Tata Group’s multibagger stock commissions India’s Largest Solar and Battery Energy Storage Project

Tata Power Solar has achieved a significant milestone by commissioning India’s largest solar and battery energy storage system (BESS) project. Located in Rajnandgaon, Chhattisgarh, the project integrates a 100 MW solar PV plant with a 120 MWh utility-scale BESS. This innovative combination is expected to generate an estimated 243.53 million units of clean energy annually, while reducing carbon emissions by a staggering 4.87 million tonnes over 25 years.

This project, valued at Rs. 945 crore, underlines Tata Power Solar’s expertise in engineering, procurement, and construction (EPC) services. Notably, the project faced challenges due to difficult soil conditions and its remote location. Despite these obstacles, Tata Power Solar’s team successfully completed the project within the designated timeframe. The project also incorporates cutting-edge technology, utilizing bifacial mono crystalline technology in its 239,685 modules.

This win not only strengthens Tata Power Solar’s position in the renewable energy sector but also marks a significant advancement in India’s journey towards clean and sustainable energy solutions. The stock has gained over 100% in the last one year.

Financial Performance

In Q3FY24, the company posted a 3.69% increase in its consolidated revenue at Rs 14,651.00 crore compared to Rs 14,129.12 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 3250.27 crore, while the PAT of the company stood at Rs 817.10 crore, from Rs 54.19 crore last year in the same quarter.

Business Overview

Tata Power Company Limited is primarily involved in the business of the generation, transmission and distribution of electricity. It aims to produce electricity completely through renewable sources. It also manufactures solar roofs and plans to build 1 lakh EV charging stations by 2025. The company is one of the India’s largest vertically-integrated power company.

Stock Price Movement

Today, the stock opened at Rs 415.00, with a high and low of Rs 415.00 and Rs 395.00, respectively. The stock closed trading at Rs 396.00, which decreased by 4.13%. The stock has a 52-week high of Rs 433.20 and a 52-week low of Rs 182.45.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.