Tata Power Company is trading higher by 3% at Rs 88.20, extending its nearly 6% rally on Friday after the state electricity regulatory commission approved a 25% increase in tariff for the year current financial year 2013-14 (FY14).
The stock opened at Rs 89.20 and has seen a combined around one million shares changing hands on the counter in opening trades on BSE and NSE.
Maharashtra Electricity Regulatory Commission (MERC) has approved an average increase in tariff to Rs 5.26 from the existing Rs 4.19 for FY14 for residential consumers, which will be effective from July 1, the PTI report suggests.
Tata Power has around 5 million commercial and industrial consumers, for whom the tariff hike would range from 22% to 39% in the current financial year, 9% to 13% in 2014-15, and 4% to 8% in 2015-16.
The stock opened at Rs 89.20 and has seen a combined around one million shares changing hands on the counter in opening trades on BSE and NSE.
Maharashtra Electricity Regulatory Commission (MERC) has approved an average increase in tariff to Rs 5.26 from the existing Rs 4.19 for FY14 for residential consumers, which will be effective from July 1, the PTI report suggests.
Tata Power has around 5 million commercial and industrial consumers, for whom the tariff hike would range from 22% to 39% in the current financial year, 9% to 13% in 2014-15, and 4% to 8% in 2015-16.
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