Tata Power inches up after favorable ruling from APTEL

Tata Power Company rose 0.5% to Rs 90.60 at 10:33 IST on BSE after the firm said that APTEL dismissed appeal filed by BEST against Maharashtra electricity regulator's order issuing T&D license to Tata Power for the next 25 years.

The announcement was made during market hours today, 26 November 2014.

Meanwhile, the S&P BSE Sensex was down 15.74 points or 0.06% at 28,322.31.

On BSE, so far 1.59 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter.

The stock hit a high of Rs 91.85 and a low of Rs 88.50 so far during the day. The stock had hit a 52-week high of Rs 115.25 on 9 June 2014. The stock had hit a 52-week low of Rs 68.95 on 30 January 2014.

The stock had underperformed the market over the past one month till 25 November 2014, gaining 2.39% compared with the Sensex's 5.54% rise. The scrip had also underperformed the market in past one quarter, sliding 0.22% as against Sensex's 7.19% rise.

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

Tata Power Company said that Appellate Tribunal for Electricity (APTEL) dismissed appeal filed by BEST against the order of Maharashtra Electricity Regulatory Commission (MERC) issuing transmission and distribution license to Tata Power Company for the next 25 years with effect from 16 August 2014.

Separately, Tata Power Company during market hours today, 26 November 2014 said that Central Electricity Regulatory Commission has passed the tariff order for the 1,050 megawatts (MW) power plant of Maithon Power (MPL) for FY 2011-14. MPL is a joint venture between Tata Power Company (74%) and Damodar Valley Corporation (26%). The new tariff would be applicable from COD for each of the generating units. This will pave the way for meeting the targeted returns from the project, Tata Power Company said.

Tata Power reported a consolidated net loss of Rs 77.76 crore in Q2 September 2014 compared with net profit of Rs 74.97 crore in Q2 September 2013. Net sales declined 4% to Rs 8364.30 crore in Q2 September 2014 over Q2 September 2013.

Tata Power is integrated power company with a significant international presence. From Fuel and Logistics to Generation and Transmission to Distribution and Trading-exploring various renewable sources of energy in India and globally, the company now has a significant presence in wind, solar, hydro and geothermal energy space.

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