GVK Power and Infrastructure Ltd. have been planning to purchase two thermal coal mines of Hancock Prospecting Pty Ltd. in Australia. It is one of the largest overseas coal mine acquisitions and has planned to purchase it which is around $2.4 billion.
According to sources, Sanjay Reddy, vice chairman of GVK, with Gina Rinehart chairman of Hancock has signed an initial agreement in last month.
GVK Power & Infrastructure Ltd on Tuesday posted a 19.28 percent decline in its consolidated net profit, which dropped to 32.73 crore for the first quarter ended June 30, 2009, over the same period last year.
The company had posted consolidated net profit of Rs 40.55 crore for the quarter ended June 30, 2008.
Stockwatch recommends a buy call for GVK Power Infrastructure Ltd (GVK) from a short-term trading perspective. It is clearly visible from the charts of GVK that it has been on a long-term downtrend from its December 2007 high of Rs 94 (52-week high) forming lower lows and lower highs.
We notice that the stock has formed a weekly bullish engulfing candlestick pattern, indicating short-term reversal.
Bharat Heavy Electricals Limited (BHEL), India's largest power equipment manufacturer, has received an order worth Rs 1155 crore from GVK Power Limited, for setting up 2x270 MW thermal power generating units at Goindwal Sahib coal fired Thermal Power Project in Tarn Taran, Punjab.
The state run BHEL's scope in the present contract envisages design, engineering, manufacture, supply, erection and commissioning of steam turbines, generators, boilers and associated auxiliaries.