Tata Power shares in news today amid capex plan for FY25

Shares of Tata Power are in news today as the Tata Group firm is planning to spend Rs 20,000 crore on capital expenditure this fiscal. Shares of Tata Power fell 1.49% to Rs 409.75 in early deals against the previous close of Rs 414.75 on BSE. Market cap of Tata Power slipped to Rs 1.30 lakh crore on BSE. A total of 1.80 lakh shares of the firm changed hands amounting to a turnover of Rs 7.42 crore. 

The power sector stock has gained 24% in 2024 and risen 98% in a year. In terms of technicals, the relative strength index (RSI) of Tata Power stock stands at 42.4, signaling the stock is trading neither in the oversold nor in the overbought zone. Tata Power shares stand higher than the 50 day, 100 day, 200 day but lower than the 5 day, 10 day, 20 day, 30 day moving averages.
The Tata Group stock has a one-year beta of 0.9, indicating low volatility during the period.

Tata Power will spend half the amount toward renewable energy and the rest on distribution, transmission, and coal-based plants, according to a media report. 

Tata Power reported a 11 per cent rise in its consolidated net profit to Rs 1,046 crore in the March 2024 quarter compared to the year-ago period on the back of higher revenues. Profit stood at Rs 939 crore in the quarter ended on March 31, 2023.