New Delhi, Jun 2 (PTI) Shares of Tata Power on Tuesday settled nearly 8 per cent up after the company said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd for Rs 178.5 crore.

The stock advanced 7.46 per cent to close at Rs 42.50 on the BSE. During the day, it zoomed 8.34 per cent to Rs 42.85.

Also Read | Cyclone Nisarga in Mumbai: Here's A List of Safety Measures and Tips to Keep in Mind Before, During And After Storm Crosses Maharashtra-South Gujarat Coasts.

On the NSE, it gained 7.98 per cent to settle at Rs 42.60.

In traded volume terms, 37.30 lakh shares were traded on the BSE and 7.55 crore on the NSE.  

Also Read | Samsung Galaxy M11 & Galaxy M01 Smartphones Launched in India; Check Prices, Features, Variants & Specifications.

TP Central Odisha Distribution Ltd (TPCODL) carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power.

"Tata Power has acquired 51 per cent equity stake in TPCODL at a consideration of Rs 178.5 crore," a Tata Power statement said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)