Murtuza Arsiwalla, senior analyst, Kotak Institutional Equities has a buy on CESC.
Murtuza Arsiwalla, senior analyst, Kotak Institutional Equities says Jindal Steel and Power Limited (JSPL) has a good chance of winning back the Gare Palma coal blocks, but it will come at a cost of the company's margins.
Below is the verbatim transcript of Murtuza Arsiwalla's interview with Ekta Batra & Anuj Singhal on CNBC-TV18.
Ekta: Now that the auction process of the coal mines is seeing some sort of moment can you first start by talking to us about Jindal Steel and Power (JSPL) and what is your sense in terms of where we stand in the coal block auctioning process especially first starting with Gare Palma?
A: If you look at JSPL and if you look at Gare Palma they have a natural advantage in terms of being able to get the coal block back. Given their proximity, given that most of their capital cost are already being incurred so the natural advantage that JSPL has is immense in terms of securing back the Gare Palma coal blocks. However, it is also true, that region is relatively more competitive compared to the other regions where coal blocks are being put up for auction.
That aside one of the grey areas that I find in the auction methodology that has been prescribed is on the 80 percent contracted capacity. Now it does not very clearly specify that whether that is a pre bid criteria or there is a timeframe within which the projects have to be contracted. Depending on which the legibility of JSPL essentially to participate will come into being. That is sort of a little bit of grey area where we would seek clarification but clearly JSPL has a chance to win back a better chance to win back coal blocks obviously at a price which would not allow it to maintain the margins that it previously did.
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