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Tata Power today objected to Reliance Infra's multi-year tariff proposal submitted to the regulator MERC, saying it has many hidden charges. RInfra termed the charge as misleading.
Tata Power said in a statement: "The submission by RInfra lacks transparency as it appears that there is no tariff increase, whereas significant increase through wheeling and cross subsidy charges are being pushed in to increase the tariff through back door tactics."
The MERC will begin hearing on both the petitions from tomorrow. In a counter statement, RInfra termed the Tata Power argument as "misleading" and said, the public hearing process of its petition was approved by MERC and the hearing already underway. "Tata Power's objections to tariff hike are misleading and against the interest of smaller consumers of the city," RInfra said.
Tata Power has further alleged that "stable tariff plan proposed by RInfra is a ploy to protect the interests of its large customers who have been increasingly switching over to its network due to lower costs." "With around 70 percent of our customers being low-end and consuming under-300 units a month and thousands being added each month, the proposed hike by RInfra in wheeling charges could significantly hit the low-end changeover customers who have shifted to us and is thus a vindictive approach of RInfra," Tata Power said.
Tata Power stock price
On October 21, 2014, Tata Power Company closed at Rs 87.85, up Rs 1.05, or 1.21 percent. The 52-week high of the share was Rs 115.25 and the 52-week low was Rs 68.95.
The company's trailing 12-month (TTM) EPS was at Rs 3.15 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 27.89. The latest book value of the company is Rs 52.69 per share. At current value, the price-to-book value of the company is 1.67.
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