Tata Power shares gain nearly 4 pc on 2-fold jump in Q4 profit

Shares of Tata Power on Wednesday closed nearly 4 per cent higher after the company posted a two-fold rise in its consolidated net profit for the January-March quarter compared to the year-ago period.

The scrip, which gained 6.95 per cent to Rs 34.60 during the day on the BSE, later closed at Rs 33.35, up 3.09 per cent.

It surged 3.69 per cent to close at Rs 33.65 on NSE.

In terms of traded volume, 52.38 lakh shares were traded on the BSE and over 9 crore shares on the NSE during the close of trade.

Tata Power on Tuesday posted a two-fold jump in its consolidated net profit to Rs 475 crore in the January-March quarter compared to the year-ago period.

The company's consolidated net profit was Rs 172 crore in the quarter ended on March 31, 2019, a company statement said.

Consolidated revenue stood at Rs 6,881 crore in the fourth quarter of 2019-20 compared to Rs 7,597 crore in the corresponding quarter last year mainly due to delay in project execution in solar engineering procurement and construction business on account of COVID-19, lower power demand and lower coal price, it said.