Tata Power shares get ‘Buy’ tag from Anand Rathi with revised target price

Signage for Tata Power Co. stands in Jamshedpur.  (Bloomberg )

Tata Power’s subsidiary has commissioned a 160 MW AC solar project at Jet star, Rajasthan. Approximately 6,75,000 monocrystalline PV modules were used in this installation and it will produce 387MUs of energy per year. 

From the recent development, domestic brokerage and research firm Anand Rathi expects the company’s performance to improve from current levels. It has maintained its Buy rating on the multibagger stock with a revised target price of 316 per share. Tata Power shares have rallied over 175% in a year, whereas the Tata Group stock is up more than 28% in 2022 (year-to-date or YTD) so far.

Tata Power Company has collaborated with Rustomjee Group, the leading real estate developer, to provide end-to-end EV charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR).

Under this collaboration, Tata Power will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. The partnership will enable Rustomjee residents’ access to a uniform and ubiquitous EV charging experience, Anand Rathi highlighted.

Meanwhile, Tata Power’s Singapore-based JV, Resurgent Power Ventures has won the bid to acquire the stressed asset of South East UP Power Transmission Company (SEUPTCL) through its resolution process under the Insolvency and Bankruptcy Code (IBC). 

Tata Power holds 26% stake in the joint venture through its wholly-owned Singapore-based arm Tata Power International. The transaction is part of a stressed asset resolution process initiated by a resolution professional through a competitive bidding process (held earlier).

Additionally, tts renewable energy arm has commissioned a 300 MW project in Dholera, Gujarat. It is India’s largest single-axis solar tracker system. The project will generate 774 MUs annually. Along with this, it will reduce approximately 704340 MT/year of carbon emission.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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