Tata Power logged net profit of Rs336.24 crore in 3 months ended 30 September, compared with a loss of Rs95.87 crore a year ago. Photo: Priyanka Parashar/MintMumbai: Tata Power Co. Ltd on Tuesday reported higher-than-expected fiscal second-quarter profit, swinging from a year-earlier loss, after a board meeting presided over by ousted group chairman Cyrus P. Mistry. Thirteen analysts polled by Bloomberg had expected Tata Power to report a profit of Rs323.9 crore, while 11 analysts had expected net sales of Rs7,286.3 crore. The firm’s board meeting on Tuesday was chaired by Tata Sons Ltd’s ousted chairman Mistry without any contest, people aware of the development said. Tata Sons requisitioned all seven group firms, including Tata Power in which Mistry is a director, to call for EGMs for his removal.

Source: Mint November 29, 2016 15:28 UTC