Tata Power gains after entering into pact with Germany's Secusmart

Tata Power Company rose 2.98% to Rs 69.10 at 14:18 IST on BSE after the company announced a comprehensive partnership with Secusmart for the Indian market.

The company made the announcement during market hours today, 6 October 2015.

Meanwhile, the S&P BSE Sensex was up 119.08 points or 0.44% at 26,904.63.

On BSE, so far 7.35 lakh shares were traded in the counter as against average daily volume of 4.18 lakh shares in the past one quarter.

The stock hit a high of Rs 69.35 and low of Rs 67 so far during the day. The stock had hit a 52-week high of Rs 94.90 on 5 November 2014. The stock had hit a 52-week low of Rs 55.55 on 7 September 2015.

The stock had outperformed the market over the past one month till 5 October 2015, surging 18.66% compared with the Sensex's 6.28% rise. The scrip had, however, underperformed the market in past one quarter, declining 9.57% as against Sensex's 4.65% fall.

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

Tata Power Strategic Engineering Division (SED) and Secusmart, the global expert in secure mobile communications, announced a comprehensive partnership for the Indian market. The two companies have signed a term sheet (MoU) providing a framework for the collaboration, the aim of which is to evaluate the design, development and marketing of a highly secure mobile communications system tailored to the needs of government customers in India.

The proposed collaboration is aimed at leveraging Tata Power SED's expertise in security, software and hardware design and manufacturing and Secusmart's expertise in Software and security to provide a highly capable and secure communication solution meeting stringent government requires, Tata Power said in a statement.

Secusmart GmbH, a subsidiary of BlackBerry, is a leading expert in the development and implementation of comprehensive solutions for protecting businesses and public authorities from electronic eavesdropping.

On a consolidated basis, Tata Power Company reported net profit of Rs 241.33 in Q1 June 2015 compared with net loss of Rs 111.30 crore in Q1 June 2014. The company's total income rose 7.2% to Rs 9396.60 crore in Q1 June 2015 over Q1 June 2014.

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

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