Tata Power Company was down 2.5% to Rs 85, after hitting a low of Rs 81.30 on BSE in intra-day trade. A combined 31 million shares changed hands on the counter on both the exchanges.
Adani Power said Supreme Court, in its judgement today, has granted relief for the cost burden arising due to shortage in supply of domestic coal under ‘change of law’ provisions. However, the judgment doesn’t grant relief qua the increase in coal cost due to change in Indonesian regulations.
“The copy of judgement of the Supreme Court is awaited. Preliminary analysis reveals that the company will get benefit in respect of its PPA (1424 MW) to Haryana State DISCOMs as also quo PPAs (3300 MW) with Maharashtra DISCOMs as also PPA (1200 MW) with Rajasthan DISCOMs,” Adani Power said in a brief note on Supreme Court judgement.
The company added that it had sought relief on two grounds viz adverse impact on fuel cost due to increase in Indonesian coal price on account of change in regulations in Indonesia and increase in coal cost on account of non-availability/short fall in supply of domestic coal.