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Sunday, April 13, 2014

Gujarat NRE Coke: Steady Upmove Expected
The coking coal-maker company has received the formal approval for the restructuring of the debts, from the Empowered Group of Corporate Debt Restructuring Cell last month. According to the terms of package, the debt will be restructured for 10 years door-to-door with two-year moratorium and ballooning repayment. "There will be an additional need based working capital aggregating to Rs 370 crore. The company will get fresh term loan of Rs 50 crore for completing the waste heat recovery based power plants at Dharwad, Karnataka," the company said in its filing.
Photo: The Telegraph
Last year, there were some media reports that Jindal Steel & Power Ltd has acquired a majority stake in Australian coking coal miner Gujarat NRE Coking Coal Ltd, partially securing the supply of this scarce raw material for its steel units.  Gujarat NRE Coking Coal (GNCCL) is a subsidiary of Arun Kumar Jagatramka’s Calcutta-based Gujarat NRE Coke Ltd, one of India’s top independent producer of metallurgical coke. Guj NRE, operates two hard coking coal mines in the southern coal fields of New South Wales, Australia. 

The mines, NRE No. 1 Colliery and NRE Wongawilli Colliery, contain estimated coal reserves of 125 million tonnes (mt) and have a potential mine life of over 30 years. The hard coking coal production is being increased from the current level of around 1.5mt per annum to over 5mt by 2016, according to information available on the website of the firm. 

The company also enjoys the advantage of being close to a port facility, Port Kembla Coal Terminal. Access to this terminal offers favourable transportation logistics and reduces transportation costs, the website informed.

The current market capitalisation of Gujarat NRE Coke Ltd (Rs11.89) stands at Rs.745.94 crore and the book value of the shares of the company is Rs.27.29. The company has reported a standalone sales of Rs.193.86 crore and a Net Loss of Rs.277.48 crore for the quarter ended Dec 2013.

The scrip is on an uptrend and should reach Rs.15.5-16, within the next few trading sessions.