Tata Power shares snap 3-day winning run despite order win

Shares of Tata Power fell nearly 1 per cent in Thursday's trade, snapping a three-day winning run, even as its arm Tata Power Renewable Energy, received the letter of award from Tata Power Delhi

Distribution for setting up a 255 MW hybrid (wind and solar) power project in Karnataka.

Tata Power Delhi Distribution is a joint venture between Tata Power and the government of NCT of Delhi.

In a filing post market hours of Wednesday, Tata Power said the project will be commissioned within 24 months from the PPA execution date. The letter was awarded through an e-reverse auction, it said.

The power generated from the project will be supplied to Tata Power Delhi Distribution, which supplies electricity to a populace of over 7 million in North Delhi.

" The letter indicates the current capacity bifurcation as 85 MW solar and 170 MW wind power with the green-shoe option of additional capacity of 85MW solar and 170MW wind," the company said.

On Thursday, the stock was down 0.72 per cent at Rs 206.65 on BSE. The scrip had risen 4.64 per cent in the previous three trading sessions. Overall, the scrip is down 7 per cent in 2022 so far.

The stock has an average brokerage target of Rs 264 apiece, as per data publicly available with Trendlyne, with suggests a potential 27.60 per cent upside for the scrip ahead.

CEO of  Tata Power Renewable Energy Ashish Khanna, said, "We are pleased to facilitate Tata Power-DDL's clean energy requirements with the 255 MW hybrid power project. We envision that this association will also encourage other Discoms in the country to enhance the share of sustainable energy in their overall energy mix and contribute towards the country's net zero emission target.”

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