Tata Group stock which is India’s largest vertically integrated power company, jumped 3 percent after it signed an MoU with Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL) to deploy charging stations.
At 1:40 p.m. the shares of Tata Power Company Limited were trading at Rs. 329.95, up 1.98 percent from its previous day’s close price of Rs. 323.55 and its market capitalization is Rs. 1,05,542 Crores.
Tata Power EV Charging Solutions Limited a Tata Power Limited company and Indian Oil Corporation Limited have signed a MoU for Collaborating to Deploy 500+ Fast and Ultra-Fast EV Charging Points across multiple IOCL retail units throughout India.
IOCL envisages providing 10,000 EV Charging Stations by 2024 transforming retail network to complete energy solutions outlets. With more than 6,000 EV charging stations at present, the company plans to keep expanding its reach
Notably, this network is continually expanding, underscoring Tata Power’s unwavering commitment to enhancing electric vehicle charging accessibility across the nation.
In addition to this, its subsidiary Tata Passenger Electric Mobility Limited has recently signed a MoU with Bharat Petroleum Corporation Limited (BPCL) to install 7000 Electric Vehicle (EV) charging points across India by 2024.
Tata Power Company which is a part of the famous Indian conglomerate the Tata Group, is India’s largest vertically integrated power company, primarily involved in the business of generation, transmission, and distribution of electricity. It has a Solar EPC order book of Rs. 18,700 Crores
Tata Power has established itself as a leader in the electric vehicle charging domain, with a substantial market share of nearly 60 percent. They have an expansive nationwide network, reaching more than 420 cities, and offer a comprehensive array of charging solutions, including over 62,000 home chargers, 4,900 public and semi-public charging points, and 430 bus charging stations.
Tata Power Limited has a total 14,381 MW Capacity mix which consists of 8,860 MW of Thermal, 1,007 MW of Wind, 880 MW of Hydro, 443 MW of Waste Heat Recovery, and 3,191 MW of Solar. It currently has 3,760 MW of Renewable capacity under construction.
In the transmission and distribution business, it has served 12.4 million customers in distribution and has done power transmission of 4,383 Circuit Kilometer(Ckm).
The company’s company’s revenue increased by 28.71 percent from Rs. 42,815.67 Crores in FY22 to Rs. 55,109.08 Crores in FY23, accompanied by increasing profits of Rs. 2,623.44 Crores to Rs. 3,809.67 Crores.
Written by: Bharath K.S
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