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Tata company Tata Power has got a good news. In fact, CRISIL Ratings has revised its outlook on the company to ‘Positive’ from ‘Stable’. In a stock market disclosure, Tata Power said CRISIL Ratings Ltd has raised its outlook on Tata Power to ‘AA/Positive’ from ‘AA/Stable’. CRISIL has reaffirmed the rating of Tata Power’s Commercial Letter Program and Short Term Bank Facilities at CRISIL A1+.
What is the estimate?
CRISIL Ratings expects Tata Power’s earnings before interest, tax, depreciation and amortization (EBITDA) in fiscal 2024 and 2025 to be Rs. 12,000 crore will cross. In FY 2023, this revenue is estimated to be Rs. 11,500 crore and in FY2022 approximately Rs. 9,600 crores. The company said that in the first half of fiscal 2024, Ebitda will be Rs. 6,694 crores.
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Share status
Shares of Tata Power are up 45% from March 2023 lows. This share on March 28 was Rs. closed at 183.95. It is now Rs. Trading at 260.40 level. Shares of Tata Power have gained 27.87% in the last six months. While this year it has increased by 24.27%. According to Abhijit of Tips2Trades, Tata Power shares could be short-term at Rs. Can go to the level of 272. The stock’s 52-week high is Rs 276.50. The stock was at this level in the month of September.