Pipavav Shipyard ended its first trading session at a discount of 1.72% to its issue price of Rs 58. The share closed at Rs 57 on the NSE. It touched an intraday high of Rs 61.10 and intraday low of Rs 53.85. The total traded quantity was 8,11,64,726 shares and turnover was at Rs 46685.95 lakh. Talking on the listing, Pipavav Shipyard’s Chairman Nikhil Gandhi said the company was in the process of putting bids for defence and oil and gas projects.
The company, he said, had put tenders worth Rs 7,500 crore for defence projects. Gandhi added that he saw FY10 revenues at Rs 800–1,000 crore. Ravi Kapoor, Managing Director and Head, Equity Capital Markets, Citigroup, said that the company may see additional USD 15 billion fund raising by FY10. Here is a verbatim transcript of the exclusive interview with Nikhil Gandhi, Luv Chhabra, Director-Corporate Affairs, Punj Lloyd and Ravi Kapoor on CNBC-TV18. Also watch the accompanying video. Q: We heard yesterday about the two large deals that you were in conversations with, with naval forces both in Oman and in India- what are the chances at this point that they fructify and what would that mean to your order book? Q: Which ones do you think have higher chances of coming through because the Q: Are you expecting to see a bit of supply pressure though in the first few days before Pipavav finally settles down? Q: You will be more at liberty now to talk about growth as you see it, not so much for FY10 what kind of target can you hold out for FY11 and FY12 now to your investors? Since we have built first of its kind in the country, a most modern state of art engineering complex, fabrication complex and dry dock attached to it, people are not only excited about building their assets here. It is because of the kind of infrastructure we have set up for example loss of wastage of steel, etc. which will be very less compared to any other similar facilities in the country. We are quite upbeat about ramping up the revenues. The current year revenue is likely to be in the region of Rs 800–1000 crore. The ramping-up would be pretty rapid because we do have the capacity and the potential clients want fast forward the deliveries of their requirements and there is a huge pent up demand in the country. I think we would be in for a significant excitement going forward. Q: What's in your eyes the possibility of Pipavav bagging the Chhabra: I would leave that to Mr. Gandhi to reply. I think there is much or equally large opportunity that we have spoken about and that’s really the offshore oil and gas opportunity. If you look at the spends, just by ONGC, that are planned on the offshore side over the next five–years it is likely to be in excess of USD 20 billion. The combination of Pipavav and Punj Lloyd will be a formidable combination to address this market. The facilities in Pipavav are world-class. They are one of a kind; certainly unmatched in So the opportunities will be on the naval side as Nikhil Gandhi mentioned. There will be an equally large opportunity that Pipavav will address on the offshore oil and gas side and then going forward as the shipyard develops and gets more experience there will be another opportunity which is really on static equipment and on the nuclear side which is really to fabricate nuclear components for reactors and other pressure vessels. Q: Last we spoke you said you were expecting to see a USD 12–15 billion by way of paper that will hit the primary market in whatever form for the rest of this year. Do you think that figure might actually get surpassed and how much of this is impacting what is happening in the currency markets because you are in a good place to talk about that? I would imagine that it would primarily comprise of QIPs and IPOs, essentially, from the real estate sector, power sector infrastructure construction sector. The QIP also the pipeline is quite heavy and you have seen new structures are coming up to clear the QIP pipeline. Finally, as I have been maintaining on your programme that the government disinvestment is inevitable you must have seen RECs going through the process and couple of other companies will come up for disinvestment in the next six months of this financial year. So there would be a fairly busy pipeline. The flows are coming in and needless to say it is going to help the currency upwards, the currency is likely to appreciate in the short-term because lot of liquidity is coming in. |
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Wednesday, October 14, 2009
Pipavav Shipyard to bid for defence, oil and gas projects
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