By admin Shares of Tata Power Ltd approached their record high on Thursday after the Tata Group firm said TP Parivart has inked a power delivery agreement with Tata Steel for a 70 MW group captive solar power plant at Akola, Maharashtra. TP Parivart is a subsidiary of Tata Power Renewable Energy Limited (TPREL) and TPREL is a subsidiary of the company. Tata Power shares surged 2.17% to a high of Rs 463.50 against the previous close of Rs 453.65 on BSE. Market cap of Tata Power climbed to Rs 1.46 lakh crore on BSE. A total of 12.28 lakh shares of the firm changed hands amounting to a turnover of Rs 56.32 crore. Tata Power stock hit a record high of Rs 464.30 on May 3, 2024 and declined to a 52-week low of Rs 228.10 on August 16, 2023.
The power sector stock has gained 39% in 2024 and risen 88% in a year.
In terms of technicals, the relative strength index (RSI) of Tata Power stock stands at 60.8, signaling the stock is trading neither in the oversold nor in the overbought zone. Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
“TP Parivart Limited has signed a Power Delivery Agreement with Tata Steel Limited, one of India’s leading steel manufacturing companies, for a 70 MW group captive solar power plant at Akola, Maharashtra. The project is expected to generate 154 million units (MUs) of power annually and reduce carbon emissions by 1,15,000 tonnes,” said Tata Power.