Tata Power Company rose 2.46% to Rs 87.50 at 14:55 IST on BSE after the company signed a share purchase agreement for acquisition of 100% shareholding in Ideal Energy Projects.
The company made the announcement during market hours today, 10 December 2014.
Meanwhile, the BSE Sensex was up 23.04 points, or 0.08%, to 27,820.05.
On BSE, so far 2.28 lakh shares were traded in the counter, compared with an average volume of 4.7 lakh shares in the past one quarter.
The stock hit a high of Rs 89.50 and a low of Rs 84.50 so far during the day. The stock hit a 52-week high of Rs 115.25 on 9 June 2014. The stock hit a 52-week low of Rs 68.95 on 30 January 2014.
Shares of integrated power company had underperformed the market over the past one month till 8 December 2014, falling 2.35% compared with 0.9% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.36% as against Sensex's 2.93% rise.
Ideal Energy Projects (IEPL) owns a 540 megawatts (MW) coal based thermal power project near village Bola in the Nagpur district of Maharashtra out of which 270 MW was commissioned in May 2013 and is based on domestic coal. An agreement was reached between Tata Power and IEPL for sale of 100% stake in IEPL. The acquisition is subject to statutory approvals and certain conditions precedent.
With this acquisition, Tata Power's total generating capacity will increase to 8885 MW. The project will help Tata Power service its customers in Maharashtra competitively and also give opportunity to the company to work closely with the local communities in the vicinity to improve their quality of life.
Tata Power reported consolidated net loss of Rs 77.76 crore in Q2 September 2014 compared with net profit of Rs 74.97 crore in Q2 September 2013. Total income declined 1.3% to Rs 8359.44 crore in Q2 September 2014 over Q2 September 2013.
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