Tata Power shares rally 7 pc after June quarter results

Shares of Tata Power on Thursday jumped nearly 7 per cent after the company said its consolidated net profit rose by 10 per cent for quarter ended June. The stock gained 6.89 per cent to Rs 56.60 on the BSE. On the NSE, it jumped 5.57 per cent to Rs 55.90.

Tata Power on Wednesday said its consolidated net profit rose by 10 per cent to Rs 268 crore for the quarter ended June on the back of reduced expenses. The company had posted a net profit of Rs 243 crore during the same period a year ago, it said in a BSE filing.

During April-June, the company reported a total income of Rs 6,540 crore as compared to Rs 7,874 crore in the year-ago quarter. Total expenses during the quarter under review stood at Rs 6,555 crore as against Rs 7,228 crore in the year-ago period.