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Last Updated : Sep 12, 2019 12:16 PM IST | Source: Moneycontrol.com

Tata Power jumps 3% after Citi maintains buy, expects 55% upside

The research firm expects 55 percent upside in a bull case scenario, which points to a target of Rs 100 per share.

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Tata Power Company jumped over 3 percent to Rs 63.10 intraday on September 12 after the global research firm Citi maintained a buy rating on the stock, with target at Rs 76 per share.

The research firm expects 55 percent upside in a bull-case scenario, which points to a target of Rs 100 per share.

The company does not expect consent for Mundra UMPP before Maharashtra and Haryana state elections that are due later this year.

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For tariff hike, approval from all five states is necessary. It expects Indonesian mining licence that expires in 2022 to be renewed.

Tata Power reported a consolidated net profit, which declined by 86 percent, of Rs 230.80 crore in the April-June quarter, mainly due to exceptional gains in the same quarter of last year, according to a regulatory filing.

The stock has seen a steady rise, gaining 16 percent in the last five days.

At 1142 hours, Tata Power Company was quoting at Rs 63.10, up Rs 1.90, or 3.10 percent. It has touched an intraday high of Rs 65.05 and an intraday low of Rs 61.70.

The stock witnessed a spurt in volume by more than 1.08 times. It was trading with volumes of 881,362 shares, compared to its five-day average of 969,682 shares, a decrease of 9.11 percent.

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First Published on Sep 12, 2019 12:16 pm
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