Tata Power’s share price continued its strong recovery on Friday as the stock jumped over 1% to hit an intraday high of ₹212.95.
What Happened: The stock continued to gain for the sixth straight session on Friday as India’s biggest investor, LIC, announced on Thursday that it has increased its stake in the Tata Group company. The insurance giant informed the exchanges that it now holds around 7.935% stake in the company.
This is an increase from the 7.52% stake it held at the end of the March quarter. LIC informed that between April 2019 to May 2023, it increased its shareholding from 5.917% to 7.935%. The average cost of the acquisition of these shares was around ₹234.02.
See Also: When Will Tata Power Share Price Go Up?
The news seems to be helping the stock continue its recovery, which began this month. Tata Power shares were reeling at the bourses since the start of the year and even slumped to a new 52-week low of ₹182.35 in March. However, in the past month share of the company has recovered and gone up over 6%.
Brokerages have also remained positive on the stock. Domestic brokerage firms Anand Rathi and Sharekhan both have a ‘buy’ rating on the stock with price targets of ₹256 and ₹245 respectively.
Price Action: Tata Power’s share price was up 0.50% to trade at ₹211.85 in the early hours of trading on Friday.
Read Next: Is Olectra Greentech Share A Good Buy At Current Price?
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.