KSK Energy Ventures rose 1.22% to Rs 66.20 at 14:59 IST on BSE after the company said that the Coal Ministry has directed Coal India to execute the fuel supply agreement.
The announcement was made during trading hours today, 17 January 2014.
Meanwhile, the S&P BSE Sensex was down 195.70 points or 0.92% at 21,069.48.
On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 1.81 lakh shares in the past one quarter.
The stock hit a high of Rs 69.15 and low of Rs 65.25 so far during the day. The stock had hit a 52-week high of Rs 80.05 on 9 January 2014. The stock had hit a 52-week low of Rs 41.40 on 28 March 2013.
The stock had outperformed the market over the past one month till 16 January 2014, advancing 4.64% compared with the Sensex's 2.93% rise. The scrip had also outperformed the market in past one quarter, surging 21.11% as against Sensex's 3.49% gain.
The small-cap firm has equity capital of Rs 372.63 crore. Face value per share is Rs 10.
KSK Energy Ventures said that with respect to the fuel supply agreement (FSA) of KSK Mahanadi Power Project under the Tapering Linkage Policy, the Ministry of Coal has now directed Coal India to execute the FSA. This FSA will provide for supply of coal to 1,800 megawatts (MW).
Also the project is in receipt of a letter of intent (LoI) and is currently progressing towards execution of a long term power purchase agreement (PPA) for 1,000 MW of Capacity, under a competitive bidding process, with the Uttar Pradesh Power Corporation (UPPCL) at a levelised tariff of Rs 5.58/kwh, adjustable for transmission costs and with potential for tariff escalations on account of certain input costs, KSK Energy Ventures said. The project has earlier notified entering into another PPA of 500 MW on competitive bid basis with TANGEDCO, KSK Energy Ventures said in a statement.
On a consolidated basis, KSK Energy Ventures reported net loss of Rs 31.93 crore in Q2 September 2013 as compared to net profit of Rs 54.42 crore in Q2 September 2012. Net sales fell 19.3% to Rs 453.72 crore in Q2 September 2013 over Q2 September 2012.
KSK Energy Ventures is a power project development company in India.
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