Shares of CESC rose nearly 6%, touching the weekly high of Rs279, on reports the West Bengal State Electricity Regulatory Commission has allowed the company to hike electricity tariff in Kolkata by over 13% for 2011-12.
According to reports, the West Bengal State Electricity Regulatory Commission issued an order on March 06, 2012, allowing CESC, which serves about 25 lakh customers, to increase its average tariff per unit from Rs5.19 to Rs5.88.
The hike would come into effect retrospectively from April 2011. The arrears for the past 12 months would be collected in 48 monthly installments. The hike would enable CESC to rake in an additional Rs552 crore for 2011-12, reports suggest.
Net profit of CESC declined 32.73% to Rs74 crore on 10.64% rise in net sales to Rs1019.00 crore in Q3 December 2011 over Q3 December 2010.
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