Tata Power Co. shares rose to a 19-month high on Monday after it won the bid to acquire the Bikaner-Neemrana power transmission project from the Rajasthan government.
The project cost is estimated to be Rs 1,544 crore, and contract period is 35 years, according to an exchange filing.
Shares of the company rose as much as 3.62%, the most since April 12, 2022, before paring gains to trade 2.19% higher at 10:40 a.m. This compares to a 1.31% advance in the NSE Nifty 50.
The stock has risen 35.6% year-to-date. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 70.96, which implied the stock is overbought.
Of the 20 analysts tracking the company, nine maintain a 'buy' rating, four recommend a 'hold', and seven suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 12.1%.
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