Equity Market Reactions based on Company’s Financial Strategies

Equity market reactions on
Financial decisions Page: 1
Stock market reaction based on Financial Strategies
at
CESC Limited
Kolkata
For the partial fulfilment of the Degree of
MASTERS OF BUSINESS ADMINISTRATION
Session 2016-2018
BY:
RUPANJAN NAYAK
Roll no: 160360500134
DOON BUSINESS SCHOOL, DEHRADUN
122, MI Selaqui, Dehradun
A Summer Training Report
on
Under Esteemed Guidance of
Mr. Pinaki Sanyal
(Consultant IR), CESC
Mr Debabrata Bhattacharyya
(GM Finance), CESC
Dr. Shalini Singh
(Associate Professor)
Doon Business School

ACKNOWLEDGEMENT
“It was not possible to prepare a project report without the assistance & encouragement of other
people. This one was certainly no exception.”
I am using this opportunity to express my gratitude to everyone who supported me throughout
the course of this MBA project. I am thankful for their aspiring guidance, invaluable
constructive criticism and friendly advice during the project work. I am sincerely grateful to
them for sharing their truthful and illuminating views on a number of issues related to the
project.
I do express my warm thanks to Dr. Shalini Singh for her support and guidance at DOON
BUSINESS SCHOOL.
I would also like to thank Mr. Pinaki Sanyal and Mr. Debabrata Bhattacharyya and all the
people of CESC Ltd. who provided me with the facilities being required and conductive
conditions for my MBA project.
Thank you,
RUPANJAN NAYAK

DECLARATION
I, RUPANJAN NAYAK, do hereby declare that this project has been completed by me at
CESC Limited solely for the purpose of partial fulfilment for the degree of MBA. Though
various articles, journals and books were referred, attempt was made to maintain the originality
of the project.
(Rupanjan Nayak)

INDEX
PART. TITLE Page no
A EXECUTIVE SUMMARY 5
B INDUSTRY PROFILE 7
COMPANY PROFILE 9
Background and inception of the company.
Vision, Mission and Quality policy.
Nature of the business carried.
Area of operation –global/national/regional.
Products/Services profile
Infrastructural facilities.
9
10
11
12
12
13
C. INTERSHIP PLAN 14
METHODOLOGY 16
C. Conclusion
Feedback to Company
29
30
D. Bibliography. 31
.

EXECUTIVE SUMMARY.
The report prepared during summer internship project in CESC Limited, generally highlights
the following aspects:
1. The company faced restrictive pricing due to political pressure thus were unable to earn
profit. The tariff is controlled by the regulatory body WBERC.
2. The company took financial strategies to bring down the cost thus enabling the
company to earn profit without increasing the electricity tariff.
3. Series of steps were taken from going lean by reducing the number of staff by VRS
schemes to digitalisation in collection of bills to help cut the cost as much as possible.
Special loss control cell was developed to minimize the Transmission and
distribution loss and Bank interested were reduced thus helping the company to earn
a profit.
4. The market gave a positive response to the company’s strategies and a significant
bullish trend were seen the secondary equity market.
5. The company also diversified its business portfolio to different industries like Retail
(Spencer’s, Music World), IT (Firstsource) and Infrastructure (CESC Infrastructure) to
increase the profitability of the business and to avoid risk on profitability due to political
interventions and restrictions of the regulatory body on power business.
6. Lastly the company want to split into 4 segments including separation of Power
Generation and Power Distributions thus it will prevent other business like retail and
IT to negative weigh it down.
7. The main objective of Shareholders wealth maximisation which is done by splitting the
shares into these 4 segments giving the investors more control on which sector he/she
want to invest instead.

SUMMARY:
The study report focuses on the behaviour of Equity markets and company’s performance based
on Financial Strategies adopted by CESC Limited in Utility (Power) Sector. This report is
divided into Introduction, presentation and analysis of data and conclusions and
recommendations.
First chapter:
In this chapter, we have discussed briefly about the Utility and the Power Sector in India and
introduction to CESC Limited, its head office, branches, organisational structure,
Shareholder pattern, products and services offered and SWOT analysis of the company.
Second chapter:
In the second chapter, we include the analysis part with the help of the data collected from
Balance Sheet/Annual report, inputs provided from real examples of Market data collected
from NSE/BSE, and financial strategies taken by the company during the course of time. The
analysis has been done using graphs, charts, etc.
Third chapter:
In the third chapter includes the summary, conclusion and recommendations. In this chapter,
the full analysis is given along with future plans; The Conclusion section and recommendation
is provided.

INDUSTRY PROFILE
Utilities Sector
The utilities sector comprises of utilities such as gas and power. The sector contains
companies such as electric, gas and water firms, and integrated providers.
Because of significant infrastructure requirement these firms often carry large amounts of debt;
with a high debt load, utilities companies become sensitive to changes in the interest rate.
Long-term power purchase agreements between companies and consumers also impact profits.
When utility generation costs increase, companies still have to follow contract agreements and
sell utilities at present rates, which decreases their profits.
Because utility stocks pay reliable dividends like bonds do, the stocks compete with bonds as
consumer investment options.
Government plays a decisive and influential role in this sector.
Power Sector
Power is the core industry as it
facilitates development in various
sectors of the Indian Economy like
agriculture, manufacturing, railways
etc. Currently India has the fifth
largest electricity generation capacity
in the world. It is considered that the
growth of the economy is expected to
boost the electricity demand in
future. Also, there is a strong
correlation between the GDP growth
and increase in power generation
capacity of an economy.
India, major proportion of power is
generated from thermal sources
where the main raw material used is coal. Around 83% of thermal power is generated using

coal as a raw material whereas 16% of thermal power is generated with the help of gas and 1%
of thermal power is generated with the help of oil.
Power Sector: Risk
1. Fuel shortage
2. Green tribunals and environmental issues
3. Theft and loss in transmissions
4. High investments projects
5. Safety and employee welfare.
6. Highly dependent on the government, especially for tariff and rates.
State sector
31%
Central Sector
25%
Private sector
44%
Share
State sector Central Sector Private sector

COMPANY PROFILE
ESC is India’s first fully integrated electrical utility company and it’s been on an epic ride
ever since 1899 in generating and distributing power in Kolkata and Howrah.
It is in business of private participation in generation, transmission and distribution of electrical
power. It is the sole distributor of electricity within an area of 567sq km of Kolkata & Howrah
and serve 2.9 million consumers which include domestic, industrial and commercial users. It
owns & operate three thermal power plants generating 1125 MW of power. These are Budge
Budge Generating Station (750 MW), Southern Generating Station (135 MW), & Titagarh
Generating Station (240 MW). From its three generating stations, it has accomplished 88% of
our customer’s electricity requirement and remaining 12% is achieved by purchase of
electricity from third parties. More than 50% of coal is sourced from captive mines for
generation of electricity in its generating station.
It owns & operates the Transmission & Distribution System through which it supplies
electricity to consumers. This system comprises of 474 km circuit of transmission lines linking
the company’s generating & receiving stations with 105 distribution stations, 8,211 circuit km
of HT lines further linking distribution stations with LT substations, large industrial consumers
and 12,269 circuit km of LT lines connecting the LT substations to LT consumers.
In diurnal course, it has verged upon renewable sources. The company have brought forth three
projects in three different areas of renewable sources. These are Gujarat Solar, which is a solar
plant in Gujarat’s Kutch generating 9MW solar energy, Hydro Power Venture (Papu
Hydropower Projects Limited & Pachi Hydropower Projects) in Arunachal Pradesh, generating
146 MW energy and Wind Power Operation, a 24 MW project at Dangi in Rajasthan.
It also installed two thermal power plants to meet the requirement of our electricity. These are
Chandrapur Thermal Plant which is 600 MW project at Chandrapur, Maharashtra and Haldia
Thermal Plant which is 600 MW project at Haldia, West Bengal.
C

Vision, Mission and Policies
Vision:
The vision of CESC is to be a profitable consumer oriented power utility consistent with global
standards meeting the expectations of consumers, employees and other stake holders. It will
achieve this vision by:
➢ Achieving efficiency of operations and further developing core competencies.
➢ Readjusting the business consistent with the changing environment, technologically
and commercially.
➢ Maintaining a rewarding and stimulating organizational climate with people
orientation.
➢ Reaffirming faith in the organization’s ethics and values developed in course of our
long existence.
➢ Harnessing and developing our professional competence.
➢ Being responsive to social requirements.
Mission
It will meet consumer’s expectations continuously by providing safe, reliable and economic
electricity through optimization of available resources. We will achieve this mission by:
➢ Accomplishing targeted performance in the key result areas of our business operations.
➢ Enhancing consumer satisfaction through value addition to service supported by a
consumer feedback monitoring system.
➢ Improving work environment and helping employees for personal development and
career satisfaction through an interactive approach.
➢ Being recognized as an ethical and environmentally responsive organization.

Policies: Core values
• Customer Happiness – Bring a smile on the face of your customer
• Credibility – Instil trust and confidence with your actions
• Humaneness – Be Caring and Respectful to all
• Execution Excellence – Put your heart and soul into your actions
• Speed – Move ahead of time
• Risk Taking – Dare to go beyond
Motto:
“We don’t just Generate and Distribute Electrical Power… We Generate Association and
Distribute Assurance.”
Nature of the business carried:
▪ Deals in Electricity Generation and Distribution.
▪ Core power business.
▪ Subsidiaries in BPO(IT), Retail, Malls.

AREA OF OPERATION: National.
➢ Head office
• Kolkata
➢ Supply area
o Kolkata
o Howrah
o Supply in Gujrat and Rajasthan on Solar and wind projects
➢ Generation
o Haldia
o Titagarh
o Budge-Budge.
➢ Supply maintenance technician and bill collection branch in every locality.
PRODUCTS (Service)
➢ Power generation and distribution is the main business of the firm
o Haldia Energy Limited.
o Surya Vidyut Limited.
➢ Apart from that it has retail business which include:
o SPENCER’S RETAIL
o Au Bon Pain café India Limited.
o Music World Retail Limited
➢ CESC INFRASTRUCTURE LIMITED (CIL): Mall development and
➢ CESC Projects Limited
➢ Firstsource Solutions Limited.
a. It all provides different types of services with power generation and distribution as
core business.

INFRASTRUCTURAL FACILITIES:
✓ Head office in heritage building, “Victoria House” in heart of Kolkata
✓ Own Power generation facilities in
o Budge Budge Generating 750MW
o Southern Generating Station 135MW
o Titagarh generating station 240mw
✓ Own Encrypted Server with specialist constantly monitoring
✓ Approx. 10,000+ employees
✓ Fully computerised with Automatic Climate system
✓ Used ERP system Exchange on Net (Eon) to coordinate, control foreign exchange
business.
✓ Captive coal mining: Sarisatolli.
✓ Branches all around the distribution area for easy cash collection
✓ CESC house is LEED (Gold) Certified

INTERNSHIP PLAN:
Internship in CESC is spread across 6 weeks, the details are as follows:
1. Week 1:
a. Meeting with Mr. Debabrata Bhattacharya, GM Finance, CESC Ltd, Kolkata
b. Introduction to the company, its’ business, strengths, weekness, opportunities
and up coming objectives.
c. Study of Company latest Annual report to get a first in-sight of the company
business, financial positions.
d. Introduction to Mr. Pinaki Sanyal, IR Consultant, CESC Ltd, Kolkata.
2. Week 2:
a. Study of the First stage financial strategy taken by the company, which include
giving VRS to 2658 employees.
b. Discussed with Mr. Pinaki Sanyal, about the steps taken to bring down the cost
and also keep the confidence of the employees and moral high.
c. Special care was taken in keep the Labour Union in confidence.
d. Studying the stock market fluctuations based on this decisions
3. Week 3:
a. The study of 3rd
week was mainly focus on innovation and use of technology to
control cost.
b. The use of digital payment methods to reduce the cost of physical billing,
couriering then and maintaining records.
c. Reducing of cash collection cost by outsouring it to banks
d. Introduction to Loss control Department.

4. Week 4:
a. Conversation with the Loss Control Department about steps taken to reduce
the T&D loss.
b. Interaction with my guide about the need for diversification into another
business and why Spencers’ Retail was a good choice to diversify.
c. Benefits of Diversification.
5. Week 5:
a. The company took a majot Financial decision: Split the company in 4 different
segments to out weight the impact of being a conglomerate.
b. From the discussions with my guides, I got the information that the company
is splitting into 4 different segments and each shareholder will get a proportion
of the shares of the new company based on their current holdings.
c. Further discussion about the needs of this diversification
6. Week 6:
a. Studying the impact of all this decision on the stock market, market
fluctuations and trends.
b. Finalizing the report to be presented to the company.

CESC MARKET PRICE REACTIONS BASED ON
COMPANY’S FINANCIAL STRATEGIES.
A B
2002-2004 2006-2007
C
2012-
2013
2014-
2017
D E
Future

Market reaction and Causes and Solution
1. Major cost in a Service sector: Utilities is:
i. Cost of LABOUR and EMPLOYEES.
ii. Cost of FUEL.
iii. INVESTMENT COST
2. The Company has substantial borrowings from various agencies and lenders and is
obliged to comply with certain loan covenants.
A high interest of 13-14% was brought down to 11% through hard negotiations
thus, company had a substantial savings.
A

3. Cost of Labour.
a. Due to poor financial health of the company due to continuous accumulated loss
of ₹385 crore, on the account of non-revision of tariff.
The company went for Right sizing of employees. By reducing 2658 employees
thus reducing the figure from 12899 employees to 10241 employees.
b. In 2003, Voluntary Retirement from Service (VRS) option was given to those
willing employees after taking stakeholders into confidence.
c. Employees who are in a sound financial position and had fewer liabilities or
employees with lots of absenteeism were given the opportunity to avail this
offer.
d. An early bird compensation was given of ₹5,00,000/- over and above other
benefits.
e. Stopping all hiring PAN India.
f. Thus, by right sizing the Cost of company was sizably reduced.
g. Freezing of benefits like LTA, Transport, Performance based incentives.
h. Only important technical positions were filled up after 3 years based on
nomination and performance.
4. Managing Transmission and Distribution Loss.
Global Average: 4-6%
PAN India Average: 32%
CESC average: 24% reduced to 16%, thus having a substantial saving of ₹ 120cr.
Current target for 2017: 11.5%, special Loss control department were formed to handle
the loss.
5. Starting of Financial Schemes like Online Bill Payment, and EMAIL billing lead
cost saving.
a. Cost of Mailing the bill was approx.:
i. ₹ 6 per bill
ii. Total customer 25 lakh.
iii. Total cost: ₹ 1.50 cr per month or 18cr annually.

iv. By achieving 50% online payment this cost was reduced to ₹ 75 lakhs
per month or ₹9cr per annum
v. Further by negotiation the cost per bill mailing was reduced to ₹ 3/- per
bill thus reducing the total cost to: ₹37 lakhs per month or ₹4.5 cr per
annum.
vi. Hence, total Current savings: ₹13.5 cr.
vii. In addition, the company used to give rebated on quick bill payment for
both online and offline. Only rebate is given in online at a fixed rate of
₹5/-
b. Bill collection facility timing was increased to 12hours per day with two shifts.
i. It was possible to manage with same number of employees as reduced
number of customers opting for offline bills and Advance payment.
c. CESC transferred the cash collection to BANKs from centres after each day
thus saved the cost of maintaining collection vehicles, armed guard and driver
and Fuel.
MARKET REACTION:
1. The profit of the company brought the bullish trend in the market.
2. Cost cutting is another way of improving the profit, especially when the business is
under Utility Segment. And Controlled by the Government special provisions.
3. Unchanged Tariff rates forced CESC to find alternatives to cost cutting.

1. The Rs 11,000-crore RPG group is planning to merge CESC with Pathik Retail, the
holding company of Spencer's Retail.
2. In 2006-07, the retail business is expected to touch a turnover of Rs 700 crore from Rs
315 crore in the previous year.
3. At present, the group has 120 retail outlets, and has aggressive expansion plans.
4. QUEST MALL, being one of the largest malls in eastern India, comes under the
Spencer’s domain which houses 6 screens of INOX ‘Insignia’ and 136
Indian/International Brands.
5. Retail has been identified as one of the focus areas for the group and it expects 25-30
per cent of its total revenues to come from its retail business in the near future, from the
present 5%
6. There are four divisions in the retail business,
a. Spencer's Retail
b. RPG Cellucom
B

c. Books & Beyond
d. Music World.
MARKET REACTION:
1. The market first gave a negative reaction specially after APRIL, when the board
met to consider the merger with Spencer’s Retail LTD.
2. But after that we see a steady climb crossing 500 for the first time.
3. Thus, the favoured market movement is due to flourish of retail business with their
Hyper-market and ‘Food First’ concepts being new in India.

1. RP-Sanjiv Goenka group has announced plans to acquire 49.5 per cent stake in
Firstsource Solutions Ltd — an IT BPO firm — for around Rs. 400 crores.
2. Firstsource was promoted by ICICI Bank and other ICICI-group companies.
3. The acquisition will be made through Spen Liq Private Ltd, a wholly-owned subsidiary
of RP-Sanjiv Goenka group flagship CESC Ltd.
4. CESC has so far invested about Rs 450 crore to acquire 56.9 per-cent stake in
Firstsource.
5. The share price of CESC is up 16 per cent since last week after the West Bengal
Electricity Regulatory Commission (WBERC) gave the much-awaited approval of
tariff hike to the company. CESC’s performance in the nine months ended December
2011 (9M FY12) was affected due to higher costs and inability to charge higher tariffs
C

MARKET REACTION:
1. Mid October when the decision was taken to acquire stake in Firstsource Pvt. Ltd. The
investors gave it a thumb down with the stock tumbling because they fear it will eat-
away the profits of CESC, just like Spencer’s Retail.
2. CESC acquired 56.9 per cent stake in Firstsource in October 2012, everybody was
concerned about its unrelated diversification, which had a negative impact on its share
prices, its earnings.

1. Implementation of New technology for automation, specially automated Consumer
Meter readings to achieve 6 sigma qualities.
2. The company is trying to achieve 10.5% TDL by stringent laws on power theft, robust
distribution system which while be automated. Current TDL is 11.5%
a. Special task force, Loss Control Department, was created, with 85 members,
forming 8 teams daily conducting raids to curtail theft.
b. Heavy penalty on average historical cost.
c. CSR activity to instil goodwill among the consumers, special in hostile/
sensitive areas.
d. Guarded distribution system with automatic alarm system.
e. TDL is a direct method cost control.
D

3. Pilot projects of automation has been started.
4. Round the month billing system to keep the cash flow healthy thus prevents loss of
liquidity.
5. Encouraging ADVANCE PAYMENT for 12 months. Interest payable at 6% per
annum. Thus, by this method company can gets funds at low interest rates.
6. Improved PCBL, profit by restructuring, developing new raw-material sources,
reducing foreign dependencies.
7. CSR activity: to improve public image
8. Focus on solar and changing the policies of raw -material (coal) sourcing.
9. The Supreme Court of India allocated the coal block licence operated by ICML.
10.Considerable amount of due collected from Municipalities and other govern bodies.
11.Conversion of Titagarh plant to distribution centre. Future plans to implement solar.
12.750V DC line for KOLKATA METRO is an additional burden to CESC as it has to
maintain separate DC generation and distribution systems for it. The increased tariff
and expanding route helps it to earn more revenue thus turning it into a revenue
generating source.
13.Expansion pan India with specially in Rajasthan and Gujarat gives substantial benefit
to CESC
MARKET REACTION:
Market gives a positive reaction to this strategy which indirectly also indicates that company
can reduce its dependence on government.

1. CESE gearing up for an ambition demerger plan:
a. CESC will be divided into:
i. CESC VENTURES: IT, FMCG, MALL DEVELOPMENT
ii. RETAIL BUSINESS
iii. CESC GENERATION
iv. CESC DISTRIBUTIONS
E

b. Every Shareholder/ investor of CESC having 10 shares, will get:
i. 2 shares of CESC Ventures
ii. 6 Shares of Retail Business
iii. 5 shares of CESC Generations
iv. 5 shares of CESC Distribution
c. Benefits of Demerger:
i. It will significantly improve the valuation of power business.
ii. Eliminate the ‘conglomerate discount’ on CESC market value by
clearing the way for sector-specific investor.
iii. Investors can now take position in the specific sectors they choice to.
iv. Each sector performs differently in different external environmental
factors thus it will be a lead to formation of hedging strategy thus help
in improving investors wealth.
2. MARKET REACTION:
a. For every 10 shares of CESC a person will get:
i. 2 shares of CESC Ventures
ii. 6 Shares of Retail Business
iii. 5 shares of CESC Generations
iv. 5 shares of CESC Distribution
Now CESC Generation and CESC Distribution are part of the original
CESC power business. Thus 5 each of Generation and Distribution will
give him 10 shares. Thus, we got back his invested 10 shares in power
sector.
The separation of Generation and Distribution is a Mandate by the
government.

Apart from this a shareholder will get additional 6 shares in Retail business
(Spence’s, Music world)
Also, a shareholder will get 2 shares of CESC ventures. ‘CESC ventures’
being a venture capital business is risky thus, those who want to take some
risk can have this stock in their portfolio.
b. De-merger will help industry specific investments. Now due to CESC
ventures/retail residing/merged in CESC Pvt. Ltd, thus any problem in this
sector reduces the market value of the power business. But due to de-merger it
can be avoided
c. Increase market capitalisation.

CONCLUSION:
1. The company underwent a sea change to bring on a transformation by adopting bold
financial strategies.
2. This proves that by careful planning and implementing correct financial policies and
strategies a loss-making company can turn into a profit making one without increasing
the tariff or cost of its product or services.
3. All the employees who were given VRS were carefully selected to avoid any
resentment. Union and government supports were acquired by careful negotiation.
4. The company went digital and ventured into technologies to reduce cost of operation
thus reducing cost improves efficiency and profits.
5. To mitigate the problems of utility sector like Government intervention of tariffs and
efficiency, the company from 2007 started diversifying.
6. CESC adopted a diversification strategy and thus acquired: Spencer’s Retail and
Firstsource Ltd, along with music word.
7. Company in 2010 got its license for its own coal fields thus it has integrated both
backward and forward direction, thus fully vertically integrated.
8. At present the company is planning for a de-merger to reduce the conglomerate
influence on the Power business while keeping the companies moto and objective
intact.
9. The dividend decisions of the company are depended on many factors of which
profitability and retained earnings played the most important role along with
liquidity.

FEEDBACK TO COMPANY:
1. The company should emphasis on non-conventional energy sources.
a. Summer Peak consumption--------> 1800-2000 MW
b. Winter: ----------------------------------> 950-1150mw
c. Durga Puja-------------------------------> 2500MW
d. Plant minimum for BEP---------------> 1500MW (approx.)
e. Thus, in Winter there is a Fixed Cost loss which can be covered by using Solar
of 600-800MW, thus fuel cost can be saved in many plants by shutting it down
and that savings can be used to bear the fixed cost. Theoretically only one plant
along with solar can handle the load.
2. Expansion beyond KOLKATA through distribution route and franchise.
3. Bring the Transmission and distribution loss in single digit.
a. Aadhar linking consumers to find the fake and genuine consumers
4. Instead of using a delayed system of billing consumers, in which there is a gap of 60
days between consumption and collection of payment. It will be beneficial if the
collection of payment can be done in 3 months advance.
a. The advance payment will although be a liability to the company but it will lead
to early inflow of cash thus increase the liquidity
b. Less cost of collection of payment as cost of reading consumption, printing of
bills, couriering them will be reduced.
c. This can only be done by negotiation with WBERC
5. Negotiate better rates for WB METRO as for METRO, although they are one of the
largest consumers, still CESC has to maintain 750V DC line for them, which incurs
cost of maintenance as that technology of 750v DC is no longer used by Railways.

BIBLIOGRAPHY:
1. Balance-sheet of the company starting from 2002 to 2017
2. Profit –loss statements of the company starting from 2002 to 2017
3. Company placement document
4. Annual report 2016-2017.
WEBLIOGRAPHY:
1. CESC company website https://www.cesc.co.in/?page_id=509
2. National Digital Library https://ndl.iitkgp.ac.in/
3. ET markets http://economictimes.indiatimes.com/markets/
4. Investopedia http://www.investopedia.com/
5. Wikipedia https://en.wikipedia.org/wiki/Main_Page
6. Yahoo Finance https://in.finance.yahoo.com/
7. Moneycontrol.com http://www.moneycontrol.com/financials/
8. Our Professional Team http://www.ourprofessionalteam.com/
9. Business Standard http://www.business-standard.com/
10. Quandl Blog https://blog.quandl.com/

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