Tata Power drops after clarification

Tata Power Company fell 1.64% to Rs 83.85 at 11:45 IST on BSE after the company clarified that it had two coal blocks jointly allocated to it, along with other co-allocatees following the Supreme Court verdict on Wednesday, 24 September 2014.

Meanwhile, the S&P BSE Sensex was down 161.19 points or 0.6% at 26,583.50

On BSE, so far 1.69 lakh shares were traded in the counter as against average daily volume of 6.07 lakh shares in the past one quarter.

The stock hit a high of Rs 85.55 and a low of Rs 83.50 so far during the day. The stock hit a 52-week high of Rs 115.25 on 9 June 2014. The stock hit a 52-week low of Rs 68.95 on 30 January 2014.

The stock had underperformed the market over the past one month till 24 September 2014, falling 8.87% compared with 1.23% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 17.79% as against Sensex's 5.42% rise.

The large-cap company has equity capital of Rs 270.46 crore. Face value per share is Re 1.

Tata Power Company after market hours on Wednesday, 24 September 2014 said that the company had two coal blocks jointly allocated to it, along with other co-allocatees. The Supreme Court in its final verdict announced on Wednesday, 24 September 2014, scrapped 214 out of 218 coal blocks allocated between 1993 and 2010 it had already declared illegal due to irregularities in the allocation of the blocks. The company would study the Supreme Court order and discuss the same with Board before having a view point, Tata Power Company said.

Tata Power Company added that the company would look forward to opportunities of having a new, legally enforceable framework by which coal blocks could be awarded, perhaps at an early time.

On a consolidated basis, Tata Power Company reported net loss of Rs 111.30 crore in Q1 June 2014, lower than net loss of Rs 114.70 crore in Q1 June 2013. Net sales fell 6% to Rs 8738.90 crore in Q1 June 2014 over Q1 June 2013.

Tata Power Company is India's largest integrated power company with a significant international presence.

Powered by Capital Market - Live News