Tata Power declined 3.14% to Rs 55.50, extending recent losses amid strong selling pressure.
Shares of Tata Power lost 6.72% in the past two trading sessions to the current market price of Rs 55.50, from its recent closing high of Rs 59.50 since Friday, 8 November 2019.Meanwhile, the S&P BSE Sensex was down 65.78 points or 0.16% to 40,279.30. The S&P BSE Power index was down by 1.37% to 1,931.55.
The company announced after trading hours on Monday, 11 November 2019, that it has secured a letter of award from Gujarat Urja Vikas Nigam (GUVNL) on 7 November 2019 to develop a 50 MW solar project in Dholera Solar Park in Gujarat.
This order win is in addition to the 250 MW solar project being set up by the company at Dholera Solar Park. The energy will be supplied to GUVNL under a power purchase agreements (PPA), valid for a period of 25 years from scheduled commercial operation date.
The firm stated that it bagged the project of this capacity in a bid announced by GUVNL in June 2019. The project has to be commissioned within 15 months from the date of execution of the PPA.
The plant is expected to generate 118 million units of energy per year and will annually offset approximately 118 million kilograms of CO2.
Tata Power's consolidated net profit tumbled 19.5% to Rs 270.17 crore on 4.4% rise in net sales to Rs 7,677.82 crore in Q2 September 2019 over Q2 September 2018.
Tata Power's principal businesses are in the areas of generation, transmission, distribution-cum-retail, power trading, power services, coal mines and logistics, strategic engineering for defense applications, solar photovoltaic (PV) manufacturing, and engineering, procurement and construction (EPC) services. The firm's segments include power, coal and others.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
