Tata Power Company on Monday (11 May) said its Strategic Engineering Division (SED) bagged a Rs 1200 crore contract from the Defence Ministry for modernising infrastructure of 37 airfields of Indian Airforce, Indian Navy and Indian Coast Guard.
The contract involves supply, installation and commissioning of modern airfield equipment along with other Navigational Aids and Air Traffic Management system besides creating the required civil and electrical Infrastructure. The contract needs to be executed over a period of next 4 years, Tata Power said in a regulatory filing.
Tata Power's consolidated net profit rose 26.1% to Rs 178.86 crore despite a 11.4% fall in net sales to Rs 7,071.03 crore in Q3 December 2019 over Q3 December 2018.
Tata Power is an integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 10,763 MW. It has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, trading and coal & freight logistics.
The scrip was down 2.11% to Rs 27.85, extending losses for fourth day. The stock has lost 8.5% in four sessions from its recent closing high of Rs 30.45 recorded on 5 May 2020.
On the technical front, the stock's RSI (relative strength index) stood at 28.495. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock trades above its 50-day, 100-day and 200-day simple moving average (DMA) placed at 36.42, 46.78 and 52.91, respectively.
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