Tata Power Company share price rose over 7% in trade today after the Tata Group firm reported a two-fold jump in its consolidated net profit for Q4. Share price of Tata Power Company gained 7% to Rs 34.6 compared to the previous close of Rs 32.35 on BSE. Tata Power Company stock clocked 7.52% gain in the last 2 days.
Stock opened with a gain of 5.1% at Rs 34 today. The stock stands higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
Tata Power Company share has lost 50% in last one year and fallen 41% since the beginning of this year. In one week, the stock has gained 10.07. The stock closed 3.09% higher at Rs 33.35 on BSE.
Profit rose due to gain in sale of Cennergi investment offset by impairment provision in SED and reversal of MAT Credit due to transition to new tax regime in the renewables business, the company said.
Revenue fell to Rs 6,881 crore in Q4 compared with Rs 7,597 crore in the corresponding quarter of 2018-19, affected by delay in project execution in solar EPC (engineering procurement and construction) business due to COVID-19 pandemic, lower power demand and coal price.
For FY20, the firm clocked a 49.5 per cent decline in its consolidated net profit at Rs 1,316 crore as compared to Rs 2,606 crore in the previous fiscal.
Operating income fell 3.45 per cent to Rs 28,948 crore in FY20 compared to Rs 29,984 crore in FY19, Tata Power Company said.
By Aseem Thapliyal