Tata Power Company has tanked 17%, after reporting a consolidated net loss of Rs 115 crore for the quarter ended June 30, 2013 (Q1), due to higher forex losses and interest cost. The electric utilities company had posted profit of Rs 146 crore in year ago quarter.
The company’s foreign exchange loss rose by nearly seven times to Rs 293 crore during April-June quarter from Rs 45.2 crore in corresponding quarter of last fiscal, while finance costs jumped by 64% year-on-year (yoy) to Rs 902 crore in first quarter.
Total income from operations however, increased by 29% at Rs 9,339 crore on yoy basis.
The stock opened at Rs 83 and hit a low of Rs 73.80, its lowest level since March 2009, on BSE. A combined 7.15 million shares changed hands on the counter so far on NSE and BSE.
The company’s foreign exchange loss rose by nearly seven times to Rs 293 crore during April-June quarter from Rs 45.2 crore in corresponding quarter of last fiscal, while finance costs jumped by 64% year-on-year (yoy) to Rs 902 crore in first quarter.
Total income from operations however, increased by 29% at Rs 9,339 crore on yoy basis.
The stock opened at Rs 83 and hit a low of Rs 73.80, its lowest level since March 2009, on BSE. A combined 7.15 million shares changed hands on the counter so far on NSE and BSE.
