Tata Power powers ahead after winning defence order

Tata Power Company rose 3.62% to Rs 75.90 at 9:40 IST on BSE after the company announced that its strategic engineering division won an order worth over Rs 200 crore from Ministry of Defence.

The announcement was made after market hours yesterday, 5 December 2016.

Meanwhile, the S&P BSE Sensex was up 70.19 points or 0.27% at 26,464.20.

On the BSE, 2.71 lakh shares were traded on the counter so far as against average daily volume of 4.7 lakh shares in the past one quarter. The stock had hit a high of Rs 75.95 and a low of Rs 74.50 so far during the day.

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

Tata Power's strategic engineering division, Tata Power SED has received an order from, Ministry of Defence, Government of India for the supply of one regiment of command post and launcher of Pinaka multi rocket launcher system (MRLS) to Indian Army. The order worth over Rs 200 crore includes supply of 20 launchers and 8 command posts.

Pinaka weapon system is one of the first 'Create in India' product designed & developed by Indian private industry in association with Armament Research and Development Establishment (DRDO). Tata Power SED had delivered one regiment of Pinaka launcher and command post in the period of 2006 to 2010, which was then inducted in the Army.

Multi-barrel rocket launcher system Pinaka, is an area weapon system which supplements the existing artillery gun at ranges beyond 30 kilometers, and has a quick reaction time and high rate of fire. Its success has been well documented during Kargil conflict and has earned the confidence of Indian armed forces.

Tata Power is India's largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 10,477 megawatts (MW) and a presence in all the segments of the power sector viz. fuel security and logistics, generation, transmission, distribution and trading.

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