Tata Power stock nears 52-week high as EV arm deploys over 850 e-bus charging points

So far this year, shares of Tata Power have surged over 35 percent, outperforming 7 percent rise in the benchmark Nifty 50 index

Shares of Tata Power gained 1.5 percent to Rs 456 per share on June 13 after its subsidiary Tata Power Renewable Energy (TPREL) deployed over 850 charging points in key metropolitan areas.

So far this year, shares of Tata Power have surged over 35 percent, outperforming 7 percent rise in the benchmark Nifty 50 index. Earlier, Tata Power had hit 52-week high of Rs 464 per share on May 3, 2024.

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Tata Power Renewable's charging infrastructure features chargers ranging from 180 to 240 KW, with an average charging time of 1 to 1.5 hours. It has set up charging points at over 30 bus depots in cities including Delhi, Mumbai, Ahmedabad, Bengaluru, Jammu, Srinagar, Dharwad, Lucknow, and Goa.

"While Delhi leads in e-bus presence utilizing Tata Power's EV Charging points, it is followed closely by Mumbai, Bengaluru, Ahmedabad, Jammu, and Srinagar," the company said in an exchange filing.

ALSO READ: Buy Tata Power; target of Rs 490: ICICI Securities

Analysts at ICICI Securities shared a 'buy' rating on Tata Power, with a target price of Rs 490 per share, citing the company's first mover advantage in electric vehicle charging market.

"Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses. It is operating 4.5 GW of RE assets with EBITDA of Rs 3,000 crore. Over the last two years, it has increased its under-construction portfolio to 5.5 GW. We estimate EBITDA from RE assets to grow to Rs 6,000 crore over the next three years," the brokerage firm added.