InvestorQ : Why was Tata Power stock up so sharply on 02 June?
Angel dcosta made post

Why was Tata Power stock up so sharply on 02 June?

Answer
user profile image
Anamika Sodhani answered.
4 months ago


Tata Power was up nearly 7% at above Rs.42 on 02 June. This was reacting to the news that the company had completed the acquisition of 51% stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs.179 crore. The balance 49% will be held by GRIDCO Orissa. Tata Power has just received the letter from the Odisha Electricity Regulatory Commission (OERC). It will distribute to the geographies of Bhubaneshwar, Cuttack, Puri, Paradeep and Dhenekal. Earlier, Tata Power had announced a 100% rise in net profits for the Mar-20 quarter at Rrs.475 crore.