Tata Power rose 2.87% to Rs 93.30 at 11:50 IST on BSE on reports the state electricity regulator granted 25 years distribution licence to the company for supplying power in Mumbai and suburban areas.
Meanwhile, the BSE Sensex was up 129.34 points, or 0.50%, to 26,232.57.
On BSE, so far 3.78 lakh shares were traded in the counter, compared with an average volume of 10.38 lakh shares in the past one quarter.
The stock hit a high of Rs 94.60 and a low of Rs 91.90 so far during the day. The stock hit a 52-week high of Rs 115.25 on 9 June 2014. The stock hit a 52-week low of Rs 67.36 on 6 September 2013.
The stock had underperformed the market over the past one month till 14 August 2014, falling 13.37% compared with 4.38% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 7.02% as against Sensex's 9.61% rise.
The large-cap company has an equity capital of Rs 270.46 crore. Face value per share is Re 1.
In a major decision, state electricity regulator Maharashtra Electricity Regulatory Commission (MERC) has reportedly granted 25 years distribution licence to Tata Power for supplying power in city and suburban areas.
According to reports, MERC in its order has allowed Tata Power to supply electricity in Mumbai city, parts of suburban areas including Bandra to Dahisar in Western suburbs; Chunabhatti to Vikhroli and Mankhurd in Eastern suburbs for 25 years. It has also been granted licence to supply electricity in areas of Mira-Bhayander Municipal Corporation, Chene and Versova which were earlier not a part of its licence area, reports suggested.
Currently, BEST is supplying electricity in the city along with Tata. With this order, consumers of BEST can shift to Tata Power's network, reports said.
On a consolidated basis, Tata Power reported a net loss of Rs 111.30 crore in Q1 June 2014, lower than net loss of Rs 114.70 crore in Q1 June 2013. Net sales fell 6% to Rs 8738.90 crore in Q1 June 2014 over Q1 June 2013.
Tata Power is India's largest integrated power company with a significant international presence.
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