Tata Power gains after Rajasthan discoms clear dues

Tata Power , one of the largest power producing companies in private sector in India, gained more than one percent intraday after the government official told NW18 that Rajasthan distribution companies have cleared dues.

Official said Rajasthan companies paid Tata Power Rs 90 crore as dues. In last week, power producer had issued supply cut notice to Rajasthan companies.

"Coastal Gujarat Power (CGPL), a wholly owned subsidiary of Tata Power, has invoked its rights under the power purchase agreement (PPA) and has decided to discontinue the supply of power to the three Rajasthan state-owned distribution companies from its Mundra UMPP due to non-compliance on payment security related issues," the company had said in a statement on January 3.

At 12:50 hours IST, the stock rose 0.73 percent to Rs 110.25 on Bombay Stock Exchange.

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