Shares of Tata Power surged over 1% to ₹240 apiece on the BSE in Thursday’s early deals after the Tata Group company’s consolidated net profit rose 71% to ₹426 crore for the third quarter from ₹248 crore reported in corresponding period of the last year.
The company’s revenue from operations increased by 44% to ₹10,913 crore during the reporting period as compared to ₹7,597 crore in the same quarter last year, due to expanded operation in Odisha discoms, higher project execution by Tata Power Solar Systems Ltd (TPSSL), and strong performance of all other businesses.
“Tata power shares have been trading on four month high levels. The company has reported a strong Q3 earnings. Technically, the stock’s chart structure looks strong. Investors can look to buy Tata Power shares with targets of ₹255 -270 and stop loss of ₹219,” said Anuj Gupta, Vice President at IIFL Securities.
Tata Power is India’s largest integrated electric power distribution company. It offers EV charging solutions across all segments, including home charging, public charging, workplace charging, and captive charging. The company has recenlty tied up with many auto companies to deploy all types of chargers at its charging stations.
“Technically, the stock is consolidating for the last 4 months after a strong rally where 50-DMA of 232 is acting as an immediate and strong support level while 222-212 is a strong demand zone. There is a high probability of breakout of this consolidation on the upside where we can expect immediate targets of 300/330 levels,” said Santosh Meena, Head of Research, Swastika Investmart Ltd. ,
The multibagger stock has rallied more than 166% in a year’s period, rising from around ₹90 per share level in February 2021. The stock is up 80% in the last six months whereas has risen about 5% in 2022 (year-to-date or YTD) so far.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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