Tata Power gains after Supreme Court nod to lay network

Tata Power Company is trading higher by 2% at Rs 77.50 on the BSE after the company said the Supreme Court dismissed the appeal filed by BEST in which it sought to restrain the company from laying its network to provide power supply to consumers in its license area. The stock is the largest gainer among the BSE 30-share Sensex.

The Apex court ruled that there is no provision given in the statute which gives BEST a privileged position of being the sole distribution licensee in that area, Tata Power said in a statement.

The Supreme Court’s ruling allows consumers serviced by BEST in the Mumbai Island City to choose their service provider for electricity. This ruling will foster competition and pave the way for customers to avail competitive tariffs and better customer service, the company added.

The stock opened at Rs 77 and touched a high of Rs  77.60 so far on the BSE. A combined around 125,000 shares changed hands on the counter in early morning deals on the BSE and NSE.