Tata Power Company has surged 5% to Rs 77.25 on back of heavy volumes after Arvind Kejriwal resigned as chief minister of Delhi on Friday, 14 February 2014.
The stock opened at Rs 74.40 and touched a high of Rs 77.60 on BSE. A combined 4.4 million shares already changed hands on the counter till 1425 hours, as compared to an average sub 3 million shares that were traded daily in past two weeks on the BSE.
Shares of Tata Group Company has underperformed the market by falling 20% so far in calendar year, till yesterday, as compared to 3.8% decline in benchmark S&P BSE Sensex.
In December 2013, the Delhi government announced 50% subsidy on power consumption up to 400 units and asked the state regulator to look into the accounts of power distribution companies to see if they were profiteering.
Tata Power Delhi Distribution Ltd (TPDDL) supplies power to 1.3 million consumers in North and North West parts of Delhi.
The stock opened at Rs 74.40 and touched a high of Rs 77.60 on BSE. A combined 4.4 million shares already changed hands on the counter till 1425 hours, as compared to an average sub 3 million shares that were traded daily in past two weeks on the BSE.
Shares of Tata Group Company has underperformed the market by falling 20% so far in calendar year, till yesterday, as compared to 3.8% decline in benchmark S&P BSE Sensex.
In December 2013, the Delhi government announced 50% subsidy on power consumption up to 400 units and asked the state regulator to look into the accounts of power distribution companies to see if they were profiteering.
Tata Power Delhi Distribution Ltd (TPDDL) supplies power to 1.3 million consumers in North and North West parts of Delhi.
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