Tata Power surges 7%; company to manage power distribution in central Odisha
MUMBAI: Tata Power shares gained as much as 7% after receiving the letter of intent from the Odisha Electricity Regulatory Commission for the distribution and retail supply of electricity in Odisha’s five circles.
At 11:30 am, the shares were at ₹40.90, up 3.41% from its previous close, while the benchmark index Sensex gained 0.70% to 33536.65.
On Monday, Tata Power, announced it will manage the Central Electricity Supply Utility (CESU) consisting of Bhubaneshwar, Cuttack, Puri, Paradeep and Dhenkanal. It will hold 51% equity with management control and state-owned GRIDCO will have the remaining 49% in the company.
