Tata Power surges over 2 pc on strong Q2 results

Tata Power surges over 2 pc on strong Q2 results

New Delhi, Nov 30 (PTI) Shares of Tata Power today rose by
over 2 per cent after the company reported a turnaround in
second quarter profits, following which the market
capitalisation of the company shot up by Rs 459 crore.
Shares of Tata Power closed at Rs 73.90, up 2.35 per cent,
on BSE. During the day, the stock touched an intra-day high of
Rs 74.35, up 2.97 per cent from its previous closing.
Following the uptick on the counter, the market
capitalisation of the company jumped by Rs 459 crore to Rs
19,987.21 crore.
On the NSE, the stock settled at Rs 74.05, up 2.49 per
cent. Intra-day the stock jumped 3.11 per cent to Rs 74.50.
Tata Power yesterday posted a consolidated net profit of
Rs 336.2 crore for the quarter ended on September 30, 2016, on
better performance by key Indian subsidiaries as well as
Indonesian coal mines.
The company had posted a consolidated net loss of Rs 95.8
crore in the July-September period of previous fiscal.
Total income from operations (net) declined to Rs 7,208.8
crore in the quarter under review from Rs 7,666.3 crore in the
year-ago period.
The income from operations declined due to “lower revenue
at standalone level due to lower fuel cost & lower power
purchase,” the company had said.
Meanwhile, Tata Power today said it will sell its 30 per
cent stake in Indonesia-based coal company PT Arutmin for a
sharply lower consideration of USD 246.64 million after
entering into revised pacts that take into account certain
prior liabilities. PTI DRR