Tata Power Company Ltd is down for a fifth straight session today. The stock is quoting at Rs 57.95, down 0.26% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.41% on the day, quoting at 11510.5. The Sensex is at 38819.49, up 0.57%.Tata Power Company Ltd has lost around 9.52% in last one month.Meanwhile, Nifty Energy index of which Tata Power Company Ltd is a constituent, has increased around 9.3% in last one month and is currently quoting at 15833.35, up 0.02% on the day. The volume in the stock stood at 74.04 lakh shares today, compared to the daily average of 93.86 lakh shares in last one month.

The benchmark October futures contract for the stock is quoting at Rs 58.1, down 0.34% on the day. Tata Power Company Ltd tumbled 17.39% in last one year as compared to a 11.71% rally in NIFTY and a 13.01% spurt in the Nifty Energy index.

The PE of the stock is 16.49 based on TTM earnings ending June 19.

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Tata Power Company will hold a meeting of the Board of Directors of the Company on 8 November 2019.

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Tata Power Company announced that APTEL has upheld the approval granted for transfer of 75.01% ownership of Prayagraj Power Generation Company to Renascent Power Ventures, a 100% subsidiary of Resurgent Power Ventures, but without any reduction of adopted tariff.

Prayagraj Power owns and operates a 1980 MW (3X660MW) coal based thermal power project in the state of UP and had become an NPA due to financial and operational stresses. Resurgent is a joint venture between Tata Power International, ICICI Bank, Kuwait Investment Authority and State General Reserve Fund of Oman set up to acquire assets in the Indian Power Sector. Resurgent was selected as the successful bidder in resolving this stressed asset and had signed a Share Purchase Agreement with the Lenders for acquisition of 75.01% shares of PPGCL. Approval of the regulators was one of the pre-conditions for concluding this transaction.

With this development, Resurgent will look forward to concluding this transaction at the earliest, completing the takeover of Prayagraj project, stabilizing and improving operations of the plant to bridge the growing demand-supply gap of power in UP State.

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Tata Power Company Ltd fell for a fifth straight session today. The stock is quoting at Rs 61.7, down 0.64% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.68% on the day, quoting at 11434.65. The Sensex is at 38517.53, down 0.79%.Tata Power Company Ltd has gained around 14.58% in last one month.Meanwhile, Nifty Energy index of which Tata Power Company Ltd is a constituent, has increased around 10.22% in last one month and is currently quoting at 15383.45, up 0.1% on the day. The volume in the stock stood at 47.9 lakh shares today, compared to the daily average of 123.21 lakh shares in last one month.

The benchmark October futures contract for the stock is quoting at Rs 62.05, down 0.96% on the day. Tata Power Company Ltd tumbled 9.2% in last one year as compared to a 3.87% rally in NIFTY and a 0.9% fall in the Nifty Energy index.

The PE of the stock is 17.64 based on TTM earnings ending June 19.

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