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Tata Power moves up on inking distribution franchisee pact for electricity distribution in Ajmer City

Tata Power Company is currently trading at Rs. 84.35, up by 0.20 points or 0.24% from its previous closing of Rs. 84.15 on the BSE.

The scrip opened at Rs. 85.30 and has touched a high and low of Rs. 85.30 and Rs. 84.25 respectively. So far 110352 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 91.25 on 03-Apr-2017 and a 52 week low of Rs. 67.10 on 09-Nov-2016.

Last one week high and low of the scrip stood at Rs. 86.60 and Rs. 83.20 respectively. The current market cap of the company is Rs. 22855.34 crore.

The promoters holding in the company stood at 33.02%, while Institutions and Non-Institutions held 50.67% and 16.06% respectively.

Tata Power has executed distribution franchisee agreement (DFA) for electricity distribution in Ajmer City. Subsequent to winning the bid for Distribution Franchisee of Ajmer Circle, Tata Power has formed a Special Purpose Company (SPC) -- TP Ajmer Distribution. The company has signed the DFA with Ajmer Vidyut Vitran Nigam (AVVNL) to cater to the power requirements of customers in Ajmer, for a period of 20 years.

The SPC, TP Ajmer Distribution Limited will be responsible for operating and maintaining the distribution network in Ajmer City, which includes City Division-I and City Division-II areas. It will also be responsible for managing the billing and collections in the said areas. TP Ajmer Distribution will work closely with all the existing employees of AVVNL to facilitate serving customers with efficiency and superior customer care that are synonymous with Tata Power.

Tata Power is India’s largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.


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