India markets closed
  • BSE SENSEX

    49,034.67
    -549.49 (-1.11%)
     
  • Nifty 50

    14,433.70
    -161.90 (-1.11%)
     
  • USD/INR

    73.1600
    +0.0950 (+0.13%)
     
  • Dow

    30,814.26
    -177.26 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.14 (-0.87%)
     
  • BTC-INR

    2,615,451.75
    +55,835.50 (+2.18%)
     
  • CMC Crypto 200

    701.93
    -33.21 (-4.52%)
     
  • Hang Seng

    28,573.86
    +77.00 (+0.27%)
     
  • Nikkei

    28,519.18
    -179.08 (-0.62%)
     
  • EUR/INR

    88.3766
    -0.4557 (-0.51%)
     
  • GBP/INR

    99.3974
    -0.5993 (-0.60%)
     
  • AED/INR

    19.8740
    +0.0260 (+0.13%)
     
  • INR/JPY

    1.4161
    -0.0019 (-0.13%)
     
  • SGD/INR

    55.0230
    -0.1730 (-0.31%)
     

Tata Power in demand after securing LOI for Odisha's discoms

·1-min read

The company has received LOI from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha's five circles of WESCO and six circles of SOUTHCO. As per conditions, Tata Power will hold 51% equity with management control and the state-owned GRIDCO will have the remaining 49% equity stake in the company.

The license enables Tata Power to serve the consumers of Western part (WESCO) and Southern part (SOUTHCO) of Odisha with geographical spread of more than 47,000 Sq km each and will manage network of more than 100,000 ckt. kms. each. The license period for the two Distribution Utilities shall be 25 years.

Shares of Tata Power have added nearly 5% in two days. The stock hit a 52-week high of Rs 73.6 in intraday today.

Tata Power is one of India's largest integrated power company and together with its subsidiaries & jointly controlled entities, it has an installed/ managed capacity of 12,772 MW.

On a consolidated basis, the power utility's net profit rose 5.74% to Rs 370.93 crore on 7.97% increase in net sales to Rs 8,289.81 crore in Q2 September 2020 over Q2 September 2019.



Source: Capitalmarket.com