Tata Power Shares Recover Just Days After Hitting 52-Week Low: What's Driving The Comeback?

Tata Power continued to recover for the second straight session on Friday after the stock hit a new 52-week low of ₹182.45 on Tuesday.

What Happened: The company on Wednesday that its subsidiary Tata Power Solar Systems Limited received a “Letter of Award of ₹ 1,755 crore to set up 300 MW solar project for NLC India Limited in Rajasthan.”

Located at Barsingar in Rajasthan’s Bikaner District, the project is expected to generate more than 750 Mn. units and reduce 6 lakh tons of CO2 annually. As per a regulatory filing, the company will also do the operation and maintenance of the project for 3 years after the commercial operation declaration.

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With this project, TPSSL portfolio touches 11.5 GWp and its total order book stands at about ₹17,000 crore, the company added in the filing.

Investors also seem to be reacting positively to the reappointment of Praveer Sinha as the CEO & Managing Director of the Company for a period of four years from May 1, 2023, to April 30, 2027. The company’s board approved Sinha’s reappointment on Thursday, whose current tenure will be ending on April 30.

Price Action: Tata Power share price was up 2.77% to trade at ₹190.80 in the early hours of trading on Friday.

See Also: Tata Said To Consider Infusing More Cash In Neu As Battle Of Giants Heats Up Over ‘Super Apps'

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Posted In: MoversTrading IdeasRenewable energyTata Power