Tata Power inches up after MERC's transmission and distribution license

Tata Power Company rose 0.92% to Rs 92.85 at 11:15 IST on BSE after the company in a clarification said that MERC issued transmission license and distribution license to the company for the next 25 years with effect from 16 August 2014.

The clarification was issued during market hours today, 19 August 2014.

Meanwhile, the S&P BSE Sensex was up 62.48 points or 0.24% at 26,453.44.

On BSE, so far 1.95 lakh shares were traded in the counter as against average daily volume of 5.71 lakh shares in the past two weeks.

The stock hit a high of Rs 93.45 and a low of Rs 92.25 so far during the day.

Tata Power Company (Tata Power) clarified that Maharashtra Electricity Regulatory Commission (MERC) on 14 August 2014 issued transmission license and distribution license to the company for the next 25 years with effect from 16 August 2014 and the license area covers from Colaba to Mahim, falling under Mumbai City Revenue district, Bandra to Dahisar and Chunabatti to Vikhroli of Mumbai suburban Revenue District and the area of Mira Bhayandar Municipal Corporation.

The license allows Tata Power to continue serving the Mumbai consumers as before in its distribution and transmission area. The distribution license is granted with a specific condition to get the network roll out approved by the Regulatory Commission. Tata Power will follow the directions of the Commission as before and grow its network to acquire balanced set of consumers to ensure tariff benefit to low end consumers, Tata Power said.

The company issued the clarification with respect to news titled "Tata Power Gets 25-yr Licence for City".

On a consolidated basis, Tata Power reported a 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 is India's largest integrated power company with a significant international presence.

Powered by Capital Market - Live News