CESC Stock Spikes on Multi-Year Tariff Plan Nod
Kolkata based-CESC’s stock on Wednesday traded 5 per cent higher in intra-day trade as the West Bengal Electricity Regulatory Commission (WBERC) approved the company’s multi-year tariff plan for the period between 2014-15 and 2016-17.
The CESC stock ended at Rs. 593, down 0.4 per cent, after hitting a day high of Rs. 624.50 earlier in trade.
The CESC stock outperformed the broader Nifty and the Sensex which were trading flat.
The regulator has approved a tariff of Rs. 6.08 per unit for 2014-15. It has also approved a capex of Rs. 2,440 crore for the period between 2013-14 and 2016-17.
CESC is an electricity distribution company operating in West Bengal.
The WBERC also hiked the power purchase cost from CESC’s 600 MW haldia plant to Rs. 5.12 per unit from 4.85 per unit.