Tata Power’s share price jumped back in the green after two sessions, going up close to 2% to hit an intraday high of ₹339 on Monday morning.
What Happened: In a recent development, Tata Power Solar Systems Limited – a Tata Power subsidiary- has secured a contract with NTPC Limited to supply 152 megawatt peak DCR Solar PV Modules. This is intended for NTPC’s solar project at the Nokh Solar Park in Rajasthan.
The deal, involving a considerable order value of around ₹418 crore, was announced on Friday evening. NTPC's Nokh Solar PV Project is a 735-megawatt Solar Park the company is developing in Pokaran, Jaisalmer, Rajasthan.
The project will use DCR category Bi-Facial Mono-PERC modules, manufacturing all solar panels, solar cells, and modules in India by the Domestic Content Requirement policy. The supply for this project will come from TPSSL's Solar Cell and Module Manufacturing plant in Bengaluru, reflecting TPSSL’s commitment to promoting renewable energy growth and contributing to India’s sustainable energy goals.
Earlier this month, the power giant had announced a partnership with the Indian Oil Corporation Limited to launch over 500 fast and ultra-fast EV charging stations across India. This initiative aims to boost the country’s electric vehicle (EV) infrastructure.
The company’s shares have been charging at the bourses this month. In the last 30 days, the stock is up over 25%. Brokerage firm JM Financial also upgraded its rating from “hold” to “buy” and increased its price target by 40% to ₹350.
Price Action: Tata Power’s share price was up 0.84% to trade at ₹336 as the markets opened on Monday.
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