Tata Power Company rose 2.05% to Rs 72.20 at 13:41 IST on BSE after the company's equal joint venture with Exxaro Resources achieved commercial operations for its 134 megawatts wind power project in South Africa.
The company made the announcement during market hours.Meanwhile, the S&P BSE Sensex, was currently off 112.63 points or 0.4% at 28,095.99.
On BSE, so far 2.42 lakh shares were traded in the counter, compared with an average daily volume of 3.98 lakh shares in the past one quarter. The stock hit high of Rs 72.45 and low of Rs 70.75 so far during the trading session. The stock had hit 52-week high of Rs 77.95 on 13 June 2016. The stock had hit 52-week low of Rs 55 on 12 February 2016. The stock had underperformed the market over the past one month till 28 July 2016, sliding 1.53%, compared with the Sensex's 6.35% gains. The scrip had also underperformed the market in past one quarter, gaining 2.09% as against the Sensex's 10.18% rise.
The large-cap company has equity capital of Rs 270.46 crore. Face value per share is Rs 1.
The wind power project is being implemented by Cennergi (Pty) Ltd. Tata Power further said that Cennergi's second wind power project in South Africa is also expected to go into commercial operations shortly. Cennergi, an equal joint venture between Tata Power Company and Exxaro Resources, is focusing on the development, ownership, operation, maintenance, acquisition and management of electricity generation projects in South Africa, Botswana and Namibia. Cennergi's initial project pipeline focuses on renewable energy projects in South Africa. The company's strategy is to create a balanced portfolio of power generation assets.
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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Tata Power's consolidated net profit jumped 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. The company is scheduled to announce its Q1 June 2016 results on 4 August 2016.
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