The shares of the electricity generation company jumped around 1 percent after receiving a Letter of Award (LOA) for the development of a 200 MW Firm and Dispatchable Renewable Energy Project with SJVN Limited.
With a market capitalization of Rs. 87,137 crores, the shares of Tata Power Company Ltd started Wednesday’s trading session positively at Rs. 275 making a gain of around 1 percent and currently trading at Rs. 272 apiece.
Such a positive movement was observed after the company in an exchange filing mentioned that the company’s subsidiary Tata Power Renewable Energy Limited (TPREL) received a Letter of Award (LOA) for developing a 200 MW firm and dispatchable renewable energy project with SJVN Limited.
Furthermore, the company mentioned that the project is expected to be commissioned within 24 months from the PPA execution date. The project was awarded through competitive bidding, followed by a reverse e-auction to the company.
With this LOA, the total renewables capacity of Tata Power Renewable Energy Limited reaches 8,314 MW, which comprises 4,100 MW of projects in different phases of development and an operating capacity of 4,214 MW, including 1,014 MW in wind projects and 3,200 MW in solar projects and
Looking at the company’s financial performance, the revenue increased marginally by around 3 percent from Rs. 15,213 crores in the June quarter to Rs. 15,738 in the September quarter. On a contrasting note, the net profit declined by 6 percent from Rs. 1,141 crores to Rs. 1,017 in the same timeframe.
According to the latest shareholding pattern, the Promoters have a 46.86 percent stake, the DIIs have a considerable stake of 15.68 percent, FIIs have 10 percent shares, and the remaining 27.15 percent shares are with the Retail Investors.
Headquartered in Mumbai, Tata Power Company Ltd is an Indian electric utility and electricity generation company and part of Tata Group. The company has a diversified portfolio across the entire power value chain from renewable and conventional energy generation to transmission and distribution, storage solutions, trading, and solar cells and module manufacturing.
Written By Vaibhav Patil
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