Tata Power Share Price Surges As Subsidiary Signs PPA With NTPC
Tata Power Company Ltd.'s share price surged over 4% on Tuesday following the announcement of a significant capital commitment by its subsidiary, Tata Power Renewable Energy Ltd.
The company revealed that TPREL has signed a Power Purchase Agreement (PPA) with NTPC Ltd. to develop a 200 MW firm and dispatchable renewable energy project.
The agreement, which involves a capital commitment of approximately Rs 4,500 crore, marks a major step in Tata Power's renewable energy expansion. The project is designed to ensure a reliable power supply according to NTPC's scheduling needs, and it is expected to be completed within 24 months.
Tata Power is one of India's largest integrated power companies, involved in the generation, transmission, and distribution of electricity. Established in 1911, the company operates across various segments, including thermal, hydro, solar, and wind energy. Tata Power has a significant presence in both domestic and international markets.
Tata Power Renewable Energy is a subsidiary of Tata Power, focused on developing and operating renewable energy projects. TPREL specialises in solar and wind power generation.
The scrip rose as much as 4.42% to Rs 380.55 apiece. It pared gains to trade 3.72% higher at Rs 378 apiece, as of 11:00 a.m. This compares to a 2.11% advance in the NSE Nifty 50 Index.
It has fallen 12.42% in the last 12 months. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 57.
Out of 23 analysts tracking the company, 13 maintain a 'buy' rating, three recommend a 'hold,' and seven suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.9%.
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