Tata Power gains as brokerage maintains add rating

Tata Power Company rose 1.4% to Rs 76 at 11:47 IST on BSE on reports that a domestic brokerage has maintained add rating on the stock for a target price of Rs 85.

Meanwhile, the S&P BSE Sensex was up 266.42 points or 1.01% at 26,632.57.

On the BSE, 2.83 lakh shares were traded on the counter so far as against the average daily volumes of 3.69 lakh shares in the past one quarter. The stock had hit a high of Rs 77.95 and a low of Rs 75.60 so far during the day.

The stock had hit a 52-week high of Rs 84.45 on 24 October 2016 and a 52-week low of Rs 55 on 12 February 2016. It had outperformed the market over the past one month till 29 December 2016, advancing 3.81% compared with the Sensex's 0.11% fall. The scrip had also outperformed the market in past one quarter, gaining 2.04% as against the Sensex's 5.25% fall.

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

On a consolidated basis, Tata Power reported net profit of Rs 336.24 crore in Q2 September 2016, as against net loss of Rs 95.87 crore in Q2 September 2015. Net sales declined 5.6% to Rs 7190.54 crore in Q2 September 2016 over Q2 September 2015.

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

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