Tata Power drops after fire accident at a turbine unit

Tata Power Company lost 0.12% to Rs 81.05 at 13:04 IST on BSE after the firm said that a loud thud was observed in low pressure turbine accompanied by fire on the turbine and generator deck of 250 MW Unit 8 at Trombay late Thursday, 9 January 2014.

The announcement was made during trading hours today, 10 January 2014.

Meanwhile, the S&P BSE Sensex was up 163.98 points or 0.79% at 20,877.35.

On BSE, so far 1.27 lakh shares were traded in the counter as against average daily volume of 5.10 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 1.04% at the day's low of Rs 80.30 so far during the day. The stock rose as much as 0.43% at the day's high of Rs 81.50 so far during the day. The stock had hit a 52-week high of Rs 110.95 on 9 January 2013. The stock had hit a 52-week low of Rs 68.25 on 6 August 2013.

The stock had underperformed the market over the past one month till 9 January 2014, sliding 8.87% compared with the Sensex's 2.87% fall. The scrip had also underperformed the market in past one quarter, declining 5.47% as against Sensex's 2.29% rise.

The large-cap company has equity capital of Rs 237.31 crore. Face value per share is Re 1.

Tata Power Company said that the plant was safely shutdown including safe purging of hydrogen from the generator and safe shutdown of boiler, as the Unit was running with about 185 megawatts (MW) capacity. No casualty has occurred nor is any human involved in the event associated with the key plant and equipment, it said.

The extent of damage and reasons for the event shall be ascertained in due course with engineers of Tata Power and OEM experts from Bhel, Tata Power said. The power generation from the rest of the units of Trombay Thermal Power Station remains unaffected, it added.

Tata Power said it will ensure that alternate power supply is maintained so that the Mumbai consumers continue to meet their electricity demand.

The company would like to reiterate its commitment towards safety in and around the plant while ensuring reliable power, Tata Power said.

Tata Power Company reported a consolidated net profit of Rs 74.97 crore in Q2 September 2013 as against net loss of Rs 83.80 crore in Q2 September 2012. Net sales rose 14% to Rs 8717.11 crore in Q2 September 2013 over Q2 September 2012.

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

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