
Shares of Tata Power hit a record high in the afternoon session today. The stock gained 8.66% to Rs 429 today against the previous close of Rs 394.80 on BSE. With today’s rally, the power sector stock has risen 30% in 2024. Market cap of Tata Power rose to Rs 1.35 lakh crore on BSE. Total 25.19 lakh shares of the firm changed hands amounting to a turnover of Rs 104.67 crore.
Antique Broking has a target of Rs 450 on the stock.
“We have added the scope of potential windfall gains from spot market sales from CGPL, assuming PPA negotiations fail through. We assume this could be 30% of total PPA, which is exposed to Punjab, Haryana and Rajasthan," said the brokerage.
Tata Power stock fell to a 52 week low of Rs 182.45 on March 28, 2023.
Tata Power stock has gained 102% in a year and zoomed 61% in six months. Total 25.19 lakh shares of the firm changed hands amounting to a turnover of Rs 104.67 crore on BSE. Market cap of Tata Power rose to Rs 1.35 lakh crore.
Tata Power reported a 2.28 per cent rise in its third-quarter (Q3 FY24) consolidated net profit to Rs 1,076.12 crore as against Rs 1,052.14 crore in the year-ago period.
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