Tata Power shares jump 8 pc as co completes 51 pc stake acquisition in TPCODL

Shares of Tata Power on Tuesday settled nearly 8 per cent up after the company said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd for Rs 178.5 crore. The stock advanced 7.46 per cent to close at Rs 42.50 on the BSE. During the day, it zoomed 8.34 per cent to Rs 42.85.

On the NSE, it gained 7.98 per cent to settle at Rs 42.60. In traded volume terms, 37.30 lakh shares were traded on the BSE and 7.55 crore on the NSE.   TP Central Odisha Distribution Ltd (TPCODL) carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power. "Tata Power has acquired 51 per cent equity stake in TPCODL at a consideration of Rs 178.5 crore," a Tata Power statement said.