Tata Power to invest up to Rs 75,000 crore on renewable energy, shares react 

Shares of Tata Power rose nearly 2% on Tuesday after  the firm said it plans to invest about Rs 70,000 crore - Rs 75,000 crore ($8.95 billion) to expand its renewable energy capacity over the next five to six years. Praveer Sinha, Chief Executive Officer also told Reuters that the company expects 15 gigawatt of more renewable capacity addition by 2030.

Reacting to the development, Tata Power stock surged 1.70% to a high of Rs 450.85 today against the previous close of Rs 443.30.  Market cap of Tata Power stood at Rs 1.42 lakh crore mark on BSE. A total of 6 lakh shares of the firm changed hands amounting to a turnover of Rs 26.69 crore. Tata Power stock declined to a 52-week low of Rs 230.75 on October 26, 2023 and hit a record high of Rs 470.85 on August 2, 2024.

The power sector stock has gained 35% in 2024 and risen 68% in a year.

In terms of technicals, the relative strength index (RSI) of Tata Power stock stands at 58.7, signaling the stock is trading neither in the oversold nor in the overbought zone. Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In January this year, the Tata Group firm said it plans to significantly expand its capacity for renewable energy by 2027, with a target of 15 GW. The green energy expansion plan will span several Indian states and include a combination of wind and solar projects.