Tata Power dips on weak Q2 numbers

Stock down nearly 3% to Rs 86.40

Tata Power was down nearly 3% to Rs 86.40 as the consolidated revenue was down 4% to Rs 8,394 crore due to shutdown of a unit in company's Trombay plant and lower realisation in its coal business. Interest cost rose 22% to Rs 980 crore from Rs 803 crore in second quarter of last fiscal.

The company posted a consolidated loss of Rs 78 crore for the September quarter as compared to a consolidated profit after tax of Rs 75 crore in the July-September quarter of last fiscal.

On a standalone basis the company reported 17% growth in profit to Rs 306 crore on account to higher other income.

"During the second quarter of FY15, the Company reported robust operational performance by its businesses maximizing shareholder value. In this quarter, we have successfully received the distribution and transmission license for Mumbai for the next 25 years,'' said Tata Power CEO Anil Sardana.

The stock opened at Rs 86.95 and has thus far seen a high of Rs 87.10 and a low of Rs 85.35 till 1145 hrs.

A total of over 1.3 million shares have changed hands on BSE and NSE.