Tata Power gains after South African JV commences operations of wind farm project

Tata Power Company gained 1.3% to Rs 77.90 at 13:30 IST on BSE after the company announced that South African joint venture company commenced commercial operations of its 95 MW wind farm project.

The announcement was made during market hours today, 19 August 2016.

Meanwhile, the S&P BSE Sensex, was currently up 4.16 points or 0.01% at 28,127.60.

On BSE, so far 1.92 lakh shares were traded in the counter, compared with an average daily volume of 4.61 lakh shares in the past one quarter. The stock hit high of Rs 78.45 so far during the day, with the price matching with the stock's 52-week high hit yesterday, 18 August 2016. The stock hit low of Rs 76.70 so far during the trading session. The stock had hit 52-week low of Rs 55 on 12 February 2016. The stock had outperformed the market over the past one month till 18 August 2016, gaining 9.31% compared with 1.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 10.09% as against Sensex's 9.41% rise.

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

Cennergi Pty Ltd, Tata Power Company's 50:50 joint venture company with Exxaro Resources in South Africa announced the commencement of commercial operations of its 95 megawatts (MW) Tsitsikamma Community Wind farm (TCWF) Wind Farm Project on 17 August 2016. Cennergi was selected as the preferred bidder for two wind projects under the second window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by the South African government. With the commissioning of Tsitsikamma project, Cennergi's operational portfolio has increased to 229 MW as it had achieved commercial operations of its 134 MW Amakhala Emoyeni Wind project last month on 28 July 2016.

Tata Power's consolidated net profit jumped 126.4% to Rs 360.25 crore on 19.1% growth in net sales to Rs 9333.52 crore in Q4 March 2016 over Q4 March 2015. The company will announce its Q1 results on 23 August 2016.

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

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