Tata Power Company gained on Friday after it acquired 26% stake in Indonesian coal mine PT Baramulti Sukses Sarana Tbk (BSSR) to ensure fuel security for its upcoming power plants, India's largest private power generator said on Thursday.
The transaction would help the company source coal from BSSR and its subsidiary PT Antang Gunung Meratus (AGM), which together have reserves of 1 billion ton of coal in mines located in south and east of Kalimantan in Indonesia. Prior to the deal, Tata Power signed a long-term coal supply agreement with AGM in July.
Shares of the company are trading at Rs 103.80, up Rs 2.15, or 2.12% at the Bombay Stock Exchange (BSE) on Friday at 9:34 a.m.
The scrip has touched an intra-day high of Rs 104 and low of Rs 102.35. The total volume of shares traded at the BSE is 88,463.
In the earlier session, the shares lost 2.12%, or Rs 2.2, at Rs 101.65. Currently, the stock is trading down 14.57% from its 52-week high of Rs 121.50 and above 28.7% over the 52-week low of Rs 80.65.
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