Tata Power gains after raising funds by successfully issuing NCDs

Tata Power Company rose 0.67% to Rs 67.60 at 10:00 IST on BSE after the company said that it has successfully issued and allotted 5,000 NCDs aggregating Rs 500 crore on a private placement basis.

The announcement was made by the company after market hours yesterday, 12 January 2016.

Meanwhile, the BSE Sensex was up 203.47 points, or 0.82%, to 24,885.50.

On BSE, so far 15,685 shares were traded in the counter, compared with an average volume of 3.36 lakh shares in the past one quarter. The stock hit a high of Rs 67.85 and a low of Rs 67.35 so far during the day. The stock hit a 52-week high of Rs 92.40 on 2 February 2015. The stock 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 12 January 2016, gaining 8.48% compared with 1.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, dropping 4.07% as against Sensex's 8.26% decline.

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

Tata Power Company said that it has successfully issued and allotted 5,000 unsecured, non-cumulative, redeemable, taxable, listed, rated Non-Convertible Debentures (NCDs) of the face value of Rs 10 lakh each aggregating Rs 500 crore on a private placement basis. These NCDs have tenure of 7 years and carry a floating interest rate linked to base rate of State Bank of India and have been rated CARE AA by CARE.

Tata Power reported a consolidated net profit of Rs 247.31 crore in Q2 September 2015, compared with net loss of Rs 77.75 crore in Q2 September 2014. Net sales rose 10.6% to Rs 9462.92 crore in Q2 September 2015 over Q2 September 2014.

Tata Power is India's largest integrated power company with a significant international presence. The company has presence in all the segments of the power sector viz generation (thermal, hydro, solar and wind), transmission, distribution and trading.

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