Tata Power gains on CERC nod to raise tariffs

Tata Power Company is trading higher by 3.4% to Rs 97.10 after the Central Electricity Regulatory Commission (CERC) allowed the company to raise electricity tariffs on a temporary basis at its Mundra power plant on account of rising cost of imported coal.

“The electricity regulator allowed it to increase tariff for power generated from its 4,000 MW Mundra ultra mega power project in Gujarat,” the PTI report suggests.

Coastal Gujarat Power Ltd, a wholly-owned subsidiary of Tata Power, had petitioned CERC seeking relief on account of adverse impact of the unforeseen, uncontrollable and unprecedented escalation in the imported coal price.

The stock opened at Rs 98.65 and hit a high of Rs 99.50 in early morning deals on NSE. A combined 891,707 shares have changed hands on the counter on NSE and BSE.