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Rain Industries Ltd updates on Hon'ble SC order for payment of wheeling charges

Posted On: 2019-12-02 10:54:21

Rain CII Carbon (Vizag) Limited (successor of Rain Calcining Limited), a wholly owned subsidiary of Rain Industries Ltd (Scrip Code: 500339 (BSE) & Scrip Code: RAIN (NSE)), is engaged in the business of manufacture and sale of calcined petroleum coke, and generation and supply of electricity.

Rain CII Carbon (Vizag) Limited had entered into a Modified Power Wheeling & Purchase Agreement in CY 1994 with Andhra Pradesh State Electricity Board (succeeded by Transmission Corporation of Andhra Pradesh Limited (APTRANSCO)) for wheeling of energy to the industrial consumers in the state of Andhra Pradesh. The wheeling charges had varied from 15% to 20% (payable in kind) depending on the voltage (132 kV or 33 kV or 11 kV) of supply.

Upon formation of the Andhra Pradesh Electricity Regulatory Commission (Commission), it was determined by the Commission that the revised wheeling charges for FY 2002-03 effective from April 1, 2002, would be 50 paise per kWh of energy transmitted through the APTRANSCO network, apart from wheeling charges in kind of 28.4 percent. Aggrieved by the Commission Order, the Company and others challenged the same before the Hon'ble High Court of Andhra Pradesh (AP) and the Hon'ble High Court by its Order dated April 18, 2003, allowed the appeal, setting aside the Commission Order dated March 24, 2002. Subsequently APTRANSCO and the Commission had appealed to the Hon'ble Supreme Court against the orders passed by the Hon'ble High Court of AP.

On November 29, 2019, the Hon'ble Supreme Court allowed the appeals of APTRANSCO and the Commission for levying wheeling charges and grid support charges as may be fixed by the Commission. The Company believes that the negative impact due to the Hon'ble Supreme Court Order should be within the contingent liability provision made by the Company of ?191.94 million, as on December 31, 2018, which will impact the results in the fourth quarter of CY 2019.

The Company is discussing with its advisors / legal counsels on further course of action in this regard.

Shares of Rain Industries Ltd was last trading in BSE at Rs.104.9 as compared to the previous close of Rs. 102.25. The total number of shares traded during the day was 158977 in over 1750 trades.

The stock hit an intraday high of Rs. 108.6 and intraday low of 101.6. The net turnover during the day was Rs. 16789922.

Source: Equity Bulls

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