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NEW DELHI : Shares of Tata Power Company Limited on Thursday climbed more than 8% after the company reported 10% rise in consolidated net profit for the first quarter ended 30 June of the fiscal year2020-21.

By 1:00 pm, shares of Tata Power were trading at Rs57.45, up 8.50%, on the BSE; and at Rs57.40, 8.40% higher, on the NSE.

The BSE Sensex index was trading at 38,269.77, down 0.26%; and the Nifty 50 index at 11,283.90, 0.22% lower.

Tata Power on Wednesday said its consolidated net profit for April-June period surged by 10% to Rs268 crore on the back of reduced expenses.

Its total income for June quarter stood at Rs6,540 crore as compared to Rs7,874 crore in the year-ago period.

Despite lower profits from solar EPC businesses mainly on account of lower financing cost and stable performance across all clusters, the Tata group company was able to maintain a stable performance.

“All our business clusters have reported robust performance despite the challenges presented by the ongoing pandemic. We aim to continue our progress in our low carbon journey by achieving 50% generation from clean and green sources by 2025 and set new benchmarks in operational efficiencies," Tata Power CEO and MD Praveer Sinha said in a statement on Wednesday.

Tata Power will merge its wholly owned subsidiary Coastal Gujarat Power Ltd into the parent company.

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