Tata Power and Adani Power continue their fall on SC verdict
Rohan Takalkar / 12 Apr 2017
Tata Power and Adani Power continue their fall in today’s trading after Supreme Court rejected claims by both the companies to increase the cost of power following increase in imported coal prices.
Tata Power and Adani Power continue their fall in today’s trading after Supreme Court rejected claims by both the companies to increase the cost of power following increase in imported coal prices.
The change in Indonesian regulations in 2010 increased cost of imported coal for Tata power and Adani power forcing the companies to hike tariffs under PPAs. The companies have cited these changes in regulations as major reasons for increase in the cost of coal imported from Indonesia to their Mundra plant in Gujarat.
Tata Power’s Coastal Gujarat Power Ltd. 4000 MW plant has PPAs with state discoms of Gujarat, Haryana , Rajasthan , Maharashtra and Punjab , while Adani Power has PPAs with state discoms of Gujarat and Haryana through its 1980 MW plant at Mundra.
Adani power opened today Rs. 36.5 after falling 20 per cent on Tuesday, it is currently trading down by 5 per cent at Rs. 35.5 at 1235 hours. While Tata Power had fallen nearly 8 per cent on Tuesday, it is today trading marginally down at Rs. 84.7 at 1235 hours.
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