Tata Power Ltd rallied as much as 4.2 per cent in trade on Monday after the state electricity regulator Maharashtra Electricity Regulatory Commission (MERC) has granted 25 years distribution licence to Tata Power for supplying power in city and suburban areas.
MERC in its order has allowed Tata Power Company to supply electricity in Mumbai city, parts of suburban areas including Bandra to Dahisar in Western suburbs; Chunabhatti to Vikhroli and Mankhurd in Eastern suburbs for 25 years.
It has also been granted licence to supply electricity in areas of Mira-Bhayander Municipal Corporation, Chene and Versova which were earlier not a part of its licence area.
The stock is currently trading at Rs 93.35, up by 2.65 points from its previous closing of Rs 90.70 on the BSE.
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