MARKET EYE-Tata Power falls after surprise Q2 loss

Wed Nov 7, 2012 9:51am IST

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Kishore Pandey, 82, lies on a bed as his daughter, Usha Tiwari, holds him and a priest stands by them (L) at Mukti Bhavan (Salvation House) in Varanasi, in the northern Indian state of Uttar Pradesh, June 19, 2014. REUTERS/Danish Siddiqui

Waiting to die at Salvation House

The city of Varanasi is Hinduism's holiest city and many Hindus believe that dying there and having their remains scattered in the Ganges allows their soul to escape a cycle of death and rebirth.  Slideshow 

* Shares in Tata Power Co Ltd fall 1.03 percent after
posting a surprise second-quarter loss on Tuesday, hit by higher
finance and depreciation costs at its power projects and lower
revenue from its coal units.
* The company posted a consolidated net loss of 838 million
rupees, compared with a net loss of 11.9 billion rupees a year
earlier. Revenue rose 22 percent to 76.5 billion rupees, helped
by the commissioning of new units. 
* Analysts had expected Tata Power to post a net profit of 2.46
billion rupees, according to Thomson Reuters I/B/E/S.
* Barclays says profitability at Mundra power project may remain
under pressure until the legal process for tariff revision is
concluded.
* The investment bank has cut its earnings estimates by 17-21
percent to reflect weak first-half performance.
* Barclays maintains its 'neutral' rating on the stock and cut
its target price to 97 rupees from 99 rupees.

 (abhishek.vishnoi@thomsonreuters.com)
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