Why Tata Power Shares Are Surging Today

Tata Powers share price continued to make gains on Thursday as the company announced bagging a massive government contract.

What Happened: The Tata Group company late on Wednesday that it had received a Letter of Award ‘LOA' to implement the smart metering project in Chhattisgarh State Power Distribution Company Limited (CSPDCL).

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As per the regulatory filing, the LOA has been issued in conclusion to the tender floated by CSPDCL for three packages for different areas under the Chhattisgarh Discom. Tata Power participated in Package 2 and emerged as a winner. The project is valued at approximately ₹1,744 crore and is set to span over a duration of 10 years.

Shares of the energy giant have really made a turnaround in the past few months. After a dismal start to the year hitting record lows, the stock has bounced back strongly. In the past three months, the stock has climbed up 13%.

Price Action: Tata Power’s share price was up 1.38% to trade at ₹224.75 as the markets opened on Thursday.

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