Tata Power jumps 7 pct, Adani Power up 5 pct on CERC order

PTI Posted online: Monday, Feb 24, 2014 at 0000 hrs
Mumbai : Shares of Tata Power and Adani Power gained 7.36% and 5.21%, respectively, in intra-day on Monday after the Central Electricity Regulatory Commission (CERC) allowed the power companies to raise tariffs and receive compensation to make up for losses incurred at their Mundra projects.

The electricity regulator on Saturday asked five states to pay additional charges to Tata Power and Adani Power as the price of imported coal has gone up.

The regulator asked utilities of Gujarat, Maharashtra, Punjab, Haryana and Rajasthan to pay Rs 329.45 crore to Tata Power and Rs 829 crore to Adani Power in 36 monthly instalments for past losses.

The Tata Power scrip was trading 5.27% higher at Rs 82.90 at 12.15pm IST, while the Adani Power scrip was trading 1.37% higher at Rs 36.95.