Deal with CESC charges up PTC

DALAL STREET SPIKES

Power Trading Corporation (PTC) firmed up on Tuesday in a rather subdued market after the company announced that it has inked an agreement with CESC for supply of power.

The scrip gained 2.9 per cent to close at Rs 57.30. More than 18.4 lakh shares changed hands on the BSE.

From Rs 46.40 on August 23, 2004, the scrip has surged 23 per cent to Tuesday's close of Rs Rs 57.20. The stock moved in a narrow range of Rs 54.50 to Rs 57 since then. PTC said the power supply to CESC under the agreement has already started.

This transaction is a landmark, being the first of its kind in India, where a power trading company is supplying power directly to an embedded customer of a state power system, PTC said.

This has been made possible through open access to the state's system under the enabling provisions of the Electricity Act 2003, it added.