Some states like UP have already implemented net-metering. Seven or so states are in last stages of finalizing policies. Many other states have started talks.
Posts in category Value Pickr
SRG Housing Finance – A fast growing NBFC (01-09-2015)
Thanks @divygupta
The promoters have increased their stake in the past week. Promoter holding has increased from 49.6% to 54.6%.
P.S: I am not able to buy this script on HDFC securities. Have written to HDFC Securities customer care team yesterday. Haven’t heard back from them yet. Any possible reason for this? Can some one check if the same issue exists on other trading platforms? Would be great if you could let me know.
Ujaas Energy – Value Migration to Solar Power (01-09-2015)
The company keeps on talking about REC repurchase obligations (RPO) being enforced on state DISCOMS. Given the poor financial state of affairs of DISCOMS, I think relying on RPO enforcement would be impractical in the short/medium term. If there comes a regulation to enforce coal/gas based power producers to buy RECs then that might be a big growth trigger for the company.
I have some background in solar energy project viability estimation and would like to share my thoughts. Broadly speaking, there are generally 2 kinds of solar power projects:
1) Large commercial projects
2) Small roof top projects
Small roof top projects might require a battery for storing excess solar power generated during the day. The cost and life time of the battery makes such projects un-viable in the short/medium term and also increases the operational headache (One has to perform regular battery maintenance, replace battery every 3-4 years etc). Hence you won’t find a lot of these roof top projects on residential buildings. It might make some sense for commercial establishments which have a a large rooftop area and power requirements during the day. However the trigger for roof top based projects would come when state DISCOMs start implementing the net metering system. In net metering, the rooftop generation is connected to the grid in a 2 way mechanism. One can sell excess electricity generated to the DISCOM during the day, thus avoiding the use of batteries to store the excess power generated. And purchase electricity from the DISCOM when there is no sunlight via the same connection. There is no net metering in India at the moment (correct me if I am wrong).
In the AR the company has not talked a lot about taking up large scale commercial projects. This is a negative in my opinion, given the current state of affairs in India only large scale projects would be viable for most investors and the success of roof top projects depends heavily on the implementation of net metering. That is not likely to come anytime soon.
Awaiting more clarity on the future steps of the management. This could be taken up in the investor concall.
VP CHINTAN BAITHAK GOA 2015: Donald Francis: INVESTMENT JOURNEY/PHILOSOPHY (01-09-2015)
Travelling. Am aware some answers are pending from my side, should be able to respond properly in the next few days when I am back
Ujaas Energy – Value Migration to Solar Power (01-09-2015)
The AR is out. Download Link
Key points:
1) Board has given approval to raise upto 500 Cr through equity/equity linked instruments. AR states the possible routes could be – ADR, GDR, FCCBs, NCDs, FCDs or direct equity.
2) The Company has made investment in the following foreign subsidiary Companies:
– Ujaas Energy Limited (Dubai)
– Ujaas Energy HK Limited (Hong Kong)
– Eizooba Energy one Limited. (Uganda)
Don’t know what these investments are about. Could be asked in an investor concall.
3) ESOPs scheme is being implemented. This is a good sign, shows that the promoters want to reward employees.
4) Debt down from 132 Cr to 110 Cr.
5) Key management personnel took a pay cut of 69% during the year due to poor financial performance of the company.
VP CHINTAN BAITHAK GOA 2015: Donald Francis: INVESTMENT JOURNEY/PHILOSOPHY (01-09-2015)
Hi Girish,
I think we should give everyone free space. Let’s follow the SEBI rules not only in word, but also in spirit. With the kind of knowledge, wisdom and fan following some seniors at VP have, and considering the small free floating capitalisation of some stocks they look at, they might as well come up with self-fulfilling prophecies – so far we’ve witnessed some on the upside.
Screener.in: The destination for Intelligent Screening & Reporting in India (01-09-2015)
Ayush,
Quick suggestion. Please look at Value Line that is US based stock database publication. In one single page they give lot of details on single stock. very useful. You may get some good ideas from that. Please see if you can eventually create online Value Line equivalent for Indian stocks 
Great effort and I appreciate your good work.
VP CHINTAN BAITHAK GOA 2015: Donald Francis: INVESTMENT JOURNEY/PHILOSOPHY (01-09-2015)
Donald,
You said
“Now the challenge is to see of the Bull Market successfully – stay away again from GREED and FEAR”….
So right. Many will relate to that. Our real test is gonna be in the coming Bull market. How do we behave? Do we leave the party before midnight or become pumkins because we don’t. Warren Buffet gave nice parable on this in 2000 before dot com bust. I agree that if we come out of this Bull market intact then we may be set for next 30 years. We have done well in bear phase so well. Those who do not try to get last Rupee out of next bull rally will live to tell the story and play another day. This is where community support and guidance from seniors gonna be very very important. Hope they help us all cross to the other side.
-Girish
Ambika Cotton Mills (01-09-2015)
C Bhavnani who owns 38% stake in the Company is the wife of Mr Chandran. This is confirmed by the annual report of Ambika for FY15 – http://www.bseindia.com/bseplus/AnnualReport/531978/5319780315.pdf
Key points from AR
- Management is bullish on growth prospects – as was disclosed in the results, Company plans to setup another spinning unit of 30,000 spindles with 100% compact facility consisting of imported and indigenous machinery, with total cost of 130 crores. This will be largely financed by internal accruals
- AR says that specialty cotton yarn does not closely track economic growth, and is consistently growing. Company continues to have good demand for its products, and continues to strengthen its production base by modernization and adding balancing equipments
- Management focus is to maximize per spindle EBITDA, which as we know is one of the highest in the industry
- Export % of sales have been reduced from 65% in FY14 to 59% in FY15
- Long term Debt has been reduced from 61 crores in FY14 to 16 crores in FY15, and Mr Chandran is focused on working with minimal or no debt
Shilpa Medicare -Racing away on the Oncology API highway! (01-09-2015)
Shilpa Medicare FY15 Annual Report is now available at http://www.bseindia.com/bseplus/AnnualReport/530549/5305490315.pdf
Some interesting points in the AR based on preliminary review:
- API facility at Raichur and Formulations facility at Jadcherla have received approval from Mexico, Brazil and EU authorities. USFDA approval for both is still pending (both plants have been inspected by USFDA in FY15)
- Anticipating an increase in demand in the current year – so oncology formulation and API manufacturing facilities for few products have been expanded significantly
- Significant capacity expansion showing in CWIP which has doubled from 110 crores in FY14 to 220 crores in FY15
- R&D spend is 28 crores for FY15, 4%+ of sales and 30%+ of net profit. R&D is yielding encouraging results – projects of 5 products transfer executed successfully; other projects of 8 products have been completed and ready for transfer to plant;
- 10 new molecules have been taken up for development considering future demand
- 4 DMFs filed in US have been applied for in EU-CP, EU-DCP, EDQM-CEP, Health Canada, New Zealand, and Australia
- 11 International Patent Applications (PCT) were received, and 15 Indian patents in FY15; So total number of patents now more than 115+ (100 in FY14 AR)