Tata Power Company was down by 3% at Rs 70, its lowest level since November 2016 on the BSE. Since May 2, post January-March (Q4FY18) results, the stock underperformed the market by falling 20%, as compared to 4% rise in the S&P BSE Sensex.
Tata Power on Tuesday announced that Tata Power Renewable Energy Limited (TPREL), the Company’s wholly owned subsidiary, has received a Letter of Award from Karnataka Renewable Energy Development Limited (KREDL) to develop 250 MW (50 MW x 5 Nos) of solar projects located in state’s Tumkur district at Karnataka.
Shares of Vedanta hit a fresh 52-week low at Rs 213, slipping 2% on the BSE. In past eight trading days the stock slipped 11% after the Vedanta Resources Plc, the principal holding Company, announcement on July 2 that it would delist from the London Stock Exchange (LSE).
Meanwhile, ICICI Securities said Vedanta's Q1FY19 performance will be marked by a decline in the nonferrous prices on a QoQ basis (except aluminium) and shutdown of its copper operations at Tuticorin. However, the increase in crude oil prices is likely to aid performance of the oil & gas segment.
We expect the topline to increase 4.9% YoY and decline 30.6% QoQ. The EBITDA margin is likely to come in at 32.3%, the brokerage firm said in results preview.
UPL dipped 3% to Rs 588, falling 20% in past two months. The company (earlier known as United Phosphorus and in the businesses of agrochemicals, industrial chemicals, and chemical intermediates) failed to hit its annual revenue growth expectation of eight to 10% for 2017-18.
This is the first time it happened in the last five years. This, with concerns on high raw material costs, falling prices in the key markets
of Brazil and North America, and currency fluctuations, besides continuous capital expenditure, has led to muted sentiment for the stock, Business Standard
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