Tata Power Company rose 1.53% to Rs 86.05 at 9:35 IST on BSE after the company said it has signed a memorandum of understanding with Russian Direct Investment Fund to develop investment opportunities in the energy sector.
The announcement was made by the company after trading hours yesterday, 11 December 2014.
Meanwhile, the BSE Sensex was up 31.52 points, or 0.11%, to 27,633.53.
On BSE, so far 25,365 shares were traded in the counter, compared with an average volume of 4.65 lakh shares in the past one quarter.
The stock hit a high of Rs 86.10 and a low of Rs 85.30 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.
The stock had underperformed the market over the past one month till 11 December 2014, falling 9.16% compared with 1.1% decline in the Sensex. The scrip had also underperformed the market in past one quarter, declining 6.77% as against Sensex's 2.25% rise.
The large-cap integrate power company has an equity capital of Rs 270.46 crore. Face value per share is Re 1.
The agreement was signed during the state visit of Russian President Vladimir Putin to India. Russian Direct Investment Fund (RDIF) and Tata Power will cooperate on identifying and targeting investment opportunities in the energy sector across Russia in order to develop mutually beneficial transactions.
Tata Power reported consolidated net loss of Rs 77.76 crore in Q2 September 2014 compared with consolidated net profit of Rs 74.97 crore in Q2 September 2013. Total income fell1.3% to Rs 8359.44 crore in Q2 September 2014 over Q2 September 2013.
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