CESC rose 2.98% to Rs 178.20 after its wholly owned subsidiary, Eminent Electricity Distribution has received a Letter of Intent (LoI) worth Rs 871 crore for the acquisition of a 100% stake in a power distribution company in Chandigarh.
According to a regulatory filing, the LoI was issued on 22 November 2024, for the acquisition of a company responsible for electricity distribution and retail supply in the Union Territory of Chandigarh. The distribution company also holds the necessary distribution license for the region.The said contract valued at Rs 871 crore and it is expected to be executed within 30 days from the issuance of the LoI.
CESC is a fully-integrated electrical utility company. The company's other business segments include power, organized retailing, property development and business process outsourcing.
The companys consolidated net profit increased 1.40% to Rs 353 crore in Q2 FY25 as compared with Rs 348 crore recorded in Q2 FY24. Net sales rose 8% YoY to Rs 4700 crore in Q2 FY25.
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