Tata Power falls after surprise Q2 loss
Agencies: Nov 07 2012, 10:06 IST
*Shares in Tata Power Co Ltd fall 1.03 per cent after posting a surprise second-quarter loss on Tuesday, hit by higher finance and depreciation costs at its power projects and lower revenue from its coal units.
* The company posted a consolidated net loss of 838 million rupees, compared with a net loss of 11.9 billion rupees a year earlier. Revenue rose 22 per cent to 76.5 billion rupees, helped by the commissioning of new units.
* Analysts had expected Tata Power to post a net profit of 2.46 billion rupees.
* Barclays says profitability at Mundra power project may remain under pressure until the legal process for tariff revision is concluded.
* The investment bank has cut its earnings estimates by 17-21 percent to reflect weak first-half performance.
* Barclays maintains its 'neutral' rating on the stock and cut its target price to 97 rupees from 99 rupees.
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