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

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

<ul class=""><li>Infosys CEO Vishal Sikka has resigned after facing continuous verbal assault from one of the co-founders, N R Narayana Murthy.</li><li>In October 2016, Tata Sons board replaced Cyrus Mistry as its Chairman because Ratan Tata was not happy with him.</li><li>There are interesting parallels between the Infosys case and the story at Tata Sons.</li><li>Who is right and who is wrong is a grey area but one size does not fit all.</li><li>The lesson for investors is that ownership and managerial discords are always bad.</li><li>These sudden transitions also create attractive buying opportunities in the market.</li><li>Infosys is a good bet after a 10% correction today.<strong><br></strong></li></ul>

Infosys CEO Vishal Sikka has resigned after facing continuous verbal assault from one of the co-founders, N R Narayana Murthy.In October 2016, Tata Sons board replaced Cyrus Mistry as its Chairman because Ratan Tata was not happy with him.There are interesting parallels between the Infosys case and the story at Tata Sons.Who is right and who is wrong is a grey area but one size does not fit all.The lesson for investors is that ownership and managerial discords are always bad.These sudden transitions also create attractive buying opportunities in the market.Infosys is a good bet after a 10% correction today. 

Tata Sons = Infosys, Ratan Tata = Narayana Murthy and Cyrus Mistry = Vishal Sikka

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/247" target="_blank" data-smartkarma-citation="entities:247:1">Adani Power Ltd (ADANI IN)</a> declared its first quarter (1Q FY18 i.e. April to June 2017) results yesterday.</p><div class="content-highlight"><p>The 1Q results of Adani Power reflect that there is no improvement in business fundamentals. After the massive correction in stock price in April this year post an adverse Supreme Court ruling on tariff hikes, the stock price has not really recovered. The 1Q results confirm that unless the issue of loss making power plant gets resolved, it is unlikely that stock will outperform the broader…</p></div>

Adani Power Ltd (ADANI IN) declared its first quarter (1Q FY18 i.e. April to June 2017) results yesterday.The 1Q results of Adani Power reflect that there is no improvement in business fundamentals. After the massive correction in stock price in April this year post an adverse Supreme Court ruling on tariff hikes, the stock price has not really recovered. The 1Q results confirm that unless the issue of loss making power plant gets resolved, it is unlikely that stock will outperform the broader…

Adani Power Q1 FY18 Results: No Respite, Stay Away

<p><strong>Spot market is small but it is a barometer for Power Sector's health in India</strong></p><p>Spot market is only a minuscule portion of total electricity market in India as more than 95% of power demand in India is met through medium to long term power purchase agreements (PPAs) between power generation companies (GENCOs) and power distribution companies (DISCOMs). However, pricing and volumes in spot market reflect the demand supply situation on a real-time basis and hence, they are important to draw…</p>

Spot market is small but it is a barometer for Power Sector's health in IndiaSpot market is only a minuscule portion of total electricity market in India as more than 95% of power demand in India is met through medium to long term power purchase agreements (PPAs) between power generation companies (GENCOs) and power distribution companies (DISCOMs). However, pricing and volumes in spot market reflect the demand supply situation on a real-time basis and hence, they are important to draw…

India's Spot Market for Electricity: Decline in Prices and Volumes in July

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Event-Driven

<p>Consolidation in the Indian market continues to gather pace. The latest merger rumor is that <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> and Tata are in talks to merge Tata's telecoms businesses into Bharti. We view a deal as being very positive for Bharti assuming they get a good price. We expect a number of related Tata businesses to be part of a deal as a sweetener to Bharti with total synergies worth up to US$4.6bn (INR75/Bharti share). Given the strength of Bharti’s hand in any negotiations, we expect that…</p>

Consolidation in the Indian market continues to gather pace. The latest merger rumor is that Bharti Airtel (BHARTI IN) and Tata are in talks to merge Tata's telecoms businesses into Bharti. We view a deal as being very positive for Bharti assuming they get a good price. We expect a number of related Tata businesses to be part of a deal as a sweetener to Bharti with total synergies worth up to US$4.6bn (INR75/Bharti share). Given the strength of Bharti’s hand in any negotiations, we expect that…

Indian Telecom Consolidation Continues. Next to Go Is Tata, Rumored to Be in Talks with Bharti.

<h2>Spot market is a barometer for Power Sector's health in India</h2><p>The Spot market is only a miniscule portion of the total electricity market in India as more than 95% of power demand in India is met through medium/long term power purchase agreements (PPAs) between generation companies (GENCOs) and distribution companies (DISCOMs). However, pricing and volumes in the spot market reflect the supply/demand situation on a real-time basis and hence, they are important to draw implications for the…</p>

Spot market is a barometer for Power Sector's health in IndiaThe Spot market is only a miniscule portion of the total electricity market in India as more than 95% of power demand in India is met through medium/long term power purchase agreements (PPAs) between generation companies (GENCOs) and distribution companies (DISCOMs). However, pricing and volumes in the spot market reflect the supply/demand situation on a real-time basis and hence, they are important to draw implications for the…

Sharp Decline in Spot Market During June/July: Bad Sign for Revival Hopes in Indian Power Sector

India

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

Torrent Power Limited generates, transmits and distributes power. The Company also implements large power projects in India.

SJVN Limited develops, owns, and operates Hydro-electric power projects in India. The Company operates power generating plants in states that include Himachal Pradesh,

CESC Limited generates and supplies electricity in and around Kolkata. The Company also provides consultancy services for setting up power plants and for erecting transformers and electrical equipment.

India Grid Trust operates as an infrastructure investment trust. The Company invests, designs, finances, constructs, and maintains power transmission projects. India Grid Trust serves customers in India.

Reliance Infrastructure Ltd. generates, distributes, and transmits electricity. The Company also builds highways, roads, bridges, rapid transit systems, airports, and other projects. Reliance Infrastructure is a member of the Reliance Anil Dhirubhai Ambani Group.

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.

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

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.

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

CK Infrastructure Holdings Limited (CKI) operates as a real assets investment company. The Company invests in energy, transportation, water, and electricity generation sectors. CKI serves customers worldwide.

Tenaga Nasional Berhad transmits, distributes, and sells electricity under license issued by the Director General of Electricity Supply. Through its subsidiaries, the Company manufactures, sells and repairs transformers and switchgears. Tenaga Nasional also provides project management and consultancy, engineering works and energy project development services.

Brookfield Infrastructure Partners LP owns and operates infrastructure assets. The Company operates utilities, transport, energy, and communications infrastructure assets in North and South America, Australia, and Europe.

Brookfield Infrastructure Partners L.P. (BIP US)

Alliant Energy Corporation provides public-utility service to customers in the Midwest.  The Company's utility subsidiaries serve electric, natural gas, and water customers in Illinois, Iowa, Minnesota, and Wisconsin.

The Kansai Electric Power Company, Incorporated generates electricity from hydroelectric, thermal, geothermal, and nuclear power sources.  The Company distributes electricity to Osaka and the surrounding Kansai area.  Kansai Electric also constructs and maintains electrical power facilities.

Terna - Rete Elettrica Nazionale SpA transmits electricity over the high-voltage and extra-high voltage grid in Italy.  Through subsidiaries, the Company owns a substantial share of the national electricity transmission grid.

Terna - Rete Elettrica Nazionale (TRN IM)

EDP - Energias de Portugal, S.A. generates, supplies and distributes electricity and the supply of gas in Portugal and Spain. Through subsidiaries, the Company is involved with electricity distribution, generation and supply in Brazil, and wind power promotion, construction and operations in Spain, Portugal, France and Belgium.

Fortum Oyj provides a full range of energy related products and services. The Company's activities cover the generation, distribution, and sale of electricity and heat and steam, as well as the operation of power plants and energy-related services. Fortum operates worldwide but mainly in Northern Europe.

Hydro One Limited is an electrical transmission and distribution utility in Ontario. The company delivers electricity safely and reliably to customers across the province, and to large industrial customers and municipal utilities. Hydro One owns and operates Ontario's transmission and low-voltage distribution network.

Centrais Eletricas Brasileiras S.A. (Eletrobras) generates, transmits, and markets electricity through regional companies in Brazil.  The Company plans, finances, coordinates, and supervises expansion projects for its subsidiaries.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tata Power (TPWR IN)

Tata Sons = Infosys, Ratan Tata = Narayana Murthy and Cyrus Mistry = Vishal Sikka

Infosys CEO Vishal Sikka has resigned after facing continuous verbal assault from one of the co-founders, N R Narayana Murthy. In October 2016,...

Pankaj Sharma

Adani Power Q1 FY18 Results: No Respite, Stay Away

Adani Power Ltd (ADANI IN) declared its first quarter (1Q FY18 i.e. April to June 2017) results yesterday.The 1Q results of Adani Power reflect...

Pankaj Sharma

India's Spot Market for Electricity: Decline in Prices and Volumes in July

Spot market is small but it is a barometer for Power Sector's health in IndiaSpot market is only a minuscule portion of total electricity market in...

Pankaj Sharma

Indian Telecom Consolidation Continues. Next to Go Is Tata, Rumored to Be in Talks with Bharti.

Consolidation in the Indian market continues to gather pace. The latest merger rumor is that Bharti Airtel (BHARTI IN) and Tata are in talks to...

New Street Research

Sharp Decline in Spot Market During June/July: Bad Sign for Revival Hopes in Indian Power Sector

Spot market is a barometer for Power Sector's health in IndiaThe Spot market is only a miniscule portion of the total electricity market in India...

Pankaj Sharma

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)