (IEX IN)</a>).</p><div class="content-highlight"><p>The average spot market electricity tariffs in August and September went up m-o-m and they were flat in October. There was also an increase in average daily volumes, as seen from the two charts below. Please…</p></div>

Spot market for electricity is showing signs of cool offIn our previous insight on this subject released end-October, we had spoken about a sharp pick up in day-ahead spot market for electricity in India over last few months (as per the data from Indian Energy Exchange Limited (IEX IN)).The average spot market electricity tariffs in August and September went up m-o-m and they were flat in October. There was also an increase in average daily volumes, as seen from the two charts below. Please…

India Power Sector: Sharp Decline in Prices and Volumes in Spot Market, Why that Is Not Too Bad?

<h2>Many Indian thermal Power plants are running short of coal</h2><p>For previous three months, the Indian coal based power plants are struggling with coal shortages. The primary issue is with rake availability for coal transportation with Indian Railways. Central Electricity Authority (CEA) which is the key Govt of India body for planning and coordination in the power sector publishes daily report on coal availability at thermal stations and is indicating severe stress on fuel availability.</p><div class="content-highlight"><p>The CEA report…</p></div>

Many Indian thermal Power plants are running short of coalFor previous three months, the Indian coal based power plants are struggling with coal shortages. The primary issue is with rake availability for coal transportation with Indian Railways. Central Electricity Authority (CEA) which is the key Govt of India body for planning and coordination in the power sector publishes daily report on coal availability at thermal stations and is indicating severe stress on fuel availability.The CEA report…

India Power: Thermal Plants Starving for Fuel but Coal Imports Continue to Decline -The Implications

<p>The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe deterioration. As a result, normal life has been affected and these changes are likely to have serious implications on policies. We think this may have important implications in many sectors such as Power Generation, Automobiles and Air Purifiers. Negative impact is also likely on some companies such as <a href="https://www.smartkarma.com/entities/9117" target="_blank">Coal India Ltd (COAL IN)</a> and <a href="https://www.smartkarma.com/entities/460" target="_blank">Bharat Heavy Electricals (BHEL IN)</a>. On Indian Economy in general, the impact on GDP growth rate and industrial production is also possible if the problem sustains.</p>

The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe deterioration. As a result, normal life has been affected and these changes are likely to have serious implications on policies. We think this may have important implications in many sectors such as Power Generation, Automobiles and Air Purifiers. Negative impact is also likely on some companies such as Coal India Ltd (COAL IN) and Bharat Heavy Electricals (BHEL IN). On Indian Economy in general, the impact on GDP growth rate and industrial production is also possible if the problem sustains.

India: The Capital City and the Entire Northern Region Is Choking on Smog, The Implications

India

Adani Power Ltd is a power project development company. The Company develops, operates and maintains power projects in India.

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Adani Power (ADANI IN)

India: Penalty on Power Companies for Electricity Cuts - Game Changer or A Utopian Idea?

DISCOMs will be penalized for undue power cuts?India's Power Minister (R K Singh) has said that from 2019, deliberate power cuts by State...

Pankaj Sharma

HDFC Bank: Finding the Next Jindal Steel & Power

Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The...

Daniel Tabbush

India Power Sector: Sharp Decline in Prices and Volumes in Spot Market, Why that Is Not Too Bad?

Spot market for electricity is showing signs of cool offIn our previous insight on this subject released end-October, we had spoken about a sharp...

Pankaj Sharma

India Power: Thermal Plants Starving for Fuel but Coal Imports Continue to Decline -The Implications

Many Indian thermal Power plants are running short of coalFor previous three months, the Indian coal based power plants are struggling with coal...

Pankaj Sharma

India: The Capital City and the Entire Northern Region Is Choking on Smog, The Implications

The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe...

Pankaj Sharma

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)