 "Tata Power gains as Q4 profit beats estimates")
Shares of Tata Power were trading higher by 4% to Rs 78.65 on the NSE after the company reported a better-than-expected consolidated net profit of Rs 159 crore in the fourth quarter ended March 31, 2015 (Q4) mainly due to lower depreciation and lower coal prices.
The company had reported a net loss of Rs 145 crore in the same quarter last year.
Consolidated income fell 7.4% to Rs 8,240 crore on account of lower price realisation by the group's coal mining companies, Tata Power said in a press release.
Analysts on an average had expected profit of Rs 152 crore and net sales of Rs 7,530 crore for the quarter.
The company reported 28% year-on-year growth in operating profit at Rs 1,408 crore in March quarter compared to Rs 1,097 crore in the previous year's corresponding quarter.
The stock opened at Rs 79.50 and touched a high of Rs 79.60 on the NSE. Till 0936 hours, a combined 3.39 million shares changed hands on the counter on the NSE and BSE.
The company had reported a net loss of Rs 145 crore in the same quarter last year.
Consolidated income fell 7.4% to Rs 8,240 crore on account of lower price realisation by the group's coal mining companies, Tata Power said in a press release.
Analysts on an average had expected profit of Rs 152 crore and net sales of Rs 7,530 crore for the quarter.
The company reported 28% year-on-year growth in operating profit at Rs 1,408 crore in March quarter compared to Rs 1,097 crore in the previous year's corresponding quarter.
The stock opened at Rs 79.50 and touched a high of Rs 79.60 on the NSE. Till 0936 hours, a combined 3.39 million shares changed hands on the counter on the NSE and BSE.
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