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

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Equity Bottom-Up

Bharat Heavy Electricals / Equity Bottom-Up

<p>In the data released a few days back, m-junction services which is an online procurement and sales platform floated jointly by <a href="https://www.smartkarma.com/entities/14323" target="_blank" data-smartkarma-citation="entities:14323:1">Steel Authority Of India (SAIL IN)</a> (public sector steel producer in India) and <a href="https://www.smartkarma.com/entities/20934" target="_blank" data-smartkarma-citation="entities:20934:1">Tata Steel Ltd (TATA IN)</a> (a leading private sector steel producer) has reported the coal import figures for May for India. (<a href="http://timesofindia.indiatimes.com/business/india-business/coal-imports-dip-6-in-may-on-weak-demand-from-power-sector/articleshow/59062476.cms" target="_blank">News Report</a>)</p><p>India's coal imports in May declined 6% yoy to 18.15 million tonnes primarily due to poor demand from the power sector.  Thermal coal imports decline is even…</p>

In the data released a few days back, m-junction services which is an online procurement and sales platform floated jointly by Steel Authority Of India (SAIL IN) (public sector steel producer in India) and Tata Steel Ltd (TATA IN) (a leading private sector steel producer) has reported the coal import figures for May for India. (News Report)India's coal imports in May declined 6% yoy to 18.15 million tonnes primarily due to poor demand from the power sector.  Thermal coal imports decline is even…

India's Coal Imports Decline 6% in May Due to Weaker Demand from Power Sector, What Does This Mean?

Thematic (Sector/Industry)

<h2>Coal: Effective tax to change from 11.4% to 5% under GST</h2><p>As per reports, the Goods and Service Tax (GST) regime will reduce the effective tax rate on coal. The tax slabs announced by the GST Council will put coal in the 5% bracket against 11.39% at present. GST roll out is planned for 1<sup>st</sup> July 2017 all over the country.</p><div class="content-highlight"><p>The change in tax rate for coal under GST will have implications for Coal India, GENCOs and DISCOMs.</p></div><h2>Coal India</h2><ol><li>
<a href="https://www.smartkarma.com/entities/9117" target="_blank" data-smartkarma-citation="entities:9117:1">Coal India Ltd (COAL IN)</a> is unlikely to be significantly impacted in…</li></ol>

Coal: Effective tax to change from 11.4% to 5% under GSTAs per reports, the Goods and Service Tax (GST) regime will reduce the effective tax rate on coal. The tax slabs announced by the GST Council will put coal in the 5% bracket against 11.39% at present. GST roll out is planned for 1st July 2017 all over the country.The change in tax rate for coal under GST will have implications for Coal India, GENCOs and DISCOMs.Coal India
Coal India Ltd (COAL IN) is unlikely to be significantly impacted in…

GST Will Make Coal Cheaper: The Implications

<p>In the current financial year, the Government of India is aiming to stop thermal coal imports of state owned power generation companies (GENCOs). These companies include the largest utility in India, NTPC. The immediate objective is to reduce the import bill by approximately US$ 2.5bn. Once the coal imports are stopped for PSUs (Public Sector Undertakings), the Govt also plans to do the same for the private sector power companies to totally stop the import of thermal coal.</p><p>Though domestic coal is…</p>

In the current financial year, the Government of India is aiming to stop thermal coal imports of state owned power generation companies (GENCOs). These companies include the largest utility in India, NTPC. The immediate objective is to reduce the import bill by approximately US$ 2.5bn. Once the coal imports are stopped for PSUs (Public Sector Undertakings), the Govt also plans to do the same for the private sector power companies to totally stop the import of thermal coal.Though domestic coal is…

Government Intends to Stop Coal Imports for State Owned GENCOs: Positive for Coal India

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

<p>In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.</p>

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

<p>Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…</p>

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

India

NHPC Ltd is a hydro-power development company based in India. The Company has constructed approximately 11 hydro-power projects in India and abroad with a total installed capacity of 2554.35 MW.

Neyveli Lignite Corporation Limited generates and distributes power, mines and processes lignite, manufactures fertilizers & chemicals and processes and sells clay of all kinds. The Company's other activities include the briquetting and carbonization of lignite and its main products include electric power, lignite, nekolin, pulverized nekolin, urea, coke fines and leco.

Jaiprakash Power Ventures Ltd. generates electricity.  The Company operates a private sector hydroelectric power plant.

RattanIndia Infrastructure Limited, through a subsidiary, develops electricity generating plants.  The Company is building a coal-fired plant in Nandgaonpeth in the Amravati District of Maharashtra State, and a coal-fired plant in Sinnar in the Nasik District of Maharashtra State.

Reliance Power Limited develops, constructs, and operates power projects both domestically and internationally.

RattanIndia Power Limited develops, constructs and operates power projects domestically and internationally. The Company is participating in various Coal based Thermal,Hydro and Renewable Energy projects as well as is actively pursuing various coal mining opportunities.

PTC India Ltd buys and sells electricity.

Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

Adani Transmission Limited provides utility services. The Company offers electricity generation, transmission, and distribution services. Adani Transmission conducts its business globally.

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

Sichuan Chuantou Energy Co., Ltd. invests in electric power projects through its subsidiaries, the Company also develops and manufactures cable, railroad control systems and other automation equipment.

China Resources Power Holdings Company Limited is a power generation company. The Company invests, develops, owns, and operates coal-fired power plants in China.

NRG Energy, Inc. owns and operates a diverse portfolio of power-generating facilities, primarily in the United States.  The Company's operations include energy production and cogeneration facilities, thermal energy production, and energy resource recovery facilities.

GD Power Development Co., Ltd. generates and distributes electric power and heat throughout China.  The Company also invests in new energy development and environmental protection projects.

Zhejiang Zheneng Electric Power Co., Ltd. supplies electric power through operating thermal power generation.  The Company also involves in the research and development of electric power, power and energy-saving technology development, technical consulting, sales of energy-saving products, electrical engineering and asset management.

Zhejiang Zheneng Electric Power A (600023 CH)

EDP Renovaveis SA designs, develops, manages and operates power plants. The Company generates electricity using renewable energy sources mostly wind energy.

Gulf Energy Development Public Company Limited produces and sells electricity and steam. The Company manages a portfolio of gas-fired and renewable power projects, as well as supplies steam and chilled water. Gulf Energy Development serves customers in Thailand.

Huaneng Power International, Inc. develops, constructs, owns and operates coal-fired power plants throughout China. It also builds gas-fired, hydroelectric and wind power generation in China and owns Tuas Power which controls power generation facilities in Singapore.

Meridian Energy Ltd. operates as a state-owned electricity generator. The Company produces hydro-electric power and supplies electricity to residential, business, and rural customers. Meridian Energy provides services throughout New Zealand.

SDIC Power Holdings Co Ltd . generates thermal electric and hydroelectric power. The electric power generated by the Company are supplied to Gansu area.

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

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JSW Energy Ltd (JSW IN)

India's Coal Imports Decline 6% in May Due to Weaker Demand from Power Sector, What Does This Mean?

In the data released a few days back, m-junction services which is an online procurement and sales platform floated jointly by Steel Authority Of...

Pankaj Sharma

GST Will Make Coal Cheaper: The Implications

Coal: Effective tax to change from 11.4% to 5% under GSTAs per reports, the Goods and Service Tax (GST) regime will reduce the effective tax rate...

Pankaj Sharma

Government Intends to Stop Coal Imports for State Owned GENCOs: Positive for Coal India

In the current financial year, the Government of India is aiming to stop thermal coal imports of state owned power generation companies (GENCOs)....

Pankaj Sharma

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September...

Speeda Research

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

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