The company made the announcement after market hours on Friday, 10 May 2013.
Meanwhile, the S&P BSE Sensex was up 20.24 points or 0.1% at 20,102.86.
On BSE, 14,000 shares were traded in the counter as against average daily volume of 2.68 lakh shares in the past one quarter.
The stock hit a high of Rs 94.60 and a low of Rs 94.10 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 10 May 2013, sliding 1.16% compared with the Sensex's 9.06% rally. The scrip had also underperformed the market in past one quarter, declining 3.19% as against Sensex's 3.07% rise.
The large-cap power generation company has equity capital of Rs 237.31 crore. Face value per share is Re 1.
Tata Power's subsidiary Tata Power International Pte has signed an agreement with Clean Energy Invest AS (Clean Energy) and IFC InfraVentures (IFC) for developing hydro projects in Georgia for sale of power primarily to Turkey. The hydro projects will be of an aggregate capacity of 400 megawatts (MW) and would be developed in three phases. The first phase of 185 MW is expected to be completed before mid 2016. Tata Power and Clean Energy would hold 40% stake each. The power generated by the projects is planned to be vended primarily to Turkey. The total project cost is estimated to be about $700 million, Tata Power said in a statement.
Commenting on the development, Mr. Anil Sardana, Managing Director, Tata Power said, "We are delighted to be broadening our foothold in key international markets through this development. Georgia is a great country to work in and Turkey is a fast evolving energy market in Europe. This relationship with Clean Energy and IFC InfraVentures puts us on a strong footing to take advantage of the considerable potential of this market. We are proud to be the pioneers in Hydro generation in India, with century of operating experience and will continue to look at the prospective of enhancing our clean energy portfolio".
Tata Power has an existing hydro generation capacity of about 450 MW in Maharashtra, India, that feeds clean power to the city of Mumbai. The company has been resilient to increase its portfolio in Hydro power generation which includes Tata Power's partnership with Norway-based SN Power to develop hydropower projects. Currently, the JV consortium has bagged the Dugar Hydro Electric Project in Chenab Valley in Himachal Pradesh, India. Tata Power also has a JV with the Royal Government of Bhutan under which it is implementing a 114 MW from Dagachhu Hydro Project with Druk Green Power Company.
Clean Energy Group is a Norwegian Hydro power company with a focus on developing green field hydro projects.
IFC InfraVentures (IFC) is an early stage project developer launched by IFC, a member of the World Bank Group.
Tata Power reported consolidated net loss of Rs 328.92 crore in Q3 December 2012, as against net profit of Rs 297.95 crore in Q3 December 2011. Net sales rose 35.3% to Rs 8991.68 crore in Q3 December 2012 over Q3 December 2011. The company unveils FY 2013 results on 30 May 2013.
Tata Power Company is India's largest integrated power company with a significant international presence. The company has an installed generation capacity of 8,521 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.
Powered by Capital Market - Live News
