Tata Power Ltd, an electric utility firm, announced an rise in its share of more than 9 percent intraday on 13 August, a day after the company published its quarter figures in June.
On August 12, the company announced combined earnings of Rs 268 crore for the quarter ended June 2020, with net earnings growing by 10%.
During it’s first quarter of FY21, revenue from operations decreased by 16.9% to Rs 6.453 crore, which is mainly produced by the power generation and distribution segments.
“The merger aims to achieve the long-term objectives by facilitating efficient use of cash and making available corporate support to the businesses of the said wholly-owned subsidiaries as needed,” the company stated.
The company’s share price started with a rise of 3.87 per cent at Rs 55 and then rose by 9.25 per cent to Rs 57.85 a day at BSE.
“Considering power supply being an essential service and lockdown restrictions being relaxed by the government, the management believes that there is not much of an impact likely due to this pandemic except that there exists some uncertainty over the impact of COVID-19 on future business performance of its coal mining companies and its EPC operations,” the firm reported in its BSE filing.
