Ravi Uppal, managing director and CEO of JSPL says the plants are being run based on the inventory of iron ore lumps that it had, along with the supplies it is getting from the Tensa mine.
The second quarter results of Jindal Steel & Power were broadly inline with estimates. Topline came in slightly lower because they deducted captive sales from revenues while margins were slightly higher as operating profit was taken on lower sales.
Ravi Uppal, managing director and CEO of JSPL gave some clarity on its Sharda Mines. He says the plants are being run based on the inventory of iron ore lumps that it had, along with the supplies it is getting from the Tensa mine. It is also sourcing from the neighbouring producing mines.
"When we will get supplies from SMPL will depend on environment clearance. We do not see any reason whatsoever for that mine not to get the environment clearance because the Expert Appraisal Committee (EAC) had given clearance to it in September," he says. However, he refrained from giving exact dates.
On the performance of its first four units of 250 MW, he says the performance has been a repeat of last year. The units have done very well, he adds. Jindal Power Limited (JPL), a subsidiary of Jindal Steel & Power Ltd. (JSPL), has set up a 1000 MW power plant of four units of 250 MW each, the first of which commenced commercial operation in December 2007.
Uppal says a bigger challenge for the company at the moment is making sure that all four units of 600 MW at its Tamnar Phase II project become operational. At the moment, two such units are running. "I am just hoping that before the financial year comes to an end, for the phase II, we should have PPAs for at least about 1,100-1,150 MW of capacity. And then we are going to start focusing on unit number three and four. And there once again we will try for PPA or initially we will be selling the power on a merchant basis," he told CNBC-TV18.
Jindal Steel stock price
On November 05, 2014, at 14:13 hrs Jindal Steel & Power was quoting at Rs 165.30, down Rs 4.85, or 2.85 percent. The 52-week high of the share was Rs 350.00 and the 52-week low was Rs 128.00.
The company's trailing 12-month (TTM) EPS was at Rs 14.86 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 11.12. The latest book value of the company is Rs 142.79 per share. At current value, the price-to-book value of the company is 1.16.
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