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Stock Report
Tata Power Q1 net up 56.09% at Rs.190.2 Crores
Posted On : 2007-07-27 23:12:33( TIMEZONE : IST )
Tata Power Company Ltd has announced the following Audited results for the quarter ended June 30, 2007.
The Company has posted a profit after tax of Rs 1902.00 million for the quarter ended June 30, 2007 as compared to Rs 1218.50 million for the quarter ended June 30, 2006. Total Income has increased from Rs 14093.70 million for the quarter ended June 30, 2006 to Rs 15799.40 million for the quarter ended June 30, 2007.
The company has reported an Earnings Per Share (EPS) of Rs.9.6 for the quarter ended June 30, 2007 compared to Rs.6.15 during quarter ended June 30, 2006.
During the quarter ended June 30, 2007, Tata Power (Cyprus) Ltd, Tata Power (Mauritius) Ltd, Tata Power International Holdings Ltd, Veltina Holdings Ltd and Coastal Gujarat Power Ltd have become wholly owned subsidiaries of the Company.
During the quarter ended June 30, 2007, the Company has through its wholly owned subsidiaries, Tata Power (Mauritius) Ltd and Tata Power (Cyprus) Ltd, acquired 30% stake in four companies located in Indonesia and one company located in Cayman Island respectively for a consideration of USD 1.15 billion.
During the quarter ended June 30, 2007, the Company, after obtaining the requisite approvals, made an offer to Tata Sons Ltd. (Promoters) towards issue of securities viz. 98,94,000 Equity Shares of Rs l0 each at a premium of Rs 577.08 per share and 1,03,89,000 Warrants on a preferential basis. Subsequent to June 30, 2007, Tata Sons Ltd has subscribed to the above securities and a sum of Rs 6418.50 million has been received by the Company. As approved by the Shareholders, the above equity shares issued rank pari passu in all respects including dividend with the existing Equity Shares of the Company. Accordingly, during the quarter ended June 30, 2007, provision for proposed dividend amounting to Rs 94.00 million for the year ended March 31, 2007 and Dividend Tax thereon amounting to Rs 16.00 million has been made in the books.
The stock closed on Friday at Rs.699.95, down by Rs.6.15 or 0.87%. The total traded quantity was 141757 compared to 2 week average of 81374. The stock hit an intraday high of Rs.711.25 and low of Rs.676.50.
