Tata Power surges 10 percent in three days on positive outlook

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New Delhi: Today, the shares of Tata Power Company are seeing good growth in the early trade. Due to the positive outlook, it gained three per cent to Rs 243.90 on BSE. This is its highest level in 10 months. Along with the rise in price, there has also been a rise in its volumes. The company’s shares have gained momentum for the third consecutive day. It has jumped about 10 percent in three days. Its 52-week high is Rs 251, which it touched on September 7, 2022. At 12.15 pm, it was trading at Rs 243.40, up by 2.83 per cent.

Tata Power is in the business of power generation, distribution and transmission. At present its installed capacity is 14,230 MW. This includes 8,860 MW thermal, 880 MW hydro, 941 MW wind, 3,106 MW solar and 443 MW waste heat recovery-based capacity. Last month, rating agencies ICRA and CARE Ratings changed the outlook on Tata Power from stable to positive. CARE Ratings says the company’s profitability and operations are improving steadily. Tata Power’s board will meet on August 9, 2023 to consider the June quarter results.

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Meanwhile, major stock indices Sensex and Nifty gained in early trade on Tuesday amid a strong trend in global markets and buying in IT stocks. During this period, the 30-share BSE Sensex climbed 118.13 points to reach 66,645.80. The NSE Nifty was up 41.8 points at 19,795.60. NTPC, Tata Motors, Tech Mahindra, M&M, TCS, JSW Steel, ITC, Infosys and Bharti Airtel were significant gainers in the Sensex pack. On the other hand, Power Grid, Maruti, Bajaj Finserv and Reliance Industries declined.

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