Tata Power Company rose 1.53% to Rs 79.45 at 9:45 IST on BSE after the company signed a letter of intent with Javelin Joint Venture team to explore co-development and production of the Javelin anti-armour missile system.
The announcement was made after market hours yesterday, 31 August 2016.
Meanwhile, the BSE Sensex was down 29.26 points, or 0.10%, to 28,422.91.
On BSE, so far 4.06 lakh shares were traded in the counter, compared with average daily volume of 4.90 lakh shares in the past one quarter. The stock hit a high of Rs 80.35 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 79 so far during the day. The stock hit a 52-week low of Rs 55 on 12 February 2016. The stock had outperformed the market over the past 30 days till 31 August 2016, rising 8.83% compared with 1.68% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.53% as against Sensex's 5.99% rise.
The large-cap company has equity capital of Rs 270.46 crore. Face value per share is Re 1.
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Tata Power Company announced that the company operating through its Strategic Engineering Division (SED), has signed a letter of intent (LOI) with Javelin Joint Venture team, a partnership between Raytheon and Lockheed Martin, to explore co-development and production of the Javelin anti-armour missile system. As part of the LOI, the Javelin Joint Venture (JVV) and Tata Power Company SED will create a strategy to co-develop and produce Javelin missile system and integrate platform mounts to meet Indian requirements. This includes ground combat vehicles, dismounted infantry and rotorcraft applications, Tata Power Company said.
Tata Power Company's consolidated net profit fell 76.09% to Rs 72.49 crore on 5.05% decline in net sales to Rs 6806.53 crore in Q1 June 2016 over Q1 June 2015.
Tata Power Company is India's largest integrated power company with a growing international presence. The company has presence in all the segments of the power sector viz. fuel security and logistics, generation (thermal, hydro, solar and wind), transmission, distribution and trading.
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