Shares of Tata Power continued to slump for the seventh straight session as the stock hit a new 52-week low of ₹182.65 on Tuesday.
What Happened: Shares of the company hit a fresh 52-week low just yesterday and have been on a downtrend since the start of the year. The stock has slipped around 11% year-to-date. Even the company’s 121% rise in net profits at ₹945 crore was not able to lift investor sentiments.
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Brokerages have a mixed view of the energy stock. Geojit BNP Paribas has a ‘hold’ rating on the stock, while ICICI Securities maintained a ‘buy’ rating on the stock after the Q3 results came out. ICICI Securities has a price target of ₹262 on the stock.
The company last week announced that its renewable energy arm Tata Power Renewable Energy Limited (TPREL), has received the ‘Letter of Award' (LoA) from Maharashtra State Electricity Distribution Company Limited (MSEDCL), a wholly owned corporate entity under the Maharashtra Government, to set up a 200 MW solar PV project in Solapur, Maharashtra.
Price Action: Shares of the company were down 2.09% to trade at ₹182.80 in the afternoon hours of trading on Tuesday.
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