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Adani Power vs Tata Power: Adani Power and Tata Power, two major players in the power sector, have had excellent June quarter results. Both the companies have made huge profits during this quarter. However, stocks have a lot of volatility.
Shares of Tata Power have been sluggish for the past one month. On the last trading day of the week on Friday, Tata Power shares fell 1.08% to Rs. closed at 230. On the other hand, if we talk about Adani Power of Adani Group, this share has increased by around 10%. However, there was some profit booking later but still it increased by 6% to Rs. closed at 304.65.
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What were the June quarter results?
Adani Power’s April-June quarter profit rose 83.3 percent to Rs. 8,759 crores. The company in the same quarter of the previous financial year posted Rs. 4,780 crore profit was made. At the same time, Tata Power’s profit rose 29 percent in the first quarter of fiscal 2024. First quarter profit Rs. 1,141 crore as compared to Rs. 884 crores.
Tata target price
Foreign brokerage CLSA has advised to buy shares of Tata Power. At the same time, stock market expert Anuj Gupta also believes that this stock will rise. For this, CLSA has set a target price of Rs 195. Talking about Adani Power, US-based investment company GQG Partners along with other investors bought 8.1 per cent stake in the company for Rs. 9,000 crore ($1.1 billion) announced to buy.