Tata Power Company rose 1.67% to Rs 73.20 at 12:07 IST on BSE after Tata Power Strategic Engineering Division bagged Rs 1200 crore contract from the Ministry of Defence for supply of ship-borne 3D Air Surveillance Radars.
The announcement was made during market hours today, 22 March 2019.Meanwhile, the S&P BSE Sensex was down 87.83 points, or 0.23% to 38,298.92
On the BSE, 1.78 lakh shares were traded in the counter so far compared with average daily volumes of 9.92 lakh shares in the past two weeks. The stock had hit a high of Rs 73.75 and a low of Rs 72.05 so far during the day.
Tata Power Strategic Engineering Division (Tata Power SED) today announced the signing of an important deal with the Ministry of Defence, Government of India, to supply 23 ship-borne 3D Air Surveillance Radars to the Indian Navy over the next 10 years. The contract, estimated value is about Rs 1200 crore, was signed under the Buy & Make (India) category of the Defence Procurement Procedure (DPP) 2013 that will be offering the Indian Navy a proven solution, with a production arrangement in India under Transfer of Technology (ToT) and thereby furthering substantive self-reliance for India's defence requirements. The contract will be executed by Tata Power SED as the prime contractor with foreign OEM (Original Equipment Manufacturer) partner Indra Sistemas, Spain.
On a consolidated basis, net profit of Tata Power Company dropped 78.56% to Rs 126.68 crore on 21.17% rise in net sales to Rs 7706.71 crore in Q3 December 2018 over Q3 December 2017.
Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 10857 MW.
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