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Tata Group: Shares of Tata Group company Tata Power (Tata Power Share) rose sharply on Thursday, the fourth trading day of the week. Shares of Tata Power rose 3 percent on the BSE in intraday trade to Rs. It touched a 52-week high of 252.20. It touched on September 7, 2022 Rs. surpasses the previous high of 251.
The reason for the boom
Tata Power Renewable Energy (TPREL) has signed a Power Purchase Agreement (PPA) with Tata Motors for 9MWp on campus solar plant. After this, Tata Group’s integrated power utility company’s stock was trading at higher levels for the fourth consecutive day. It increased by 10 percent during this period. Tata Motors’ Pantnagar plant is in Uttarakhand. TPREL is a leading company in the renewable energy sector.
The owner of the company sold the entire stake, investors started buying shares in a hurry.
Tata Power Results
Explain that in the April-June quarter, Tata Power Company reported a 29 percent year-on-year (YoY) increase in net profit to Rs 1,140.97 crore due to higher revenues. The company posted a profit for the 15th consecutive quarter. The company’s revenue grew by 5.8 percent year-on-year to Rs. 15,485 crore and EBITDA increased by 43 percent to Rs. 3,005 crores.
Meanwhile, rating agencies ICRA and CARE Ratings have upgraded their credit rating for Tata Power from ‘AA Stable’ to ‘AA Positive’. The upgrade to ‘Positive’ outlook on the rating assigned to TPREL follows an improvement in the credit profile of its parent Tata Power Company.
Energy company gets big contract, stock rockets, price drops to ₹22
Tata Power deals with Zoomcar
An agreement has been signed between Tata Power EV Charging Solutions Limited (TPEVCSL) and Zoomcar. Tata Power said that under this agreement, they will provide a seamless and user-friendly charging experience at their stations across the country. Tata Power provides EV charging points at its Easy Charge stations. It has more than 50,000 home chargers, 4370 public and semi-public charging points and 250 bus-charging points in 350 cities including some highways. Tata Power aims to set up 25,000 charging points across India by 2028.