Shares of Tata Power Co. rose to a seven-month high on Thursday after it won a smart-meter project from the Chhattisgarh State Power Distribution Co.
The project worth Rs 1,744 crore entails installation and maintenance of 18.6-lakh meters in Raipur, according to an exchange filing on Wednesday.
"It (the order) is a testament to our execution expertise in delivering high-value and specialised projects, which are aimed at transforming the power distribution domain," Praveer Sinha, chief executive officer at Tata Power, said.
Shares of the company rose as much as 3.20% intra-day to Rs 228.8 apiece, which is the most since Dec. 7. The shares are trading 2.35% higher at Rs 226.90 as of 12.03 pm, compared to a 0.28% advance in the NSE Nifty 50.
Total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 67.3.
Out of the 20 analysts tracking the company, 10 maintain a 'buy' rating, three recommend a 'hold' and seven suggest 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 4.5%.
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