Tata Power shares in focus today on Rs 13,000-crore deal with Maharashtra govt

Shares of Tata Power Co Ltd are in focus today as the Tata Group firm has inked an agreement with the Maharashtra government on August 8 to develop two large pumped hydro storage projects (PSP) with a combined capacity of 2,800 Megawatts (MW) in the state. In the previous session, the Tata Power shares ended 0.52% higher at Rs 233.85 on BSE. Market cap of the firm rose to Rs 74,723 crore on BSE.  

 

Tata Power stock hit an intraday high of Rs 236.50 on Tuesday. They touched an intraday low of Rs 230.55 on BSE.  

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Earlier, the Tata Group stock opened higher at Rs 234.70 against the previous close of Rs 232.65 on BSE. Stock of Tata Power has gained 2.43% in a year and risen 10.44% in 2023. Total 5.43 lakh shares of the firm changed hands amounting to a turnover of Rs 12.48 crore on BSE. 

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In terms of technicals, the relative strength index (RSI) of the stock stands at 59.1, 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 10 day, 20 day, 50 day, 100 day and 200 day but lower than the 5 day moving averages.       

These projects, with an estimated investment of approximately Rs 13,000 crore, will be situated at Shirawta, Pune (1,800 MW) and Bhivpuri, Raigad (1000 MW) districts. The collaboration is likely to drive the state towards its goal of becoming a $1-trillion economy by 2028 while generating employment for over 6,000 people, said the statement. 

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Tata Power Company is an integrated power company. The company is engaged in electric power generation, transmission and distribution, electronic products, and service businesses. The company’s segments include generation, renewables, transmission and distribution, and others.

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