Tata Power gains as subsidiary redeems fixed to floating rate subordinated notes

Tata Power Company rose 1.18% to Rs 90.15 at 14:14 IST on BSE after the company's wholly owned subsidiary Bhira Investments redeemed $450 million fixed to floating rate subordinated notes.

Meanwhile, the S&P BSE Sensex was up 104.85 points or 0.39% at 27,124.24

On BSE, so far 5.21 lakh shares were traded in the counter as against average daily volume of 7.71 lakh shares in the past one quarter.

The stock hit a high of Rs 90.65 and a low of Rs 89.10 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 67.36 on 6 September 2013.

The stock had underperformed the market over the past one month till 2 September 2014, falling 6.16% compared with 6.04% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 15.9% as against Sensex's 9.46% rise.

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

Tata Power Company during market hours today, 3 September 2014 said that the company's wholly owned subsidiary Bhira Investments (Bhira) has redeemed $450 million fixed to floating rate subordinated notes on Tuesday, 2 September 2014, as per the notice for early redemption to the Trustee dated 31 July 2014. The redemption has been financed by way of loans raised by Bhira for this specific purpose, Tata Power Company said in a statement.

Separately, Tata Power Company said that power supply has been normalized fully in Mumbai. The company said there has been no load shedding in Mumbai since yesterday, 2 September 2014, night. Tata Power Company issued the statement after many parts of Mumbai witnessed blackout yesterday due to technical fault at one of the power stations of the company.

On a consolidated basis, Tata Power Company reported net loss of Rs 111.30 crore in Q1 June 2014, lower than net loss of Rs 114.70 crore in Q1 June 2013. Net sales fell 6% to Rs 8738.90 crore in Q1 June 2014 over Q1 June 2013.

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

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