Tata Power’s share price continued to make gains for the fifth straight session on Thursday.

What Happened: Tata Power shares have been having a great time at the bourses recently. Prior to today, the Tata Power share price ended the day in green in 12 out of the last 13 sessions. Today, the company announced signing a power purchase agreement with TP Saurya.

TP Saurya Limited – a subsidiary of Tata Power Renewable Energy – signed a Power Purchase Agreement (PPA) with Tata Power Trading Company, to set up a 200MW (280MWp) solar project at Bikaner in Rajasthan. “The plant will be commissioned by March 2024. TPTCL has entered into a PPA with TPSL for
a duration of 25 years,” the company added in a press release.

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The announcement comes just days after the Tata Group company posted its earnings for the March quarter. The company's net profit came in at ₹939 crore, up over 48% from the ₹632 crore profit it booked in the March quarter of 2022.

However, analysts had a mixed reaction to the results. While Bank of America maintained its ‘buy' rating for the stock with a price target of ₹244, global brokerage firm CLSA maintained its ‘sell' rating on the stock with a price target of ₹189. Domestic brokerage firm Sharekhan maintained its ‘buy’ rating for the stock with a price target of ₹245. HDFC also maintained its ‘add’ rating for the stock with a price target of ₹243.

Price Action: Tata Power’s share price was up 0.46% to trade at ₹207.25 in the late hours of trading on Friday.

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