fast growing Indian company operates and develops power plants in India..Cheap at 70p after floating at 60p on 30th May.

Yep. Lookin good. One of my biiggest holdings. Everything falling nicely into place politically too.

With interim results due a fortnight from today, a reminder of what the company told us in August, including specific references to the quarter we are in and to November in particular:


"...300MW Gujarat - both 150MW units - equipment assembly complete, testing ongoing, commissioning trials can commence in the next quarter - transmission lines in progress
The construction of Gujarat's Unit A (150 MW) and Unit B (150 MW) has been completed and with equipment testing now ongoing, commissioning trials for Unit A are expected to commence in November 2014 and Unit B to follow thereafter by December 2014.

Gujarat Energy Transmission Corporation Limited ("GETCO") is constructing a new multi circuit transmission line to facilitate evacuation of power from both units and have now informed us that the line is expected to be completed by March 2015. We are assisting them with certain construction activities on the line. In the meantime GETCO have told us they are making available to us an alternative double circuit transmission line, the construction of which is already nearing completion. Accordingly, with our plant now ready to move into commissioning trials as scheduled, we are intending to perform a phased commencement of commercial operations from November 2014 as GETCO progressively make the required transmission infrastructure available to us.

180MW Chennai IV - hydraulic testing completed and early phase of equipment trials started
Hydraulic testing of this new unit was successfully completed in June 2014 and assembly of the turbine and generator is underway. OPG has now moved into the first phase of equipment trials and commissioning trials are expected to commence by November 2014. Chennai IV shares significant infrastructure with the other units at the same location and power sales are expected to be similarly mixed between the state and industrial and commercial customers on flexible or short term arrangements.

Outlook
Following the election of a new Government, the Indian macro environment appears to have accelerated towards a recovery phase. In its first few weeks, the new Government seems to have put the importance of the power sector beyond doubt in terms of it being a basic need for all citizens but also for its importance in re-establishing economic growth. Early signs of some positive momentum to make the sector more attractive for investment have come through in the recent Budget. Accordingly, the long term commercial dynamics of the sector remain attractive.

As can be observed from our activities during the quarter, OPG has remained focused on maximising its existing operations and upon delivering on the current project portfolio of 480MW to nearly treble the size of the Group's operating platform. These activities, as well as planning for the next growth phase, continue apace and current trading continues to be in line with expectations..."

Sharescope indicates the AGM is on Monday.

The 2015 calendar on the OPG website indicates that a trading update will be issued in February. After today there are only 4 days left.

Summat happening on Saturday:



Guj CM inaugurates OPG Power Ltd’s thermal power plant, Mundra, Kutch
Date : 2015-02-24
Date(s): - 28/02/2015
Time: 3:30 pm - 5:00 pm


Saturday event

Maybe worth showing this again. The dark grey block is the one being featured on Saturday:

Thanks for the heads up. Have been holding for a while.

Here we go:

Article link

Ahmedabad: OPGS Power Gujarat Pvt. Ltd, a subsidiary of UK-based OPG Power Ventures Plc, will commission its 300 MW coal-fired power plant on Saturday at Bhadreswar in Kutch district of Gujarat, managing director and chief executive officer Arvind Gupta said in a press conference on Thursday. Work on the project, located in a special economic zone developed by the Adani group in Mundra, started three years ago and around 300 acre land was acquired from private owners in Kutch.


PS: Somebody bought 50,000 shares at 4:45pm today.
Article timed 5:15pm UK time (presumably press conference finished before that)

Press images from yesterday's event -

So Gujarat is now up and running and the share price has barely reacted. Looks dirt cheap to me as revenue could double next year.

Cantor Fitzgerald Buy 85.25 85.25 - 130.00 Initiates/Starts

Nice spot skinny!

Saudi money heading for India. Presumably other such funds that follow will include stakes in electricity supply and other key infrastructure areas..

Saudi Gazette

From this morning's Results statement:

Mr M C Gupta, Chairman stated: "The team at OPG have achieved much over the last five years and have delivered compound earnings growth of over 40% per annum over the last three years. OPG is now set to achieve a new dimension as we start to generate cash flows from a significantly expanded, multi-locational asset base. I'm confident that we will set out on the dividend path following the successful and sustainable operation of this new capacity and am also excited by management's pursuit of continued profitable growth. This Company now represents scale, robustness and growth."

BEST AIM COMPANY AWARDS 2015


Shortlisted for
INTERNATIONAL COMPANY OF THE YEAR


• Fusionex International (FXI)

• Hutchison China Meditech (HCM)

• OPG Power Ventures (OPG)

• Somero Enterprises (SOM)

US-based concrete levelling machinery supplier Somero Enterprises Inc and Indian power producer OPG Power Ventures were on the shortlist last year and both have made further progress since then. Somero continues to grow its profit and revenues internationally and this looks set to continue. OPG's revenues were flat last year, but additional capacity means that generation output has grown by one-third in the three months to June 2015 compared with one year earlier but the tariff price has fallen by around 5%.

BEST GUESS: Somero

Another good set of results and all going to plan, quite remarkable their achievements. Now as stated above, the cash is really going to start to have an impact. Continue to think this is way undervalued with P/E estimate for 2016 somewhere around 12.

Good trading update with substantial increases in volume. Not long before the additional is onstream too in January. Surely way undervalued, but share price stubbornly not reflecting the big increases in revenue and eps expected in 2016.

Cantor reiterating buy, tp 134p

Better start to today on top of yesterday's 9% rise.

"..UK listed OPG Power Ventures plc will add to its existing investment in India by £2.9 billion to a total of £3.4 billion, creating around 100 UK jobs over next few years. The investment will create 4200 MW of new power capacity in India, of which 1000 MW will be solar power and 3200 MW will be thermal and renewable power in Tamil Nadu.."

source: indianexpress.com

As usual in such announcements, most of the list is merely a pulling together of information already known. But nice to see OPG at the top of the list. The figures are ridiculously overstated - need taking with a gigantic bucketful of salt! - but will nevertheless prompt interest in OPG worldwide.

IC today:

Shares in Indian energy generators OPG Power Ventures (OPG) and Mytrah Energy (MYT) have fallen significantly in the past six months, despite the country's persistent chasm between supply and demand. Wind power generator Mytrah recently said it had suffered this year as a result of a less windy start to the monsoon season, leading to analysts downgrading full-year expectations.

Shares in Mytrah have fallen by a quarter in the past 12 months, while returns on an absolute-return basis are down 82 per cent in the past three years. This is despite poor energy infrastructure resulting in a chronic shortage of power in India. The International Energy Agency has estimated that Indian primary energy demand would more than double between 2013 and 2030 to more than 1,426m tonnes of oil equivalent (Mtoe).

Mytrah has built nine turbines so far this year, adding 50.2 gigawatts (GW) of power. This brings overall capacity to 578 megawatts (MW). Management expects to enter the 2016 windy season with 743MW of capacity. However, it has come up against one of the main risks of renewable energy this year - the unpredictability of the weather. Analysts at Investec Securities downgraded their forecasts for this year's cash profits by more than a quarter to €67m (£47m).

While shares in OPG Power Ventures have fallen back over the past year, the electricity provider has generated an 82 per cent increase in returns on a total return basis. In October, its Chennai plant entered into three-year, agreed volume contracts directly with industrial customers for 257MW of capacity. Industrial contracts - which are longer than the nationwide average - now represent 62 per cent of sales for this plant.

While the Indian government has submitted proposals to tackle climate change rather than cut emissions in absolute terms, it has opted to cut emissions intensity - the amount of carbon pollution per unit of gross domestic product - by around a third by 2030 from 2005 levels. This means coal will continue to play an important part in India's energy mix and so be beneficial for OPG.

IC VIEW:
Mytrah's heavy debt - $519m (£341m) compared with a market cap of £125 at the end of June - is a concern and the shares are on 45 times Bloomberg consensus earnings. This makes us more bullish on OPG, whose 750MW target capacity is expected to be profitable by January next year, albeit four months later than chief financial officer V Narayan Swami told us in June. Its 11 times Bloomberg consensus earnings price tag makes it a buy.