Tata Power jumped 6.10% to Rs 83.50 at 9:20 IST on BSE on reports that the electricity regulator allowed the company to raise tariffs and receive compensation to make up for losses incurred at its flagship Mundra plant in Gujarat.
Meanwhile, the BSE Sensex was down 25.57 points, or 0.12%, to 20,675.18.
On BSE, so far 2.98 lakh shares were traded in the counter, compared with an average volume of 4.79 lakh shares in the past one quarter.
The stock hit a high of Rs 84.50 and a low of Rs 82.90 so far during the day. The stock hit a 52-week high of Rs 102.45 on 15 March 2013. The stock hit a 52-week low of Rs 68.25 on 6 August 2013.
The stock had outperformed the market over the past one month till 21 February 2014, rising 2.27% compared with the Sensex's 2.59% fall. The scrip had also outperformed the market in past one quarter, rising 1.68% as against Sensex's 2.33% rise.
The large-cap company has an equity capital of Rs 237.31 crore. Face value per share is Re 1.
The Central Electricity Regulatory Commission (CERC) reportedly said Tata Power should be reimbursed Rs 330 crore for the fiscal year that ended in March 2013. The company can also raise tariffs by Rs 0.524 per unit for the current fiscal year for electricity generated from Mundra, the regulator reportedly said in an order dated 21 February 2014.
On a consolidated basis, Tata Power reported consolidated net loss of Rs 74.91 crore in Q3 December 2013, lower than net loss of Rs 328.92 crore in Q3 December 2012. Total income fell 4.91% to Rs 8605.93 crore in Q3 December 2013 over Q3 December 2012.
Tata Power is India's largest integrated power company with a significant international presence.
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