Tata Power shares near record high on Tata Steel deal, check details

Shares of Tata Power Ltd neared a record high on Thursday after the Tata Group major said TP Parivart had signed a power supply agreement with Tata Steel to set up a 70-megawatt solar power plant at Akola in Maharashtra. TP Parivart is a subsidiary of Tata Power Renewable Energy Limited (TPREL) and TPREL is a subsidiary of the company.

Tata Power shares rose 2.17% to a high of Rs 463.50 from the previous close of Rs 453.65 on the BSE. Tata Power’s market capitalisation rose to Rs 1.46 lakh crore on the BSE. A total of 12.28 lakh shares of the company changed hands, leading to a turnover of Rs 56.32 crore. Tata Power shares touched a record high of Rs 464.30 on May 3, 2024 and fell to a 52-week low of Rs 228.10 on August 16, 2023.

Energy stocks are up 39% in 2024 and up 88% for the year.

Technically, the Relative Strength Index (RSI) of Tata Power stock is 60.8 which means the stock is neither trading in oversold nor in overbought zone. Tata Power stock is trading above 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

“TP Parivart Limited has signed a power supply agreement with Tata Steel Limited, one of India’s leading steel manufacturing companies, for a 70-megawatt solar power plant at Akola in Maharashtra. The project is expected to generate 154 million units (MU) of power per annum and reduce carbon dioxide emissions by 115,000 tonnes,” Tata Power said in a statement.