Tata Power shares gain on exceeding 1.4 GW capacity of group captive projects

The share touched a 52-week high of Rs 276.50 and a 52-week low of Rs 182.45 on 08 September, 2023 and 28 March, 2023, respectively.

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Shares of Tata Power Company were up 1 percent at Rs 263.70 in the early trade on November 21 as the company surpassed the 1.4 GW capacity of group captive projects in last seven months.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of the company, crossed the 1.4-GW capacity of group captive projects in last seven months.

This achievement is the result of signing of Power Delivery Agreements (PDA) with various industries across segments, company said.

Some of the prominent group captive projects that TPREL has signed in the last six months include – collaborations with Tata Steel, Tata Motors, Mukand Limited (a Bajaj Group company), Supreme Petrochem Limited, Xpro India Limited, Neosym Industry Limited, Chalet Hotels Limited, Sanyo Special Steel Manufacturing India Pvt Ltd, ANAND Group, Endurance Technologies Limited, to name a few, it added.

TPREL is also set to construct a 41 MW captive solar plant for Tata Power’s upcoming 4.3GW Solar cell & module manufacturing facility in Tamil Nadu.

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With these group captive projects, TPREL’s overall renewables capacity as on Oct’23 has reached 7,961 MW, which comprises 3,755 MW of projects in different phases of development and with an operating capacity of 4,206 MW, which includes 3,200 MW in solar projects and 1,006 MW in wind projects.

Tata Power has posted 8.8 percent jump in its Q2FY24 consolidated net profit at Rs 1,017 crore and revenue rose 9 percent to Rs 15,442 crore.

The share touched a 52-week high of Rs 276.50 and a 52-week low of Rs 182.45 on September 8 and March 28. The stock is trading 4.63 percent below its 52-week high and 44.53 percent above its 52-week low.