Tata Power SED bags Rs 490 cr contract from the Ministry of Defence

Tata Power on Thursday said its strategic engineering division (SED) has secured a contract worth about Rs 490 crore from India's Defense Ministry to supply two regiments of Pinaka multiple rocket launcher system.

Pinaka multi-barrel launcher rocket system is an all-weather indirect fire artillery rocket system. The contract is to be executed within 31 months after accord of bulk production clearance (BPC) after the first off production model (FOPM) (which has timeline of 6 months after contract signing) is validated and BPC is granted.

Tata Power's consolidated net profit jumped 10.3% to Rs 268.10 crore on 16.9% fall in net sales to Rs 6,452.99 crore in Q1 June 2020 over Q1 June 2019.

Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/managed capacity of 12,742 MW.

Shares of Tata Power fell 0.98% to Rs 60.40 on BSE. On the technical front, the stock's RSI (relative strength index) stood at 62.21. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 52.45 and its 200-day moving average (DMA) placed at 47.64.

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