The shares of one of the premium solar panel and module manufacturers gained up to 2 percent after the company received a letter of intent (LOI) for a special purpose vehicle (SPV) project worth Rs 838 crore.
With a market capitalization of Rs 1.22 lakh crore, the shares of Tata Power Company Ltd were trading at Rs 383.65 per share, increasing around 2 percent as compared to the previous closing price of Rs 376.15 apiece.
According to the company filing, Tata Power Company Ltd has received a letter of intent (LOI) from REC Power Development and Consultancy Ltd to acquire Jalpura Khurja Power Transmission Limited, a special purpose vehicle (SPV) project worth Rs 838 crore. The project will be developed on a build-own-operate transfer basis and will provide transmission service for 35 years from the scheduled date of commercial operation (SCOD), which is 18 months after the SPV acquisition.
Looking into the company’s finances, Tata Power Company Ltd.’s revenue increased by 4 percent from Rs 14,129 Crore in Q3FY23 to 14,651 Crore in Q3FY24. During the same period, net profits increased by 2.2 percent from Rs 1,052 crore to Rs 1,076 crore.
TPREL, a subsidiary firm, electrified over 400 public EV charging stations in Q3 FY24, bringing the total number of charging points to over 5300 public/semi-public chargers in 479 cities. TPREL has received a firm and dispatchable renewable energy (FDRE) project from SJVNL totaling 1316.5 MW, divided into Solar 460 MW, Wind 799 MW, and BESS 57.5 MW.
Tata Power Company Ltd reaches a milestone of 9 lakh smart meters across its distribution company in Mumbai, Delhi, and Odisha.
TPSSL, a subsidiary company, secured an order from NTPC for 152MWp DCR Solar PV Modules for its Nokh Solar Project in Rajasthan and signed an agreement with IOC to deploy over 500 fast and ultra-quick EV charging points across several IOCL retail locations.
Tata Power Company Ltd primarily generates, transmits, and distributes power. It aspires to generate power entirely from renewable sources. It also makes solar roofing and wants to create one lakh electric charging stations by 2025.
Written by:- Abhishek Singh
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