Tata Power shares fall up to 5% post Q3; here’s why
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.
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.
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.
This is the sixth Tata Group company that has an m-cap of over ₹1 lakh crore after TCS, Titan Company, Tata Motors, Tata Steel, and Trent.
The transmission project, having estimated cost of ₹1,544 crore, to enable evacuation of 7.7 GW of green power from the Bikaner Complex in Rajasthan
Tata Power reported 8.79% rise in consolidated net profit at ₹1,017.41 crore in Q2 FY24; revenue grew 9% to ₹15,442 crore.
Tata Power Renewable Energy will establish a 41 MW captive solar plant for TP Solar for its 4.3 GW solar cell and module manufacturing facility in Tamil Nadu.
The Tata Group stock has risen 44% in the last five months after hitting its 52-week low of ₹182.45 on March 28, 2023.
Tata Power shares gained as much as 2.87% to ₹241.65 on the BSE on Thursday as investors reacted positively to June quarter results.
Extending its gaining streak, the Tata Group stock jumped 3% on Tuesday as investors rushed to buy shares ahead of its first quarter earnings report.