Tata Power company rose 0.5% to Rs 80.50 at 13:00 IST on BSE after the company said that its joint venture synchronized 186 megawatts Georgia Hydro Project in record time, and commenced stabilization procedures.
The announcement was made during market hours today, 22 August 2017.Meanwhile, the S&P BSE Sensex was up 103.79 points, or 0.33% to 31,362.64.
On the BSE, 1.06 lakh shares were traded in the counter so far, compared with average daily volumes of 2.66 lakh shares in the past one quarter. The stock had hit a high of Rs 81.35 and a low of Rs 79.80 so far during the day. The stock had hit a 52-week high of Rs 91.25 on 3 April 2017. The stock had hit a 52-week low of Rs 67.10 on 9 November 2016.
The stock had dropped 2.49% in three sessions to settle at Rs 80.10 yesterday, 21 August 2017, from a close of Rs 82.15 on 16 August 2017.
The stock had underperformed the market over the past one month till 21 August 2017, falling 3.84% compared with 2.4% decline in the Sensex. The scrip had also underperformed the market in past one quarter, declining 4.87% as against Sensex's 2.61% rise. The scrip had also underperformed the market in past one year, gaining 2.76% as against Sensex's 11.33% rise.
The large-cap company has equity capital of Rs 270.48 crore. Face value per share is Re 1.
Tata Power Company through Adjaristsqali Georgia LLC (AGL), its joint venture with Norway's Clean Energy Invest AS Norway (Clean Energy) and IFC InfraVentures (IFC), a member of the World Bank group announced the synchronization of its 186 megawatts (MW) Shuakhevi Hydro Power Project (HPP) in record time.
Further, Tata Power has commenced stabilization procedures to ensure smooth operations. The construction of the plant started in the fall of 2013 and has been synchronized on the 1st and 2nd of August 2017, in a record time of less than four years.
Shuakhevi HPP is the largest hydropower plant to be built in Georgia over the past 50 years, and its project investment cost exceeded $420 million.
Around 730 Georgian citizens were employed in the plant construction. The project will significantly contribute to Georgia's path toward energy independence. The power generated by the project will be exclusively sold within Georgia throughout the winter, which is a period of energy deficit.
Shuakhevi HPP is the first hydropower project in Georgia to have been certified by the UN Framework Convention on Climate Change to reduce carbon emissions. It will generate about 470 gigawatt hours (GWh) of clean energy while lowering greenhouse gases emissions by more than 2 lakh tonnes per year.
Tata Power Company's consolidated net profit jumped 125.9% to Rs 163.78 crore on 1.9% rise in net sales to Rs 6968.62 crore in Q1 June 2017 over Q1 June 2016.
Tata Power is India's largest integrated power company with a significant international presence. The company has 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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