Tata Power rose 3.19% to Rs 97.15 at 9:54 IST on BSE after the Central Electricity Regulatory Commission in an order issued on Monday allowed the company to raise electricity tariffs on a temporary basis at its Mundra power plant.
Meanwhile, the S&P BSE Sensex was up 169.04 points or 0.92% at 18,526.84.
On BSE, 2.15 lakh shares were traded in the counter as against average daily volume of 4.06 lakh shares in the past one quarter.
The stock hit a high of Rs 99.70 and a low of Rs 97 so far during the day. The stock had hit a 52-week high of Rs 113.20 on 5 December 2012. The stock had hit a 52-week low of Rs 85.80 on 24 May 2012.
The stock had underperformed the market over the past one month till 15 April 2013, falling 7.61% compared with the Sensex's 5.51% fall. The scrip had also underperformed the market in past one quarter, sliding 12.66% as against Sensex's 8.15% fall.
The large-cap power generation company has equity capital of Rs 237.31 crore. Face value per share is Re 1.
The Central Electricity Regulatory Commission (CERC) has allowed Tata Power Company to raise electricity tariffs on a temporary basis at its Mundra power plant on account of rising cost of imported coal. The CERC has allowed Coastal Gujarat Power, a unit of Tata Power that operates the plant in Gujarat, to charge "compensatory" tariffs for electricity until the fuel supply situation improves. The regulator will direct the setting up of a panel to finalise details of the compensatory tariff.
The order follows a similar ruling by the regulator earlier this month, which allowed Adani Power to raise tariffs for electricity from its power plant at Mundra.
Tata Power's 4,000-megawatt (MW) plant at Mundra runs on imported coal from Indonesia, but it has been suffering from mounting losses after the South East Asian nation raised levies on coal exports, which Tata Power has not been able to pass on to its customers so far.
Tata Power Company reported consolidated net loss of Rs 328.92 crore for Q3 December 2012, as against net profit of Rs 297.95 crore in Q3 December 2011. Total income rose 27.2% at Rs 9050.33 crore in Q3 December 2012 over Q3 December 2011.
Tata Power Company is India's largest integrated power company with a significant international presence. The company has an installed generation capacity of 8,500 MW in India and a presence in all the segments of the power sector viz generation (thermal, hydro, solar and wind), transmission, distribution and trading.
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