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.
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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.
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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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