Tata Power‘s share price was upbeat on Tuesday morning going up close to 2% to hit an intraday high of ₹425.80.

What Happened: The stock is in the green today as the Tata Group company commenced the production of solar cells at its 4.3-gigawatt plant in Tirunelveli, Tamil Nadu, marking the launch of operations at India’s largest single-location solar cell and module manufacturing facility.

The announcement was made by TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), itself a subsidiary of Tata Power on Monday evening. Currently operating at a 2-gigawatt capacity, the plant is expected to ramp up its production over the next four to six weeks, with plans to reach peak capacity in the coming months.

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Tata Power has invested approximately ₹4,300 crore in the establishment of its solar cell and module manufacturing facility in Tirunelveli, Tamil Nadu. Initially, the solar cells and modules produced at the plant will support the company's ongoing projects, with plans to expand distribution to the broader market in the future.

Last month, Tata Power announced a partnership with ICICI Bank to promote the wider adoption of solar energy. Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), teamed up with ICICI Bank to offer easy financing options for customers looking to purchase solar panels.

Price Action: Tata Power’s share price was up 1.35% to trade at ₹423.50 shortly after market open on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.