Tata Power shares zoom nearly 13% as net jumps in Q2

Shares of Tata Power Monday zoomed nearly 13 per cent after the company reported 85 per cent jump in second quarter net profit.

The scrip rose sharply by 12.40 per cent to close at Rs 77.50 on BSE. During the day, it soared 24.94 per cent to Rs 86.15.

At NSE, shares of the company jumped 12.62 per cent to end at Rs 77.60.

The company's market valuation rose by Rs 2,312.99 crore to Rs 20,961.99 crore on BSE.

In terms of equity volume, 37.51 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day.

Tata Power Monday reported 85 per cent jump in second quarter net profit on the back of good performance of its renewable energy business.

Consolidated net profit was Rs 393 crore in July-September quarter, compared with Rs 213 crore in the same period of the previous year, the company said in a statement.

Tata Power said its board has also approved plan to raise up to Rs 5,500 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.

Revenue in the second quarter rose to Rs 7,234 crore from Rs 6,610 crore last year "mainly due to capacity addition in renewables, increase in fuel cost and increase in shipping tonnage," the statement said.