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Tata Power rises after solar unit wins NTPC order

Capital Market 

Shares of Tata Power Company were up 0.76% at Rs 59.40 after Tata Power Solar received letter of award from NTPC for a 250 megawatts solar project under CPSU scheme.

Tata Power in an exchange filing during market hours today, 13 January 2020, said that Tata Power Solar Systems, a wholly owned subsidiary, has received a Letter of Award (LoA) from NTPC for a 250 MW solar project under the CPSU scheme.

The total value of the order is Rs 1,505 crore and the completion period is 20 months. Under the CPSU scheme, only domestically manufactured cells and modules would be used for the project.

With this, the order book of Tata Power Solar stands at approximately Rs 7,600 crore including external and internal orders.

The stock trades above its 100 days simple moving average placed at 57.84 but below its 200 days moving average placed at 62.42. These levels will act as support and resistance in near term.

Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 10,763 MW.

Tata Power's consolidated net profit slipped 19.5% to Rs 270.17 crore in Q2 September 2019 as against Rs 335.77 crore in Q2 September 2018. Net sales rose 4.4% to Rs 7,677.82 crore in Q2 September 2019 over Q2 September 2018.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 13 2020. 12:54 IST