Jaiprakash Power off 7.5% in 2 days after reporting Q3 loss

Meanwhile, the BSE Sensex was up 38.74 points or 0.19% at 19,945.15.

On BSE, 3.23 lakh shares were traded in the counter as against average daily volume of 15.47 lakh shares in the past one quarter.

The stock hit a high of Rs 38.45 and a low of Rs 36.95 so far during the day. The stock had hit a 52-week low of Rs 24.55 on 31 August 2012. The stock had hit a 52-week high of Rs 49.70 on 15 February 2012.

The stock had underperformed the market over the past one month till 14 January 2013, sliding 8.58% compared with the Sensex's 3.05% rise. The scrip had also underperformed the market in past one quarter, rising 1.72% as against Sensex's 6.59% surge.

The large-cap company has equity capital of Rs 2624.76 crore. Face value per share is Rs 10.

Shares of Jaiprakash Power Ventures have declined 7.57% in two trading sessions from a recent high of Rs 40.25 on11 January 2013, after the company on 12 January 2013, reported net loss in Q3 December 2012. The stock had fallen 4.72% to settle at Rs 38.35 on Monday, 14 January 2013.

Jaiprakash Power Ventures reported net loss of Rs 97.58 crore in Q3 December 2012, compared with net profit of Rs 59.52 crore in Q3 December 2011. Net sales rose 8.6% to Rs 399.17 crore in Q3 December 2012 over Q3 December 2011.

Jaiprakash Power Ventures said the company's performance during the quarter ended 31 December 2012 was adversely impacted by lower water availability in respect of hydro electric plants, namely Baspa-II, Vishnuprayag and Karcham Wangtoo. The performance was also hit adversely due to maintenance work undertaken by UPPCL in a section of transmission line between Vishnuprayag and Muzaffarnagar. The performance was also hit adversely as the stabilisation of Unit I of Bina Thermal Power Plant resulted in lower plant load factor (PLF). Further, in respect of Bina TPP, the depreciation and interest charged is on 70% (approx.) of the cost, capitalised as per Accounting Standard issued by ICAI, whereas the revenue realised is based upon the provisional tariff order of MPERC for the first unit, of 250 WIW, which allows 50% of the cost incurred, Jaiprakash Power Ventures said.

Karcham Wangtoo H.E.P. after one year of successful operation, coinciding with winter, has been taken for routine inspection and regular maintenance with effect rrom 21 December 2012 for four weeks, Jaiprakash Power Ventures said.

Jaiprakash Power Ventures' board of directors at a meeting held on 12 January 2013, authorised raising of funds/resources up to Rs 3500 crore through various Domestic/International options, including QIP/ECB with rights of conversion into shares/FCCBs/ADRs/GDRs/FPO/Optionally or Compulsorily Convertible Redeemable Preference Shares etc for the company's ongoing projects and/or the projects of its joint venture and subsidiary companies.

Jaiprakash Power Ventures currently operates the largest hydroelectric power plant in the private sector in India.

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