Tata Power hits a fresh 52-week high today; know why

About the Project

Tata Power Company Ltd which is primarily involved in the business of the generation, transmission and distribution of electricity hit a fresh 52-week high today amid a newly commissioned project and pre-bullishness on the power sector before budget. Today all the stocks in the BSE Utilities were trading in green and the BSE Utilities also hit a fresh 52-week high today at Rs 5,248.26 and closed at Rs 5,239.19, up by 3.59%.

Tata Power Renewable Energy Limited (TPREL) which focuses on renewable energy and subsidiary of Tata Power, has successfully commissioned a pioneering 1040 kW Bifacial Solar System project with Chengmari Tea Estate, Asia’s largest tea estate. This marks the first-ever installation of on-ground bifacial modules in eastern India. Despite the challenging monsoon conditions over 3.5 months, the project involving the installation of approximately 1,900 modules was completed within an impressive six-month timeframe and is expected to generate an estimated 1.5 MUs of energy annually for the Tea Estate which can reduce carbon footprint of 29,420 lakh tonnes of CO2 equivalent to planting 47,000 teak trees.

With this addition, the total renewables capacity of TPREL reached 9,012 MW (PPA capacity is 7,626 MW) which comprises 4,752 MW of projects in different phases of development and an operating capacity of 4,260 MW, including 3,241 MW in solar projects and 1,019 MW in wind projects.

Stock Performance

In the last trading session, the stock closed at Rs 365.05. Today, it opened at Rs 370.45 and closed at Rs 381.90, up by 4.62%. Today, the shares of the company hit a fresh 52-week high at Rs 387.15, while its 52-week low stands at Rs 182.45. Currently, the company boast a market capitalisation of approximately Rs 1,22,000 crore. Looking back over the past year, the company’s shares have yielded a staggering return of 88.64%, in the same time frame BSE Utilities has changed by 60.59%.

About the company

Tata Power is primarily involved in the business of the generation, transmission and distribution of electricity. The company is also manufacturing Solar Panels and next-gen power solutions like EV Charging Solutions and Home Automation to integrated energy solutions (ESCO). It aims to produce electricity completely through renewable sources. The company is India’s largest vertically integrated power company.

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.