Shares of Tata Power Company Ltd hit a fresh 52-week high today after the Tata Group firm’s arm inked an agreement for a 6 MW AC project with Chalet Hotels. Tata Power Company shares hit a 52 week of Rs 258.45 against the previous close of Rs 255.20 on BSE. The Tata Group stock opened higher at Rs 256.55 on BSE. Total 6.75 lakh shares of the firm changed hands amounting to a turnover of Rs 17.36 crore on BSE. Market cap of the firm stood at Rs 81,832 crore.
In terms of technicals, the relative strength index (RSI) of the stock stands at 69.1, signaling the stock is neither oversold nor overbought. Tata Power has a one-year beta of 1, indicating average volatility during the period. Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.
The company’s arm Tata Power Renewable Energy Limited (TPREL) has inked a power delivery agreement (PDA) for a captive project for 6 MW AC with Chalet Hotels.
The plant will generate 13.75 million units of clean energy from renewable sources under this arrangement.
It will also reduce carbon emissions by 9762 tonnes per year, aligning with the common vision of both the companies to build a brighter, cleaner future for the hospitality industry, said Tata Power.
Recently, Tata Power Renewable Energy inked a Power Delivery Agreement (PDA) with Sanyo Special Steel Manufacturing India Private Limited for a captive solar plant with a capacity of 28.125 megawatts (AC) and a captive power delivery agreement (PDA) for 4.4 megawatts (AC) with the ANAND Group, a prominent global leader in the automotive systems and parts industry
With this project’s capacity addition, the total renewables capacity of TPREL reaches 7,821 MW including 3,689 MW projects under various stages of implementation and its operational capacity is 4,132 MW, which includes 3,139 MW solar and 993 MW wind.
Disclaimer: This article is for informational purpose only. Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today. Please consult your financial advisor or a qualified stock market expert before taking any position in the mentioned stock or stocks. Business Today will not be responsible for losses arising from trading or investing in these stocks.
Also read: Stocks that share market analysts recommended on September 4, 2023: Hero MotoCorp, State Bank of India (SBI), BHEL and Star Health
Also read: Hot stocks on September 4, 2023: YES Bank, Tata Steel, Jio Financial, RVNL and more
Also read: Stocks to watch on September 4, 2023: Reliance Industries (RIL), NTPC, HCL Technologies, L&T, PVR INOX, others
