Company News

BUZZ-India's Tata Power, Adani Power surge as top court allows power tariff renegotiation

** Tata Power Company Ltd’s shares rise as much as 25 pct to 86.1 rupees, while Adani Power Ltd rise as much as 24.1 pct to 44.1 rupees

** Supreme Court on Monday allowed country’s power regulator Central Electricity Regulatory Commission (CERC) to amend power purchase agreements of three power plants in the western state of Gujarat owned by Adani Power, Tata Power and Essar Power

** For power generation cos such as Adani, the Plant Load Factor (PLF) is low but under-recovery is high; if rates are revised, losses for power generating companies will come down drastically - Rupesh Sankhe, senior research analyst, Reliance Securities

** Tata Power’s stock rises to highest level since May 8; Adani Power hits highest since Jan 16

** Tata Power stock posts biggest intra day gain since Jan 23, 2008

** Up to last close, Tata Power stock down 26.3 pct this year; Adani Power down 14.8 pct this year