Concessions for sector charge up Tata Power
DALAL STREET SPIKES
| The counter hit an all-time high of Rs 419 before closing at Rs 405.60, up by 6.24 per cent on Friday. More than 43.04 lakh shares were traded on the BSE. |
| The counter has been in the limelight over the last few months. Certain funds are said to be actively buying at the counter. |
| Friday's rise is attributed to the tax sops provided to the power sector in the interim budget (announced on 8 January 2004). |
| Marketmen say the reduction in custom duty from 25 per cent to 10 per cent on power transmission and distribution projects will help Tata Power. |
| Power reforms are on the upward swing in the country, and the cut in custom duties on power transmission and distribution projects will bring down the cost for power companies. |
| A cut in customs duty for imported coal which is widely used by power transmission and distribution companies for generation of electricity will also help. |