Tata Power stock gains 2% as Antique raises target price with 29% upside

Analysts at Antique maintained a ‘buy’ call on the counter, raising target price to Rs 450 per share from Rs 422, implying an upside of 29 percent from current levels

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Shares of Tata Power gained 2.5 percent to the day’s high of Rs 348 per share on January 10 after analysts at Antique maintained a ‘buy’ call on the counter, raising the target price to Rs 450 per share from Rs 422, implying an upside of 29 percent.

In the past one month, the stock of this power player has surged over 6 percent as against a 2 percent rise in the benchmark Sensex. Tata Power shares had hit 52-week high of Rs 349 per share on January 5, 2024.

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Analysts at Antique believe that Tata Power will outperform the sector as Coastal Gujarat Power, under Section 11 continues to break even because its share in coal profits is adjusted against tariff and its consolidated return on equity (RE) can deliver Rs 10,000 crore EBITDA by FY27.

“Tata Power houses 4.3 gigawatt (GW) of operational solar, wind, and hybrid assets. The company plans to add 10 GW before FY27. This will entail a capex of Rs 60,000 crore. Note, 14 GW can contribute Rs 8,400 crore in EBITDA. Add solar EPC, rooftop, and EV charging stations, the consolidated RE can easily march past Rs 10,000 crore,” an analyst said.

Also read: Tata Power Renewable Energy plans to invest Rs 70,800 crore for renewable projects in Tamil Nadu

Tata Power subsidiary, Tata Power Renewable Energy, signed two contracts with the government of Tamil Nadu recently to support the development of the state’s green power landscape and accelerate India’s clean energy transition.

“Under the first MoU, Tata Power Renewable Energy would develop 10,000 megawatt (MW) of renewable energy power projects across solar, wind, hybrid, RTC, peak, firm, and dispatchable renewable energy over the next 5-7 years. The second MoU would increase investment in the existing MoU and set up 4 GW of solar cell and solar modules with an investment of Rs 3,000 crore in two phases in Tirunelveli district of Tamil Nadu,” the management said.

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