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TPCL - Tata Power News Story

$13.5 0.0  0.0%

Last Trade - 28/11/19

Market Cap £1.42bn
Enterprise Value £6.54bn
Revenue £2.98bn
Position in Universe 328th / 1819

BUZZ-India's Tata Power jumps as profit more than triples on Cennergi sale gain

Wed 20th May, 2020 6:32am
** Shares of power company  TTPW.NS  rise as much as 6.6% to
a more than four-week high of 34.6 rupees after March quarter
results
    ** Tata Power's consol net profit more than triples to 4.03
bln rupees ($53.30 mln), boosted by a one-off gain from sale of
stake in South African JV Cennergi  urn:newsml:reuters.com:*:nFWN2D10NQ
    ** Co says net debt reduced by 13 bln rupees during year
with further improvement expected from sale of non-core assets
    ** In advanced discussions for sale of another overseas
asset, and making progress on closing sale of defense business
in this quarter - TTPW
    ** However, rev from ops slides 8.4% to 66.20 bln rupees due
to delayed project execution in solar EPC business on account of
COVID-19, lower power demand and lower coal price
    ** Around 46 mln shares change hands by 0525 GMT, vs 30-day
avg of 20.3 mln shares
    ** Stock down 42.6% this year, as of last close
    
($1 = 75.6050 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))
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