Shares of Tata Power started the trading session in the green even as benchmark indices Sensex and Nifty opened flat amid mixed global cues. The counter started the session at Rs 382.40, with a gain of Rs 5.15 or 1.36 per cent from the previous close of Rs 377.25 on the BSE. The positive start comes after the company posted a 11 per cent rise in its net profit. It gained further to touch the intraday high of Rs 383.60, but later fell amid profit booking and touched the intraday low of Rs 371.45, representing a fall of 1.53 per cent.
Last seen, the stock was trading at Rs 373.40, with a drop of 1.02 per cent, and the market cap of the company stood at Rs 1,19,441.79 crore.
Tata Power Q1 net profit rises 11%
Tata Power, one of India’s largest vertically integrated power firms, has posted a 11 per cent rise in its net profit to Rs 1,401 crore in the June quarter mainly due to higher revenues across segments. The company’s revenue grew 8 per cent to Rs 18,898 crore in the quarter from Rs 17,464 crore a year ago.
Tata Power okays raising funds
Meanwhile, the Tata Power board has approved raising up to Rs 4,500 crore through non-convertible debentures or other debt securities in one or more currencies on a private placement basis.
The funds raised will be utilised among other things for refinancing of existing loans, an exchange filing stated.
“The Board of Directors of the Company, at its meeting held today, has approved issuance in one or more series / tranches, non-cumulative, redeemable, taxable, listed, rated securities in the form of NCDs / bonds / other debt securities upto an aggregate amount not exceeding ₹ 4,500 crore (Debt Securities) or its equivalent in one or more currencies on private placement basis to any persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors,” the company said in an exchange filing.
To set up solar equipment manufacturing plant in Odisha
Tata Power on Monday said it will set up a solar wafer/ingot plant on the Tata Steel SEZ land in Odisha. Earlier, there were discussions about whether the plant would be set up in Odisha or Andhra Pradesh. Now, it is finalised that the plant will be set up in Odisha.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
