Tata Power hits 52-week low on Jefferies' downgrade
Lower coal prices led to a 15-20 percent decline in our FY20-21 EPS, says Jefferies.
February 26, 2020 / 10:04 AM IST
Tata Power share price touched a 52-week low of Rs 50.35, falling 2.6 percent in the early trade on February 26 after foreign research hosue downgraded the stock and cut the target price.
Research house Jefferies downgraded the stock to hold from buy and also cut target price to Rs 55 from Rs 90 per share.
According to Jefferies, between a renewable energy acquisition & incremental capex, a material debt decline seems elusive, while lower coal prices led to a 15-20 percent decline in our FY20-21 EPS.
At 09:21 hrs Tata Power Company was quoting at Rs 50.60, down Rs 1.10, or 2.13 percent on the BSE.