Tata Power shares fell 2.43 per cent to hit a low of Rs 443.55 on BSE. The company's arm Tata Power Renewable Energy has signed a PPA with SJVN Limited to set up 460 MW firm and dispatchable renewable energy projects.
Tata Power: Sharekhan sees profit climbing 51.1 per cent YoY to Rs 760 crore from Rs 503 crore in the year-ago quarter. Sales are seen rising 13.1 per cent to Rs 13,556 crore from Rs 11,960 crore in the same quarter last year
Consolidated revenue from operations for the quarter came in at Rs 12,454 crore, growing 4.1 percent over corresponding period of last fiscal with de-growth in generation and renewables segments.
Shares of Tata Power fell 9 percent in early trade today despite the Tata Group firm reporting a decent set of earnings in Q4 of the last fiscal. Analysts cited underperformance in coal-related business as a key factor behind the fall in stock.
Tata Power stock touched an intraday low of Rs 223.05, falling 9.03 per cent on Monday. The large-cap stock opened with a loss of 4.02% at Rs 235.35 against the previous close of Rs 245.20 on BSE. The share stands higher than 50-day, 100-day and 200-day moving averages but lower than 5-day and 20-day moving averages.
Tata Power stock has gained 122.7 per cent in one year and risen 3.49 per cent since the beginning of this year.