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    512599   INE423A01024

ADANI ENTERPRISES LIMITED

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India's June-quarter thermal coal imports down 42%

09/16/2020 | 11:24am EDT
A worker watches as a loader unloads coal at a yard on the outskirts of Ahmedabad

India's imports of thermal coal fell by 41.5% to 32.9 million tonnes during the quarter ended June 30, government data showed, as coronavirus lockdowns battered power demand.

India's electricity demand is expected to fall for the first time in four decades in the ongoing fiscal year, which ends in March 2021.

Imports by utilities, which account for over three-fourths of India's coal use, fell 41%, the government data showed, as coal's share in overall power generation dropped to as low as 60% during the quarter, compared with 2019 average of nearly 70%.

Thermal coal imports by the "non-regulated" sector, which includes cement producers and the metals industry fell 41.7%, the coal ministry data showed.

Lower coal imports is good news for the Indian government, which has been looking to cut down imports of the fuel.

But fewer shipments by India - the world's second largest consumer, importer and producer of the fuel - will hit miners such as Indonesia's Adaro Energy and traders such as India's Adani Enterprises and London-listed Glencore Plc.

Imports of coking coal - used mainly by the steel industry - also fell 28.6% to 9.71 million tonnes, government data showed.

Coal-fired electricity showed signs of recovery during the first half of September, driven by higher demand in India's industrial western states. Still, coal imports will likely not grow year-over year in the near-term, traders say.

India's thermal coal imports fell nearly 20% in the eight months ended August, data compiled by Iman Resources - which mainly trades U.S. origin coal - showed.

Vasudev Pamnani, senior trader at Iman, said he doesn't expect coal imports to grow year-over year till late 2021.

"Import of coal from the United States, Canada and Columbia will be likely hit in the near-term as they will be less competitive," Pamnani said.

By Sudarshan Varadhan


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ADANI ENTERPRISES LIMITED -4.01% 1420.85 End-of-day quote.196.63%
COAL INDIA LIMITED -1.60% 154.2 Delayed Quote.15.69%
GLENCORE PLC -3.79% 314.8 Delayed Quote.40.43%
PT ADARO ENERGY TBK -1.12% 1320 End-of-day quote.-7.69%
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Financials
Sales 2022 463 B 6 287 M 6 287 M
Net income 2022 14 581 M 198 M 198 M
Net Debt 2022 - - -
P/E ratio 2022 107x
Yield 2022 -
Capitalization 1 563 B 21 215 M 21 221 M
Capi. / Sales 2022 3,38x
Capi. / Sales 2023 3,02x
Nbr of Employees 790
Free-Float 81,0%
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Number of Analysts 1
Last Close Price 1 420,85 INR
Average target price 1 269,00 INR
Spread / Average Target -10,7%
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Managers and Directors
Rajesh Shantilal Adani Managing Director & Executive Director
Jugeshinder Singh Chief Financial Officer
Gautambhai Shantilal Adani Executive Chairman
Jatin R. Jalundhwala Secretary & Joint President-Legal
Hemant Madhusudan Nerurkar Independent Non-Executive Director
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