Aptel in July had allowed Tata Power and Adani Power to recover dues from procurers on account of unforeseen rise in import cost of fuel
The apex court has asked the tribunal to hear the matter expeditiously.
Haryana electricity distribution companies had moved SC on August 20 seeking a stay on the electricity tribunal's interim order.
Aptel in July had allowed Tata Power and Adani Power to recover dues from procurers on account of unforeseen rise in import cost of fuel but maintained that arrears from before March 2013 cannot be recovered by power producers.
As per an estimate, pre-March 2013 dues for Tata Power's 4,000 MW Mundra plant in Gujarat stand at Rs 330 crore, while the same for Adani's 1,980-MW is at Rs 830 crore.
Prior to Aptel order, CERC in April last year, had allowed Tata and Adani Power to recover compensatory tariffs from five state discoms that have PPAs with power producers.
Speaking on the move, Harshavardhan Dole, Power Analyst at IIFL , said the SC's move to ask Aptel to hear the case expeditiously will bode well in the long run.
He thinks that if the apex court takes the view that compensatory tariff should not be given then that could be set as a milestone judgement and would undoubtedly be a big overhang for Adani Power and Tata Power stocks.
"The only good thing is that from Tata Power's perspective, the stock has already corrected and it will not surely go up from hereon, but if one has to take a balanced view and pick certain stocks from the sector on the long-term perspective, Tata Power is one stock that one should keep in radar," Dole said. IIFL doesn't cover Adani.
Tata Power stock price
On August 25, 2014, at 14:09 hrs Tata Power Company was quoting at Rs 92.45, down Rs 1.1, or 1.18 percent. The 52-week high of the share was Rs 115.25 and the 52-week low was Rs 67.36.
The company's trailing 12-month (TTM) EPS was at Rs 3.15 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 29.35. The latest book value of the company is Rs 52.69 per share. At current value, the price-to-book value of the company is 1.75.
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