Shares of the Tata Power rose more than 2 per cent after the company said that it has signed memorandum of understanding (MoU) with the Ministry of Development of Russian Far East to explore and develop investment opportunities in the energy sector.
"The MoU reflects the mutual intentions of the parties to cooperate for the purpose of realisation of investment projects in the energy sector across the Russian Far East," Tata Power said in a filing to BSE.
Under the MoU, the Ministry of Development of Russian Far East will cooperate with and support Tata Power at all stages of investment projects, including assisting the company's communications with federal and regional authorities, state-owned companies and the private sector, the company said.
"The MoU was signed in Moscow by Ashok Sethi, COO and Executive Director, Tata Power, and Alexander Galushka, Minister for Development of Russian Far East," it added.
Shares of the company were seen trading at Rs 67.85 on BSE at 11.07 am IST. It touched an intra-day high of Rs 68.45 during the trade.