Finance Update

Tata Power gains 2% on MERC nod to supply power from its Trombay plant

Last Updated : Mar 27, 2019 01:10 PM IST | Source: Moneycontrol.com

The share touched its 52-week high Rs 89.50 and 52-week low Rs 59.90 on 02 May, 2018 and 09 October, 2018, respectively

Shares of Tata Power Company gained 2 percent intraday on March 27 after the company received MERC approval to supply the power from its Trombay plant.

Maharashtra Electricity Regulatory Commission (MERC) has allowed the company’s distribution business to have a power purchase arrangement (PPA) with its generation arm for 700 MW to be supplied from its Trombay Thermal and Hydro plants for a period of five years from April 1, 2019 to March 31, 2024, company said in press release on BSE.

Earlier in the month of January, 2019, the Hon’ble Commission has approved, the power purchase agreement (PPA) of Tata Power with BEST for 677 MW, it added.

Praveer Sinha, CEO & Managing Director, Tata Power said, “Tata Power has been serving the city of Mumbai for over a century and continues to be committed to supplying the most reliable and competitive power meeting the needs of their consumers.”

At 1221 hours, Tata Power Company was quoting at Rs 72.70, up Rs 1.45, or 2.04 percent on the BSE.

Source

Prakash Poojary
Business Analyst

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