Shares of Tata Power Company Ltd. are trading flat after reaching a day’s high of Rs 418.60 on 9th September. This follows the awarding of contracts worth Rs 11,481 crore to local contractors and suppliers by the company’s Odisha Discoms (Distribution Companies), according to an official.

This partnership between Tata Power and the Odisha government has placed orders worth Rs 8,690 crore with local MSMEs and Rs 2,791 crore with non-MSMEs through the Discoms over the last three years, since taking over power distribution in the state.

These contracts, divided into two major categories—materials and services—have been awarded to local contractors and suppliers.

Odisha discoms—TP Central, TP Southern, TP Northern, and TP Western Odisha Distribution Limited—have signed agreements with 6,645 local vendors and suppliers, according to an official.

Tata Power stated that these partnerships are crucial for daily operations and services, focusing on hiring local residents through nearby vendors.

In the service sector, including metre reading, billing, and network maintenance, the discoms have awarded contracts to 4,347 vendors worth Rs 7,560 crore.

In the materials supply category, covering items like distribution transformers, cables, and poles, the discoms awarded 2,298 contracts worth Rs 3,921 crore for operations.

Tata Power highlighted that this initiative supports the Make in Odisha vision and has significantly boosted local communities’ economic prosperity.

At 10:44 AM, the shares of Tata Power were trading 0.24% lower at Rs 416 on NSE.

Feeling overwhelmed by the markets? Let Unicorn Signals be your guide. Our user-friendly app simplifies complex data and provides actionable trading signals. Download the app today and trade with confidence!