This large cap stock gained nearly 1% and still managed to reach its 52- week high in the first half of Monday’s trading session. Recently, the company signed an agreement with Chalet Hotels Limited.
Share prices of Tata Power opened at Rs. 257.95 per share and traded nearly 1% higher to reach its 52- week high of Rs. 258.40 apiece. The stock has given over 8.36% returns in the last one month and 20.88% in the last six months.
On 1 September 2023, the company’s subsidiary Tata Power Renewable Energy Limited (TPREL) signed a power delivery agreement (PDA) with Chalet Hotels Limited for a 6 MW AC Group captive project to generate renewable energy for all of its properties. The plant is estimated to generate 13.75 Million Units of clean energy during this project.
The company has a market capitalization of Rs. 81,545 crore. According to the company’s latest financials, they made a revenue of Rs. 15,213 crore in Q1FY24, an increase of 22.1% from Rs. 12,453.76 crore in Q4FY23. Its net profit rose 25.4% from Rs. 777.73 crore in Q4FY23 to Rs. 972.49 crore in Q1FY24.
Tata Power Limited is one of the largest power companies in India. It comes under the Tata Group conglomerate. The company is involved in generating and supplying electricity along with construction and operations of power plants. It also provides next generation solutions such as EV charging stations and solar rooftops.
Written by Bhumika Khandelwal
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