Tata Power moves higher after completing acquisition of a wind farm

Tata Power Company rose 2.12% to Rs 69.85 at 12:39 IST on BSE after the company said its subsidiary has completed acquisition of 100% shareholding in a 30 megawatts wind farm in Maharashtra.

The announcement was made during market hours today, 20 May 2016.

Meanwhile, the S&P BSE Sensex was up 71.86 points or 0.28% at 25,471.58.

On BSE, so far 1.88 lakh shares were traded in the counter as against average daily volume of 6.40 lakh shares in the past one quarter. The stock hit a high of Rs 69.85 and a low of Rs 68.30 so far during the day. The stock had hit a 52-week high of Rs 79.80 on 20 May 2015. The stock had hit a 52-week low of Rs 55 on 12 February 2016. The stock had outperformed the market over the past one month till 19 May 2016, sliding 1.51% compared with Sensex's 1.61% fall. The scrip had also outperformed the market in past one quarter, advancing 16.33% as against Sensex's 7.13% rise.

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

Tata Power Company (Tata Power) announced that Tata Power Renewable Energy (TPREL), a 100% subsidiary of the company has completed acquisition of 100% shareholding in Indo Rama Renewables Jath (IRRJL), which is a 100% subsidiary of Indo Rama Renewables (IRRL). IRRJL has a 30 megawatts (MW) operating wind farm in Sangli district of Maharashtra.

With the latest acquisition, Tata Power's total generation capacity now becomes 9,213 MW and current operating non-fossil based capacity at 1,704 MW, the company said in a statement.

Tata Power's consolidated net profit fell 87.6% to Rs 24.46 crore on 8.9% rise in net sales to Rs 9230.47 crore in Q3 December 2015 over Q3 December 2014.

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 generation (thermal, hydro, solar and wind), transmission, distribution and trading.

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