Tata Power Company Ltd had earlier announced that it has entered into a binding understanding with NELCO Ltd. to purchase its defence business of Unattended Ground Sensors (UGS).
The Company has completed the formalities for the said purchase.
The UGS business involves supply, installation and servicing of sensors for the Ministry of Defence. On purchase, the UGS business will be part of Tata Power's strategic engineering division (SED). SED is also a supplier of defence equipment and ssolutions. The acquisition of the UGS business is expected to bring synergies to SED business.
Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.80.45 as compared to the previous close of Rs. 80.5. The total number of shares traded during the day was 374134 in over 2318 trades.
The stock hit an intraday high of Rs. 83.4 and intraday low of 80.2. The net turnover during the day was Rs. 30292274.