Tata Power shares in news today on MoU with Rajasthan govt
On Monday, Tata Power shares ended 0.49% lower at Rs 482.70 on BSE. Market cap of the firm stood at Rs 1.54 lakh crore.
- Oct 1, 2024,
- Updated Oct 1, 2024 8:27 AM IST
Shares of Tata Power are in news today after the Tata Group firm said that it has signed a Memorandum of Understanding (MoU) with the Rajasthan government for a 10-year plan totalling nearly Rs 1.2 lakh crore in power distribution, transmission, and renewables.
“This ambitious 10-year plan aims to support Rajasthan's transformation into a power surplus state, providing 24/7 clean, affordable, and reliable power supply with investments in renewable energy projects and manufacturing, transmission, distribution, nuclear power, rooftop installations, and EV charging. The MoU will place Rajasthan at the heart of the nation's clean energy transition, contributing significantly to India's energy goals,” Tata Power said.
On Monday, Tata Power shares ended 0.49% lower at Rs 482.70 on BSE. Market cap of the firm stood at Rs 1.54 lakh crore.
A total of 6.87 lakh shares of the firm changed hands amounting to a turnover of Rs 33.12 crore. Tata Power stock slipped to a 52-week low of Rs 230.75 on October 26, 2023 and rose to record high of Rs 494.85 on September 27, 2024.
The power sector stock has gained 46.29% in 2024 and risen 84% in a year.
In terms of technicals, the relative strength index (RSI) of Tata Power stock stands at 75.7, signaling the stock is trading 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.
The agreement entails comprehensive investment across the power value chain, from generation to transmission and distribution (T&D) reforms, as well as cutting-edge renewable energy projects across the state, including solar, wind, hybrid, and battery energy storage systems (BESS) including rooftop solar and EV Charging, said Tata Power.
"The MoU will have a transformative socio-economic impact, creating over 28,000 direct jobs in the State. Tata Power will strengthen the growth of local industries in areas such as solar manufacturing, infrastructure development, and renewable energy innovations.In addition, the large-scale integration of renewables will lower energy costs for industries and consumers, making Rajasthan an attractive destination for green investments and sustainable industrial development," the statement added.
Shares of Tata Power are in news today after the Tata Group firm said that it has signed a Memorandum of Understanding (MoU) with the Rajasthan government for a 10-year plan totalling nearly Rs 1.2 lakh crore in power distribution, transmission, and renewables.
“This ambitious 10-year plan aims to support Rajasthan's transformation into a power surplus state, providing 24/7 clean, affordable, and reliable power supply with investments in renewable energy projects and manufacturing, transmission, distribution, nuclear power, rooftop installations, and EV charging. The MoU will place Rajasthan at the heart of the nation's clean energy transition, contributing significantly to India's energy goals,” Tata Power said.
On Monday, Tata Power shares ended 0.49% lower at Rs 482.70 on BSE. Market cap of the firm stood at Rs 1.54 lakh crore.
A total of 6.87 lakh shares of the firm changed hands amounting to a turnover of Rs 33.12 crore. Tata Power stock slipped to a 52-week low of Rs 230.75 on October 26, 2023 and rose to record high of Rs 494.85 on September 27, 2024.
The power sector stock has gained 46.29% in 2024 and risen 84% in a year.
In terms of technicals, the relative strength index (RSI) of Tata Power stock stands at 75.7, signaling the stock is trading 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.
The agreement entails comprehensive investment across the power value chain, from generation to transmission and distribution (T&D) reforms, as well as cutting-edge renewable energy projects across the state, including solar, wind, hybrid, and battery energy storage systems (BESS) including rooftop solar and EV Charging, said Tata Power.
"The MoU will have a transformative socio-economic impact, creating over 28,000 direct jobs in the State. Tata Power will strengthen the growth of local industries in areas such as solar manufacturing, infrastructure development, and renewable energy innovations.In addition, the large-scale integration of renewables will lower energy costs for industries and consumers, making Rajasthan an attractive destination for green investments and sustainable industrial development," the statement added.