A Lion’s eye on the Bulls and Bears
“In India, companies may fall sick, but promoters rarely do!”
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Thursday ,June 22
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Czech Republic
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Portugal
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Friday, June 23
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Germany
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Greece
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Saturday,June 24
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Spain
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France
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Sunday June 25
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England
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Italy
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Raging Fire at Old Mantralaya in Mumbai from 2.30 pm ~ it’s nearing 4.30 pm now and yet many People are Trapped and Rescue is On ~ Fire apparently began due to a short wire on the Fourth Floor and spread to the fifth and sixth floor ~ It yet rages on ~Many People are trapped and the Rescue is On ~ Many have rushed to the Terrace ~ Opposition Parties have already began to accuse of deliberate sabotage to destroy crucial Files and records that pertain to scams like Adarsh Housing Society ! ~ Live Media Visuals lend support to this accusation as Fresh Fire is being reported from a completley different set of rooms on the sixth floor which are atleast 15 rooms away from where the fire is yet on !….What a Conspiracy Spin while the Fire yet rages on !
😉 In the Euro Context what’s the Difference between a Borrower and a Lender ?
😀 Heavy Eurozone Borrowers PIIGS (Portugal,Ireland,Italy,Greece and Spain) are thoroughly and excitedly enjoying playing each other in the Euro 2012 Football ~ These Nations are Economically and Debt Beat but clearly Football Upbeat ! ~ can’t kickstart the Economy so let’s go kick Ball !
😥 While Heavy Lenders to the Eurozone ~USA ,China,India and the Many other Countries in the Rest of the World and even Germany and France from within the Eurozone , are anxious about the collapse of the Euro and the Eurozone , a Greece exit, and the Impact on their own Economies !
Whatever ! Enjoy the Euro 2012 QFs from tonight when Portugal face the Czech Republic !
Music Truly and even Miraculously Heals !
Adele’s Song wakes up a girl from Coma !
What a Lovely Inspiring and Keep the Faith Real Life Story !
I instantly recalled William Shakespeare’s ‘Twelfth Night’ which began with this inspiring line by Duke Orsino
” If Music be the Food of Love,Play On”
We had this Play in our English Literature Syllabus way back in Std VIII ~ way back in the early 1970s ! ~ This Opening Line remains immortally etched in my Memory since then !
NHPC @ Rs 18 ~ From Defensive to Default ? 😕 despite Dividend Declaration !
Fitch has just downgraded NHPC ~ The Long Term Issue Default Rating (IDR) Outlook has been revised to Negative from Stable while Fx and Local Currency IDR rating has been reaffirmed at ‘BBB-‘
Chart source : www.bseindia.com
I had rated NHPC as a Defensive Scrip with a Long Term Potential to breakaway into a Higher Price Zone~ The Share Price Range has been fairly narrow over the year with 52 Week High and Low being Rs 26 and Rs 17 respectively ~ Clearly NHPC continues to struggle under Operating Restrictions and Limitations
86.36% of the Equity of Rs 1230o crs is held by the Government and in FY 12 it earned a net of Rs 2772 crs giving an EPS of Rs 2.25 ~ The Networth is Rs 26354 crs at March 31,2012 with Reserves at Rs 14054 crs giving a Book Value of over Rs 21 ~ Dividend of 7% has been declared for FY 12 ~ In FY 12 the Interest Expense was Rs 342 crs and Tax Paid was Rs 745 crs
The Auditors have not qualified the Report but have made a reference to several issues as below
Electricity generation is the principal business activity of the Company. Sales have been recognized as per tariff notified by Central Electricity Regulatory Commission (CERC). Tariff for the tariff period 2009-14 has since been fixed in respect of all the 12 Power Stations. However tariff of Teesta V Power Station is provisional pending approval of revised cost of the Project.
Out of the Initial Public Offering (IPO) proceeds of Rs. 6039 crs made during FY 10, sale proceeds of Rs. 2013 crs was paid to Ministry of Power, Govt. of India and Rs. 4026 crs was retained by company. Out of this Retained Amount Rs 2215 crs has been utilised up to March 31, 2012 for re-coupment of capital expenditure already incurred from internal accruals on the projects specified for utilisation and Rs. 1772 crs has been invested in bank deposits as per extant investment policy of the company and Rs. 39 crs recouped for meeting IPO expenditure.
The IPO Pricing in 2009 was high at Rs 36 and I had opined in a blog post that NHPC would be available @ Rs 25 after Listing ~ Check the Blogs Post Links below which feature NHPC in detail or passing reference ~ In Three Years NHPC @ Rs 18 has seen a 50% Erosion from IPO Pricing ~ The Risk is that it may fall yet further given the tough dues recoverability scenario ~ especially of incremental tariff and other recoverables now allowed with retrospective effect by CERC