Tata Power shares gain as firm commissions solar project in MP
Market cap of Tata Power climbed to Rs 1.36 lakh crore on BSE. A total of 1.97 lakh shares of the firm changed hands amounting to a turnover of Rs 8.36 crore.
- Dec 3, 2024,
- Updated Dec 3, 2024 11:13 AM IST
Tata Power Company Ltd's shares rose nearly 3% in early deals on Tuesday after the Tata Group firm said its subsidiary Tata Power Renewable Energy Limited (TPREL), has successfully commissioned the 431 MW DC solar project at Neemuch in Madhya Pradesh.
Tata Power shares rose 2.79% to Rs 427.80 against the previous close of Rs 416.15 on BSE. The stock has gained 54.69% in a year and risen 30% in 2024. The stock has been highly volatile with its one year beta at 1.5.
Market cap of Tata Power climbed to Rs 1.36 lakh crore on BSE. A total of 1.97 lakh shares of the firm changed hands amounting to a turnover of Rs 8.36 crore. Shares of Tata Power climbed to a 52-week high of Rs 494.85 on September 27, 2024
In terms of technicals, the relative strength index (RSI) of Tata Power stock stands at 45.1, signaling the stock is trading neither in the overbought nor in the oversold zone. Tata Power shares are trading lower than the 50 day, 100 day, 150 day but higher than the 5 day, 10 day, 20 day, 30 day and 200 day moving averages.
"Perceived to be one of India’s most cost-effective bids for large-scale solar energy production, the project was won through a competitive bidding process. Spanning across 1,635.63 acres, the project is India’s first solar project site to incorporate cutting edge technology, featuring a unique combination of single-axis trackers and bi-facial modules, thereby, setting a new benchmark for solar energy generation in India. This innovative integration has boosted the efficiency of the entire system by over 15%, enabling peak power supply for extended hours. The project is extremely innovative and was built by successfully overcoming several challenges, including rocky terrain, transmission line readiness, and remote site logistics," said Tata Power in a commuunication to bourses.
Tata Power Company Ltd's shares rose nearly 3% in early deals on Tuesday after the Tata Group firm said its subsidiary Tata Power Renewable Energy Limited (TPREL), has successfully commissioned the 431 MW DC solar project at Neemuch in Madhya Pradesh.
Tata Power shares rose 2.79% to Rs 427.80 against the previous close of Rs 416.15 on BSE. The stock has gained 54.69% in a year and risen 30% in 2024. The stock has been highly volatile with its one year beta at 1.5.
Market cap of Tata Power climbed to Rs 1.36 lakh crore on BSE. A total of 1.97 lakh shares of the firm changed hands amounting to a turnover of Rs 8.36 crore. Shares of Tata Power climbed to a 52-week high of Rs 494.85 on September 27, 2024
In terms of technicals, the relative strength index (RSI) of Tata Power stock stands at 45.1, signaling the stock is trading neither in the overbought nor in the oversold zone. Tata Power shares are trading lower than the 50 day, 100 day, 150 day but higher than the 5 day, 10 day, 20 day, 30 day and 200 day moving averages.
"Perceived to be one of India’s most cost-effective bids for large-scale solar energy production, the project was won through a competitive bidding process. Spanning across 1,635.63 acres, the project is India’s first solar project site to incorporate cutting edge technology, featuring a unique combination of single-axis trackers and bi-facial modules, thereby, setting a new benchmark for solar energy generation in India. This innovative integration has boosted the efficiency of the entire system by over 15%, enabling peak power supply for extended hours. The project is extremely innovative and was built by successfully overcoming several challenges, including rocky terrain, transmission line readiness, and remote site logistics," said Tata Power in a commuunication to bourses.