Tata Power Company rose 0.69% to Rs 73.35 at 12:10 IST on BSE after the company's joint venture increased power generation by 7% to 7,172 million units in FY 2016 over FY 2015.
The announcement was made during market hours today, 2 June 2016.Meanwhile, the S&P BSE Sensex was down 49.20 points or 0.18% at 26,664.73.
On BSE, so far 97,605 shares were traded in the counter as against average daily volume of 6.63 lakh shares in the past one quarter. The stock hit a high of Rs 73.45 and a low of Rs 72.55 so far during the day. The stock had hit a 52-week high of Rs 76.95 on 2 June 2015. The stock had hit a 52-week low of Rs 55 on 12 February 2016. The stock had underperformed the market over the past one month till 1 June 2016, gaining 3.26% compared with 4.32% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 24.96% as against Sensex's 12.34% gains.
The large-cap company has equity capital of Rs 270.46 crore. Face value per share is Rs 1.
Tata Power Company announced that Maithon Power (MPL), a 74:26 joint venture between the company and Damodar Valley Corporation (DVC) has increased its generation by 7% to 7,172 million units in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).
Tata Power said that Maithon Power project is located in Maithon in Jharkhand with a total capacity of 1,050 megawatts. In addition to supplying power to DVC, power from the Maithon Project is being exported to power deficit nothern and southern state. The project supplies power to three states namely Delhi, West Bengal and Kerala as also to DVC as per the long term power purchae agreement (PPA).
Tata Power Company's consolidated net profit rose 126.4% to Rs 360.25 crore on 19.1% growth in net sales to Rs 9333.52 crore in Q4 March 2016 over Q4 March 2015.
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Tata Power is India's largest integrated power company with a growing international presence. The company has presence in all the segments of the power sector viz. fuel security and logistics, generation (thermal, hydro, solar and wind), transmission, distribution and trading.
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