Tata Power gains after commissioning Unit 1 of Dagacchu Hydro Project

Tata Power Company rose 0.23% to Rs 86.20 at 12:20 IST on BSE after the company has successfully commissioned Unit 1 of 126 megawatts Dagacchu Hydro Project in Bhutan.

The announcement was made during market hours today, 3 March 2015.

Meanwhile, the BSE Sensex was up 48.44 points, or 0.16%, to 29,507.76.

On BSE, so far 1.22 lakh shares were traded in the counter, compared with an average volume of 4.89 lakh shares in the past one quarter.

The stock hit a high of Rs 86.75 and a low of Rs 85.55 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 74.45 on 5 March 2014.

The stock had underperformed the market over the past one month till 2 March 2015, falling 5.55% compared with 1.16% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 5.18% as against Sensex's 3.57% rise.

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

Tata Power Company said that the company has successfully commissioned 63 megawatts (MW) sized Unit 1 of its 126 MW Dagachhu Hydro project in Bhutan. This project is in line with Tata Power's commitment to commission 120 MW of new hydro power project this year as part of the centenary year celebration theme of Invisible Goodness, and is the first cross border project registered under UNFCCC's Clean Development Mechanism (CDM), Tata Power said in a statement.

The Dagacchu project is a joint venture (JV) initiative between Tata Power and Druk Green Power Corporation, owned by Royal Government of Bhutan (RGoB) and National Pension & Provident Fund of Bhutan. With the commissioning of the project, Tata Power's total hydro generation capacity today stands at 513 MW and overall capacity of 8684 MW. The Dagachhu Project is 126 MW (2X63 MW) run of river hydro project located in Dagana Dzongkhag, Bhutan. The commercial flow of energy generated for the Dagacchu project to India officially started on 21 February 2015. The test run for the second units of 63 MW will also be immediately started and expected to be completed soon. Dagacchu Hydro Power Corporation (DHPC) has entered into a 25-year power purchase agreement (PPA) with Tata Power Trading Company (TPTCL), a company of Tata Power for sale of power from the project. The power generated from the project shall be sold by TPTCL in the Indian power market, Tata Power said in a statement.

The projects is the first public private partnership in infrastructure investment in Bhutan with participation from multiple Bhutanese and international shareholders.

Tata Power Company reported consolidated net profit of Rs 197.74 crore in Q3 December 2014 compared with consolidated net loss of Rs 74.91 crore Q3 December 2013. Total income rose 8.3% to Rs 9321.34 crore in Q3 December 2014 over Q3 December 2013.

Powered by Capital Market - Live News