Tata Power shares almost hit record high today; here's why 

Shares of Tata Power Co Ltd rose nearly 4% on Monday after its arm Tata Power EV Charging Solutions and Indian Oil Corporation Limited (IOCL) inked a Memorandum of Understanding (MoU) to roll out fast and ultra-fast electric vehicle (EV) charging points across India. Tata Power stock rose 3.64% to Rs 335.25 on BSE. The share almost touched the record high of Rs 335.80 hit on December 8, 2023. Later, it ended 3.11% higher at Rs 333.50. The market cap of Tata Power rose to Rs 1.06 lakh crore.

A total of 19.24 lakh shares of the firm changed hands amounting to a high turnover of Rs 63.55 crore on BSE.

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Tata Power stock has gained 51% in the last six months. Tata Power stock has risen 52% in a year and climbed 57.50% this year. The stock has clocked very less volatility in a year with a beta of 0.3.
In terms of technicals, the relative strength index (RSI) of the stock stands at 83.1, signaling the stock is trading in the overbought zone. Tata Power shares are trading higher than the 5 day, 20 day, 30 day, 50 day, 100 day, 200 day moving averages.

Under the agreement, Tata Power will install 500+ EV charging points across multiple IOCL retail outlets. They will be installed in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway and the Golden Quadrilateral.

This strategic collaboration focuses on building a reliable and expansive intercity charging network which will help alleviate range anxiety for EV owners travelling between cities.

Virendra Goyal, Head -Business Development-EV Charging, Tata Power said "Our partnership with IOCL is a strategic move towards establishing a robust EV charging network in the country. Leveraging IOCL's extensive presence, Tata Power will set up fast and superfast charging points in multiple regions, contributing to accessibility and inclusivity for a sustainable electric mobility future."

Tata Power is committed to enhancing the EV user experience through tech integration and innovative solutions. EV users will have a dual advantage of a seamless EV charging experience through the 'Tata Power EZ Charge' app and 'IndianOil e-Charge' mobile app that can be used to locate and book the chargers at their convenience, the Tata Group firm said.

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