The shares of a leading renewable energy company gained 6% to the 52-week high price of ₹387.15 per share after the company commissioned Asia’s largest Bifacial Solar System project in the tea estate.
At 3:10 p.m, Tata Power Company Ltd shares were trading at ₹382 per share, up 4.57 percent from the previous close price on the National Stock Exchange. The company has a market capitalization of ₹1,21,902 crores.
Tata Power Ltd subsidiary, Tata Power Renewable Energy Limited successfully commissioned a pioneering 1040 kW Bifacial Solar System project in Asia’s largest tea estate, Chengmari Tea Estate.
This marked the company’s first-ever installation of on-ground bifacial modules in eastern India. The project involved the installation of approximately 1,900 modules which is expected to generate an estimated 1.5 MUs of energy annually for the Tea Estate.
The project also reduces the carbon footprint of 29,420 lakh tonnes of CO2, equivalent to planting 47,000 teak trees. The company said in its exchange filing.
Tata Power Company shares have gained 62 percent in the last six months and 87 percent in a year.
Tata Power Company Ltd is primarily engaged in power generation, transmission, and distribution. The company develops, constructs, and operates wind and solar power plants.
The company’s revenue has increased by 12 percent yearly, from ₹14,031 crore in Q2FY23 to ₹15,738 crore in Q2FY24. During the same period, Net profit has significantly increased by 9 percent from ₹935 crore to ₹1,017 crore.
In H1FY24, the company received 32% revenue from thermal, hydro, and cola projects and 14% from the renewable energy segment as well as 54% from power transmission systems.
The company has set a target to achieve 20 GW of renewable energy by 2030. In FY23, the company commissioned a 404 MW Rooftop capacity plant. Tata Power is
the Market leader in the public charging segment with a 55% share and 85% share in home charger installations.
As of H1FY24, the company has 14,381 MW energy capacity which includes 8,860MW Thermal, 1,007 MW Wind, 880 MW Hydro, 443 MW Waste Heat Recovery/BFG, 3191 MW solar, and 3,760MW Renewable capacity under construction.
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
