Tata Power firms up after tie-up with NTT Com-Netmagic for solar project

Tata Power gained 1.47% to Rs 68.95 at 12:39 IST on the BSE after the company announced a partnership with NTT Com- Netmagic to build a 50 megawatts solar photovoltaic power plant in Maharashtra.

The announcement was made after market hours yesterday, 16 July 2019.

Meanwhile, the S&P BSE Sensex was up by 113.17 points or 0.29% to 39,244.21.

On the BSE, 2.07 lakh shares were traded in the counter so far compared with average daily volumes of 3.60 lakh shares in the past two weeks. The stock had hit a high of Rs 69.65 and a low of Rs 67.95 which is also a 52-week loW. The stock hit a 52-week high of Rs 86.15 on 29 October 2018 and a 52-week low of Rs 59.9 on 9 October 2018.

NTT Com- Netmagic, a leading managed hosting and multi-cloud hybrid it solution provider in India, announced a partnership with Tata Power, one of India's largest integrated power company, to build its first 50 megawatts (MW) solar photovoltaic (PV) power plant in Solapur, Maharashtra.

This initiative enables NTT Com-Netmagic to meet the green energy needs and optimise operating costs. The capacity will be built in a phased manner with initial capacity of 35 MW increasing up to 50 MW within 24 months of initial commissioning of the plant.

On a consolidated basis, the company's net profit decreased 56.7% to Rs 80.90 crore on a 0.2% rise in net sales to Rs 7230.24 crore in Q4 March 2019 over Q4 March 2018.

Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 10957 MW.

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