Shares of Tata Power Company Ltd are in news today after the Tata Group firm’s subsidiary Tata Power Renewable Energy Ltd (TPREL) inked a power delivery agreement (PDA) with auto component manufacturer Endurance Technologies via a special purpose vehicle (SPV) TP Green Nature, for the development of 12.5 MW AC captive solar plant. The plant will be set up at Aachegaon in Maharashtra and will generate 27.5 million units (MUs) of electricity every year.
Tata Power stock opened on a flat note today at Rs 257 against the previous close of Rs 254.85 on BSE. It rose over 1% higher at Rs 257.80. Total 0.46 lakh shares of the firm changed hands amounting to a turnover of Rs 1.17 crore on BSE. Market cap of the firm rose to Rs 82,327 crore.
Tata Power has a one-year beta of 1.1, indicating high volatility during the period.
In terms of technicals, the relative strength index (RSI) of the stock stands at 48.8, signaling the stock is neither overbought nor oversold on technical charts. Tata Power shares are trading lower than the 20 day and 30 day but higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.
TPREL has already inked a Power Delivery Agreement (PDA) with Endurance Technologies Ltd through a Special Purpose Vehicle (SPV) TP Green Nature Ltd in this regards. This will help reduce Endurance Technologies' carbon footprints and mitigate approximately 9,125 Metric Tonnes (MT) of carbon emissions annually, Tata Power said.
The project is expected to be completed within 12 months of the signing of the PDA.
With the proposed captive solar power plant, the overall renewable energy portfolio of TPREL -- -- will reach a total capacity of 7,889 MW. The company's operational capacity stands at 4,188 MW comprising 3,185 MW of solar and 1,003 MW of wind energy.
In early September, Tata Power Renewable Energy Ltd (TPREL) said it would set up a 12 megawatt (MW) on-site solar project at Tata Motors' commercial vehicle manufacturing facility in Maharashtra. TPREL said it has already signed a power purchase agreement (PPA) with Tata Motors in this regard.
"Tata Motors and Tata Power Renewable Energy Limited (TPREL) have entered into a PPA to develop a new 12MWp on-site solar project at Tata Motors' commercial vehicle manufacturing facility in Pune," the statement said.
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