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Tata Power shares zoom nearly 8% after after Q1 results

Tata Power Company Limited stock gained nearly 9 per cent to hit day’s high of Rs 57.85, but at 1.25 pm it was trading at Rs 57.

SNS | New Delhi |

Share price of Tata Power Company Limited rallied nearly 8 per cent on Thursday after the firm reported 10 per cent rise in consolidated net profit for the June quarter of the current fiscal year.

Tata Power Company Limited stock gained nearly 9 per cent to hit day’s high of Rs 57.85, but at 1.25 pm it was trading at Rs 57, up by 7.65 per cent on the BSE.

At the NSE, it was trading 7.65 per cent higher at Rs 57. Earlier it had touched day’s high at Rs 57.90 and a low of Rs 52.55.

On Wednesday, Tata Power said its consolidated net profit rose by 10 per cent to Rs 268 crore for quarter ended June on the back of reduced expenses. The company had posted a net profit of Rs 243 crore during the same period a year ago, Tata Power said in a BSE filing.

During April-June, the company reported a total income of Rs 6,540 crore as compared to Rs 7,874 crore in the year-ago quarter.

Total expenses during the quarter under review stood at Rs 6,555 crore as against Rs 7,228 crore in the year-ago period.

In a separate statement, the company said, it was able to maintain stable performance despite lower profits from Solar EPC businesses mainly on account of lower financing cost and stable performance across all clusters.

“All our business clusters have reported robust performance despite the challenges presented by the ongoing pandemic. We aim to continue our progress in our low carbon journey by achieving 50 per cent generation from clean and green sources by 2025 and set new benchmarks in operational efficiencies,” Tata Power CEO and MD Praveer Sinha had said.