Tata Power shares gain after company wins Rs 1,744-crore project
Tata Power shares rose 3.15% to Rs 228.65 on BSE. The Tata Group stock opened higher at Rs 225 against the previous close of Rs 221.65 on BSE.
- Jul 6, 2023,
- Updated Jul 6, 2023 11:25 AM IST
Shares of Tata Power Ltd gained over 3% today after the Tata Group firm said it won a smart metering project worth Rs 1,744 crore in Chhattisgarh. The order has been awarded by Chhattisgarh State Power Distribution Company Limited (CSPDCL). Tata Power stock rose 3.15% to Rs 228.65 on BSE. The Tata Group stock opened higher at Rs 225 against the previous close of Rs 221.65 on BSE.
Stock of Tata Power has gained 6.33% in a year and risen 7.44% in 2023. Total 8.30 lakh shares of the firm changed hands amounting to a turnover of Rs 18.82 crore on BSE. Market cap of the firm rose to Rs 72,709 crore.
In terms of technicals, the relative strength index (RSI) of the stock stands at 57.9, signaling the stock is neither oversold nor overbought. Tata Power has a one-year beta of 1, indicating average volatility during the period. Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
"Tata Power receives order worth Rs 1,744 crore to implement smart metering project in Chhattisgarh. The LOA has been issued in conclusion to the tender floated by CSPDCL for three packages for different areas under the Chhattisgarh discom," the company said.
The project shall be implemented in the Raipur area (Raipur city and Raipur rural areas) of Chhattisgarh over 10 years. The company will install and maintain 18.60 lakh meters in the given area, the statement said.
The project shall include design, supply, installation, commissioning, followed by operation and maintenance of smart meters at consumer end and at distribution transformers level. The project will be executed under Revamped Distribution Sector Scheme (RDSS) and is expected to improve the AT&C losses in the designated area and increase revenue collection for CSPDCL.
Tata Power reported a 48 per cent rise in its fourth quarter profit for the financial year 2022-23 (FY23). Net profit rose to Rs 939 crore in the last quarter against Rs 632 crore in the same period last year. The company said this would be the 14th consecutive quarter of profit after tax (PAT) growth, adding that the Q4 numbers were supported by strong performance across all businesses.
Revenue climbed 6 per cent to Rs 12,755 crore in Q4 FY23 against Rs 12,085 crore in Q4 FY22 due to higher sales across distribution companies and capacity addition in renewables.
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Shares of Tata Power Ltd gained over 3% today after the Tata Group firm said it won a smart metering project worth Rs 1,744 crore in Chhattisgarh. The order has been awarded by Chhattisgarh State Power Distribution Company Limited (CSPDCL). Tata Power stock rose 3.15% to Rs 228.65 on BSE. The Tata Group stock opened higher at Rs 225 against the previous close of Rs 221.65 on BSE.
Stock of Tata Power has gained 6.33% in a year and risen 7.44% in 2023. Total 8.30 lakh shares of the firm changed hands amounting to a turnover of Rs 18.82 crore on BSE. Market cap of the firm rose to Rs 72,709 crore.
In terms of technicals, the relative strength index (RSI) of the stock stands at 57.9, signaling the stock is neither oversold nor overbought. Tata Power has a one-year beta of 1, indicating average volatility during the period. Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
"Tata Power receives order worth Rs 1,744 crore to implement smart metering project in Chhattisgarh. The LOA has been issued in conclusion to the tender floated by CSPDCL for three packages for different areas under the Chhattisgarh discom," the company said.
The project shall be implemented in the Raipur area (Raipur city and Raipur rural areas) of Chhattisgarh over 10 years. The company will install and maintain 18.60 lakh meters in the given area, the statement said.
The project shall include design, supply, installation, commissioning, followed by operation and maintenance of smart meters at consumer end and at distribution transformers level. The project will be executed under Revamped Distribution Sector Scheme (RDSS) and is expected to improve the AT&C losses in the designated area and increase revenue collection for CSPDCL.
Tata Power reported a 48 per cent rise in its fourth quarter profit for the financial year 2022-23 (FY23). Net profit rose to Rs 939 crore in the last quarter against Rs 632 crore in the same period last year. The company said this would be the 14th consecutive quarter of profit after tax (PAT) growth, adding that the Q4 numbers were supported by strong performance across all businesses.
Revenue climbed 6 per cent to Rs 12,755 crore in Q4 FY23 against Rs 12,085 crore in Q4 FY22 due to higher sales across distribution companies and capacity addition in renewables.
Also read: Suzlon Energy shares drop 10% in two days; all eyes on Friday board meet
Also read: RIL Q1 profit may drop in double digits. What analysts say on most-valued stock