Tata Power Shares Continue Gains As Brokerage Sees Over 30% Upside

Tata Power‘s share price extended gains for the second straight session on Wednesday going up over 2% to hit an intraday high of ₹348.75.

What Happened: The stock is upbeat today as brokerage firm Antique maintained its positive view on the stock. The firm has a “buy” rating on the Tata Group stock with a target price of ₹450. A 32% upside from the stock’s last closing price of ₹340.20.

See Also: What's Going On With Tata Motors Shares Today?

The brokerage expects the company to outperform, particularly with the ongoing success of Coastal Gujarat Power, even under Section 11. This continued success is attributed to its significant share in coal profits, which is adjusted against tariffs. Furthermore, the consolidated renewable energy business has the potential to generate substantial EBITDA by FY2027.

The stock has been on an impressive run at the bourses. In the last six months, the energy stock has surged up over 50%. However, not all analysts expect the run to continue. Last week, Kotak Securities, in its latest note maintained the “sell” rating on the stock.

Price Action: Tata Power’s share price was up 1.18% to trade at ₹344.20 in the early hours of trading on Wednesday.

Read Next: Saregama Demerger: Digidrive Distributors Lists After Special Pre-Open Session

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.

Posted In: EquitiesPrice TargetReiterationMarketsAnalyst RatingsMoversTrading IdeasTata GroupTata Power