Tata Power stock gains over 2% on tie-up for EV charging solutions

Shares of Tata Power rose over 2 per cent today after the Tata Group firm said it has collaborated with real estate developer Rustomjee Group, to provide end-to-end electric vehicle charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR).

Tata Power stock touched an intraday high of Rs 244.85, rising 2.21 per cent on BSE.

Tata Power shares are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has risen 134 per cent in one year and gained 9.69 per cent since the beginning of this year.

Total 4.28 lakh shares changed hands amounting to a turnover of Rs 10.40 crore on BSE.  Market cap of the firm rose to Rs 77,486 crore.

The stock rose to a 52-week high of Rs 269.70 on October 19,2021 and a 52-week low of Rs 89.95 on April 12, 2021.

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"Under this collaboration, Tata Power will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24x7 charging facility along with maintenance support. Customers can connect through the Tata Power EZ Charge mobile application for all services including remote vehicle charging monitoring & e-payments. The partnership will enable Rustomjee residents' access to a uniform and ubiquitous EV charging experience," said Tata Power in a release.

Sandeep Bangia, Head- EV, Tata Power said, "We are happy to partner with Rustomjee Group and feel our collaboration will hasten the transition to EV adoption in Mumbai. It's a step towards decarbonising the transportation sector and making EVs more mainstream."