Equity Alert: Tata Power seen up; Jan-Mar net profit may surge 171%

[K.Karthik Raja]

Equity Alert: Tata Power seen up; Jan-Mar net profit may surge 171%

Equity Alert: Tata Power seen up; Jan-Mar net profit may surge 171%
MUMBAI--9:47AM--Shares of Tata Power are seen up as the company is
expected
to report a 171% rise in Jan-Mar profit at 1.9 bln rupees, dealers
said.
Analysts said the huge rise in profit can be attributed to low
base in
the year-ago quarter, as the company had made a provision of 1.82 bln
rupees
to make a refund to its customers.
Net sales are seen rising 47% year-on-year at 13.97 bln rupees.
Dealers said the gains may be capped, as the broad market
sentiment is
seen weak.
"The shares can find resistance at 1,264 rupees and support at
1,235
rupees," a dealer said.
Shares of Tata Power ended down 2% at 1,252.20 rupees on Friday,
with total
volume of 978,148 shares on NSE.
The stock's June futures ended at a 4-point discount to the spot
price,
with open interest down 0.6%.