Mr. Yash Gupta - Equity Research Associate, Angel Broking Ltd
"Tata power creation of infrastructure investment trust (INVIT) for its renewables business. This step is in line with the company strategy to deleverage the balance sheet and improve the capital structure. Company has made an application to SEBI for its in-principle approval for creation of the InvIT. Anchor Investors in the InvIT have started their due diligence of the assets proposed to be transferred to InvIT and expected to sign bidding documents in next few months. Creation of an InvIT will provide a suitable structure for the company to expand its renewable business as laid out in its FY 25 strategy. Currently the company has fixed assets gross block of ₹67064 crores and Borrowing of ₹48376 crores. Creation of an InvIT for its renewables business will help the company to deleverage its balance sheet. This is positive development for the company."
Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.53.1 as compared to the previous close of Rs. 52.9. The total number of shares traded during the day was 1172716 in over 1970 trades.
The stock hit an intraday high of Rs. 54.75 and intraday low of 52.7. The net turnover during the day was Rs. 63264946.