Tata Power, Adani Power slump as Supreme Court sets aside tribunal order
Posted on:11 Apr 2017 15:48:13
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11 April 2017 Current Affairs:
The Supreme Court on Tuesday set aside an order by the Appellate Tribunal For Electricity allowing compensatory tariff to Tata Power Ltd. and Adani Power Ltd., sending down shares of both companies.Shares of Tata Power reversed early gains to fall as much as 6.78 percent, while Adani Power slumped up to 20% to its lowest since Feb. 21.The tribunal, in April last year, had said that the two companies needed to be compensated as the change in Indonesian laws on coal export prices were outside the control of these companies.
The firm started as the Tata Hydroelectric Power Supply Company in 1910,which amalgamated with the Andhra Valley Power Supply Company in 1916. It commissioned India’s Second hydro-electric project in 1915 in Khopoli for 72 MW. Then second and third power plants were installed in Bhivpuri (78 MW) in 1919and Bhira (300 MW) in 1922.
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