Tata Power falls despite bagging order for solar project from Kerala State Electricity Board
Tata Power today announced that the company has received a letter of award from Kerala State Electricity Board Limited (KSEBL) on January 6, 2021, to develop a 110 MW solar project. The electricity will be supplied to Kerala State Electricity Board for a period of 25 years from the scheduled commercial operation date.
Reacting to this, the stock of Tata Power today jumped 1.39 per cent and made an intraday high of Rs 83.60 per share.
The company reported a net profit of Rs 175.07 crore in Q2FY21, an increase of 18.27 per cent. It had reported a profit of Rs 148.02 crore in Q2FY20. The company reported net sales of Rs 8,289.81 crore for Q2FY21, an increase of 7.97 per cent as against the net sales of Rs 7,677.82 crore for Q2FY20.
The stock of Tata Power has recovered by 206.23 per cent from its sharp decline in June 2020.
According to BSE data, the stock traded at a price-to-book ratio of 1.50. The stock has a 52-week high and a 52-week low of Rs 83.60 per share and Rs 27 per share, respectively.
The share price of the company closed at Rs 81.85, down by 0.73 per cent on BSE.