Tata Power shares fall 4% despite robust Q4; here’s why
Post Q4, JM Financial has maintained a ‘Buy’ call on Tata Power shares with an upgraded target price of ₹490 per share from ₹440 earlier.
Post Q4, JM Financial has maintained a ‘Buy’ call on Tata Power shares with an upgraded target price of ₹490 per share from ₹440 earlier.
The Tata Group company reported profit growth for the 18th consecutive quarter to ₹1,046 crore for Q4 FY24, up 11% YoY.
Tata Group attempts mergers and demergers in companies to bring sharper focus on businesses.
The 4,000 megawatt (MW) coal-fired plant is running at almost full capacity in the first half of April when electricity consumption grew nearly 10% year-on-year to 70.66 billion units (BU).
After gaining nearly 40% in the last six sessions, Tata Chemicals declined 10.3% on Monday; Tata Motors, Tata Power, Tata Investment Corp fell up to 5%.
Shares of Tata Power have fallen over 8% in two sessions after hitting a 52-week high of ₹412.75 in intraday trade on Friday.
For the first nine months of the current fiscal, the profit grew 13% YoY to ₹3,235 crore, while revenue rose 5% to ₹45,286 crore.
In the last four months, the m-cap of Tata Group increased by ₹5 lakh crore, driven by sustained rally in heavyweights such as TCS, Tata Motors, Tata Power, and Indian Hotels.
Production-linked incentives start making India self-reliant in key sectors.
Tata Power Solar Systems has signed a contract worth ₹418 crore with NTPC to supply solar PV modules for its Nokh Solar Park in Rajasthan.