Tata power

Tata Power, however, continues to hold its equity stake in PT Kaltim Prima Coal (KPC), which owns one of the largest thermal coal producing mines in the world. KPC will also continue to be a part of the supply chain for Tata Power Group's coal off-take requirements, Tata Power said in a statement. Accordingly, Tata Power, through its wholly-owned subsidiaries, has signed an agreement to sell its 30% stake in Arutmin and associated companies in coal trading and infrastructure, to a Bakrie Group entity. The aggregate consideration for Tata Power's 30% stake is approximately $500 million, subject to certain closing adjustments. The sale is subjected to certain conditions and restructuring actions, which the company targets to complete in the next three months. Mr. Anil Sardana, MD, Tata Power said, "The current coal price scenario has presented a challenge to the entire coal mining sector. The proceeds from the sale of Arutmin will provide cash to meet the company's current challenges. We do not expect any impact on the coal supplies to our plants since we stay invested in KPC mines and our coal supply agreement continues as it is". Lupin rose 4.52% on strong Q3 results. The company's consolidated net profit jumped 42% to Rs 476.10 crore on 20.8% growth in total income from operations (net) to Rs 3022 crore in Q3 December 2013 over Q3 December 2012. The result was announced during market hours. Lupin's operating profit jumped 27.8% to Rs 773.30 crore in Q3 December 2013 over Q3 December 2012. Operating profit margin edged up to 25.9% in Q3 December 2013, from 24.5% in Q3 December 2012. Operating working capital increased to Rs 2769.50 crore as on 31 December 2013, from Rs 2674.30 crore as on 30 September 2013. The working capital number of days stood at 94 days as on 31 December 2013, lower than 96 days as on 30 September 2013. The company incurred capital expenditure of Rs 104.10 crore in Q3 December 2013. Lupin said that the company now is debt free at the net debt level. Revenue expenditure on R&D for Q3 December 2013 stood at Rs 271 crore or 9.1% of net sales. In Q3 December 2012, revenue expenditure on R&D was Rs 238.20 crore or 9.7% of net sales.