Tata Power rose 1.64% to Rs 77.55 at 9:22 IST on BSE after the company said that the Supreme Court on 8 May 2014 dismissed BEST's appeal to restrain Tata Power from laying network in its license area.
The company made the announcement before trading hours today, 9 May 2014.
Meanwhile, the BSE Sensex was up 18.48 points, or 0.08%, to 22,362.52.
On BSE, so far 28,000 shares were traded in the counter, compared with an average volume of 5.82 lakh shares in the past one quarter.
The stock hit a high of Rs 77.45 and a low of Rs 77 so far during the day. The stock hit a 52-week high of Rs 91.82 on 24 July 2013. The stock hit a 52-week low of Rs 65.86 on 6 August 2013.
The stock had underperformed the market over the past one month till 8 May 2014, sliding 8.02% compared with no change in the Sensex. The scrip had also underperformed the market in past one quarter, rising 5.42% as against Sensex's 9.66% rise.
The large-cap company has an equity capital of Rs 270.53 crore. Face value per share is Re 1.
Tata Power said that the Supreme Court on May 08, 2014 dismissed the appeal filed by the BEST in which it sought to restrain Tata Power from laying its network to provide power supply to consumers in its License Area. The Apex court ruled that there is no provision given in the statute which gives BEST a privileged position of being the sole distribution licensee in that area.
Tata Power said it welcomes the Supreme Court's ruling allowing consumers serviced by BEST in the Mumbai Island City to choose their service provider for electricity. This ruling will foster competition and also pave the way for customers to avail competitive tariffs and better customer service, the company said.
On a consolidated basis, Tata Power reported a net loss of Rs 74.91 crore in Q3 December 2013, lower than net loss of Rs 328.92 crore in Q3 December 2012. Net sales declined 3.7% to Rs 8656.11 crore in Q3 December 2013 over Q3 December 2012.
Tata Power is India's largest integrated power company with a significant international presence.
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