Tata Power shares enter overbought zone, hit 52-week high on block deal buzz

Shares of Tata Power Company Ltd hit a fresh 52-week high amid buzz of block deal worth Rs 155 crore on September 8. Nearly 0.2% equity changed hands in a block deal at a price of Rs 270 per share on NSE.  Buyers and seller in the trade were not immediately known. Tata Power Company shares rose to a fresh high of Rs 276.50 today against the previous close of Rs 263.60 on BSE. The Tata Group stock opened higher at Rs 265 on BSE. Total 55.25 lakh shares of the firm changed hands amounting to a turnover of Rs 149.76 crore on BSE. Market cap of the firm rose to Rs 86,274 crore.      

In terms of technicals, the relative strength index (RSI) of the stock stands at 73.1, signaling the stock is overbought on technical charts. Tata Power has a one-year beta of 1.1, indicating high volatility during the period. Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.  

Tata Power logged a 22% rise in consolidated net profit to Rs 972.5 crore in the June quarter against  Rs 784.6 crore in the corresponding quarter of the previous fiscal.  

Revenue climbed 5% to Rs 15,213.3 crore against Rs 14,495.5 crore in Q1 of the previous fiscal. EBITDA climbed 75% to Rs 2,943.6 crore against  Rs 1,683.4 crore in June quarter of the previous fiscal. 

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