Adani Power In Race For 1000 Mw Kosovo Project (08-Mar-2010)
After expanding its market in India, Adani Power is now eyeing to foray in overseas market, to start its operations in 1,000 Mw of power generation project in Kosovo project.
Adani Power is competing with AES of United States, Turkey''s Demir Export AS & Park Holding and a consortium including Public Power Corp, Greece and ContourGlobal US.
Kosovo is having a population of 20 lakh people and sizeable lignite reserves and is suffering from acute shortage of power and wants to attract private players in the energy sector. Where, the successful bidder will pump in about Rs. 5,000 crore and get access to the local lignite mine for fuel linkage. The Kosovo government is expected to take the final call by September this year and expects to start building the plant early 2011. It may also hold equity in the power project.
The Kosovo project has been much delayed. The authorities had originally received expressions of interest from 6 parties of which 4 were shortlisted last week.
Earlier, the Kosovo government wanted a 2,000 Mw plant, but later settled for 1,000 Mw.
Adani Group is working on commissioning close to 15,000 Mw of power generation capacity in India. Its 2 units of 330 Mw each have become operational at Mundra (Gujarat). Adani Power is also planning to commission total coal-based generation capacity of 4,620 mw at Mundra.
Mr. Gautam Adani, Chairman of Adani Group said the company doesn''t want to limit its growth in domestic market only. The company wants to explore opportunities in power sector in the foreign market too.
Adani Power closed at Rs.107.9, lower by 0.14%.
The stock hit an intraday high of Rs.110.9 till now, as against the 52-week high of Rs.112.35.The stock hit a low of Rs.107.55 during the day. The stock had hit a 52-week low of Rs.90.25 on November 9, 2009.
The stock opens at Rs.109.5 at BSE. The total traded volume of the scrip on BSE till now stood at 5223330.
Meanwhile today, the BSE Sensex closed up by 108.11 points, or 0.64% , at 17102.6.
The NSE Nifty is trading up by 35.30 points, or 0.69% , at 5124.
Adani Power has an equity capital of Rs 2,180.04 crore as of 2009 Dec. The face value per share is Rs 10. At the current price of Rs 107.9, the P/E multiple stood at 0 with book Value of 12.05 and P/BV at 8.96.
The total shareholding pattern of the company as on Sep 2009 stood at Promoters- 73.50%, Institutional Investors- 9.20%, General Public- 3.69% and other investors- 13.61%.
Considering the current price of Rs. 107.9 at 4:00:00 PM , the stock had underperformed the market over the past one month till 08/03/2010 surged 2.86% as compared to the Sensex''s return of 7.46% and NSE Nifty''s 7.46 % returns.
Considering the current price of Rs. 107.9 at 4:00:00 PM , the stock had outperformed the market over the past one quarter till 08/03/2010 surged 14.6% as compared to the Sensex''s return of -0.13% and NSE Nifty''s -0.13 % returns.
Adani Group is exploring opportunities largely in emerging markets where demand for power is in high demand. The group has experience of managing the entire value chain starting from mining to transmission, with international exposure and network for trading and mining. Also, the international market is becoming competitive with entry of a number of private players in the generation arena.
Adani Power had reported sales of Rs. 233.59 crore and a net profit of Rs. 72.49 crore in its first quarterly result ended 31st December 2009.
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