 "Tata Power shares surge 7% after company posts two-fold jump in March quarter net profit")
New Delhi: Shares of Tata Power on Wednesday rallied 7 percent after the company posted a two-fold rise in its consolidated net profit for the January-March quarter compared to the year-ago period.
The scrip gained 6.95 percent to Rs 34.60 on BSE, while it surged 6.62 percent to Rs 34.60 on NSE.
#CNBCTV18Market | Tata Power trades with gains after Q4 earnings pic.twitter.com/VEkvUJ0wZV
— CNBC-TV18 (@CNBCTV18Live) May 20, 2020
Tata Power on Tuesday posted a two-fold jump in its consolidated net profit to Rs 475 crore in the January-March quarter compared to the year-ago period.
The company’s consolidated net profit was Rs 172 crore in the quarter ended on March 31, 2019, a company statement said.
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Consolidated revenue stood at Rs 6,881 crore in the fourth quarter of 2019-20 compared to Rs 7,597 crore in the corresponding quarter last year mainly due to delay in project execution in solar engineering procurement and construction business on account of COVID-19, lower power demand and lower coal price, it said.
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