Tata Power gains on partnering with Contour for blockchain-based digital trade finance network
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Tata Power Company is currently trading at Rs. 203.60, up by 1.15 points or 0.57% from its previous closing of Rs. 202.45 on the BSE.
The scrip opened at Rs. 203.00 and has touched a high and low of Rs. 205.75 and Rs. 201.30 respectively. So far 1397299 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 298.00 on 07-Apr-2022 and a 52 week low of Rs. 190.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 208.15 and Rs. 196.75 respectively. The current market cap of the company is Rs. 65057.11 crore.
The promoters holding in the company stood at 46.86%, while Institutions and Non-Institutions held 24.27% and 28.85% respectively.
Tata Power has partnered with Contour, a leading digital trade finance network based out of Singapore, to make its financial management process more robust, transparent and efficient. Contour’s network uses decentralised technology (blockchain) to bring together companies, banks and ecosystem partners, onto a trusted network, to help create a streamlined digital trade finance workflow. The integration enables trusted data flow across the world’s trade routes and current fragmented ecosystems.
Manual and paper-based processes in finance slow trade growth by creating additional complexity and costs. By joining Contour's network, Tata Power is implementing an end-to-end digital Letter of Credit (LC) settlement process. The company will gain from using a digital LC, since it will enable it to present documents in less than 24 hours, as opposed to the usual 5-10 days of a traditional process.
Tata Power Company is India's Largest Integrated Power Company.
