Tata Power gains on hopes of Australian power policy

Tata Power gained 2.5% to Rs 1,282. The stock touched a high of Rs 1,293 and a low of Rs 1,257 during the trading session. The counter on the BSE witnessed a volume of around 70,000 shares as against its two-week average trades of 66,071 shares.

However, Suzlon ended flat at Rs 85. The scrip touched an intra-day high of Rs 88. The counter clocked a volume of 9.57 million shares as against its two-week average traded quantity of 14.09 million shares.
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(Updated 1208 hrs)

Power companies, Suzlon and Tata Power have added on hopes of benefitting from Autralian policy. Both the companies have renewable energy projects in Australia.

Suzlon opened at Rs 87 and touched a high of Rs 88. The stock is now at Rs 87 - up 2.5%. The counter has clocked a volume of around 3.57 million shares.

Tata Power opened at Rs 1,262 and surged 2.55 to a high of Rs 1,280. It is now up 1.6% at Rs 1,271. Over 28,132 shares have been traded on the BSE so far.

Australia is planning to implement a law to ensure that 20% of its electricity comes from renewable sources by 2020. Suzlon is a wind-turbine maker and has been active in Australia since 2004. It accounts for 38% of the total installed wind power capacity in Australia.

Meanwhile, Tata Power forayed into geothermal energy by acquiring 10% stake in Australia's Geodynamics for about Rs 165 crore, last year.