Tata Power shares hit new 52-week high on Power Purchase Agreement with Tata Steel

Tata Power announced that TP Saurya Limited, the wholly owned subsidiary of The Tata Power Company Limited, has signed a Power Purchase Agreement with Tata Steel to develop a 15 MW solar project at Jamshedpur, Jharkhand, the company said in an exchange filing.

March 03, 2021 / 01:27 PM IST
Tata Power | The company will issue NCDs worth Rs 900 crore on private placement basis.

Tata Power | The company will issue NCDs worth Rs 900 crore on private placement basis.

 
 
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Tata Power Company share price was up over 3 percent intraday on March 3 after the company signed Power Purchase Agreement with Tata Steel.

Tata Power announced that TP Saurya Limited, the wholly-owned subsidiary of The Tata Power Company Limited, has signed a Power Purchase Agreement with Tata Steel to develop a 15 MW solar project at Jamshedpur, Jharkhand, the company said in an exchange filing.

"The energy will be supplied to Tata Steel under a Power Purchase Agreement valid for a period of 25 years from scheduled commercial operation date. The project is required to be commissioned within 6 months from the date of execution of the PPA. The Plant is expected to generate an average of 32 MUs of energy per year and will annually offset approximately average 25.8 Million Kg of CO2," the company said.

The stock was trading at Rs 104.20, up Rs 3.80, or 3.78 percent at 12:56 hours. It has touched a 52-week high of Rs 105.15. It has touched an intraday high of Rs 105.15 and an intraday low of Rs 102.50.

"We are glad to collaborate with Tata Steel to reduce their carbon footprint and reaffirm the Tata Group’s commitment to sustainability. Presently the association is limited to Tata Steel at Jamshedpur and we look forward to working closely with them for covering all their other plants across India,” said Praveer Sinha, CEO & MD at Tata Power.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages with FII / FPI or institutions increasing their shareholding. Its book value per share is improving for the last 2 years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

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Moneycontrol News
first published: Mar 3, 2021 01:27 pm

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