Tata Power rose 3.99% to Rs 74.20 at 11:38 IST on BSE on bargain hunting after a correction of 14.76% on Tuesday, 6 August 2013, triggered by weak Q1 June 2013 results.
Tata Power announced the results during trading hours on Tuesday, 6 August 2013. The stock slumped 14.76% to Rs 71.35 on that day. The stock fell 18.87% in the preceding four trading sessions till Tuesday, from a recent high of Rs 87.95 on 31 July 2013.
Meanwhile, the S&P BSE Sensex was down 92.44 points, or 0.49%, to 18,640.60.
On BSE, 9.15 lakh shares were traded in the counter as against an average daily volume of 2.92 lakh shares in the past one quarter.
The stock hit a high of Rs 74.70 and a low of Rs 68.60 so far during the day. The stock had hit a 52-week low of Rs 68.25 on Tuesday, 6 August 2013. The stock had hit a 52-week high of Rs 113.20 on 5 December 2012.
The stock had underperformed the market over the past one month till 6 August 2013, sliding 16.65% compared with the Sensex's 3.91% fall. The scrip had also underperformed the market in past one quarter, falling 24.14% as against Sensex's 4.78% fall.
The large-cap company has an equity capital of Rs 237.31 crore. Face value per share is Re 1.
On a consolidated basis, Tata Power reported a net loss of Rs 114.70 crore in Q1 June 2013 compared with a net profit of Rs 145.93 crore in Q1 June 2012. The company reported a net loss due to higher forex loss on realignment of liabilities due to weakening of rupee and higher financing costs related to Mundra project. Total income jumped 24.54% to Rs 9111.57 crore in Q1 June 2013 over Q1 June 2012.
Profit from operations rose 56% to Rs 1416.04 crore on 29% increase in revenues to Rs 9339.49 crore in Q1 June 2013 over Q1 June 2012.
Profit from operations jumped on account of full operations in Mundra and better performance of Maithon. Higher fixed costs and fuel under-recovery have adversely impacted net profits from Mundra operations.
Revenues rose mainly on account of commissioning of all the units in Mundra, Maithon and higher volume traded by Tata Power Trading Company.
On consolidated segment-wise performance for the quarter, revenues from power business increased 43% to Rs 6893.68 crore in Q1 June 2013 over Q1 June 2012. Revenues from coal business fell 4% to Rs 2184.12 crore during the period under review.
Tata Power is India's largest integrated power company with a significant international presence.
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