Tata Power Company Ltd has seen a significant jump in its market capitalisation, crossing the ₹1.36 lakh crore mark on the Bombay Stock Exchange (BSE), following the announcement of a major achievement by its subsidiary, Tata Power Renewable Energy Limited (TPREL).
On Tuesday, shares of Tata Power rose nearly 3% in early trading after TPREL successfully commissioned a 431 MW DC solar project in Neemuch, Madhya Pradesh.
Tata Power's stock price climbed 2.79%, reaching ₹427.80, compared to its previous closing of ₹416.15. The company has been on an upward trajectory, gaining 54.69% over the past year and rising 30% in 2024 alone. Despite its volatility, with a one-year beta of 1.5, the stock has remained a strong performer in the market. A total of 1.97 lakh shares were traded, with a turnover of ₹8.36 crore.
The Neemuch solar project is being hailed as one of India’s most cost-effective bids for large-scale solar energy production. Spanning 1,635.63 acres, it incorporates cutting-edge technology, including a unique combination of single-axis trackers and bi-facial modules.
This innovative integration has increased system efficiency by over 15%, allowing for extended peak power supply hours. Tata Power highlighted that the project faced several challenges, such as rocky terrain and remote site logistics, but it was successfully completed and is expected to set new benchmarks for solar energy generation in India.
On the technical front, Tata Power's relative strength index (RSI) stands at 45.1, indicating that the stock is not in an overbought or oversold position. Currently, Tata Power shares are trading below the 50-day, 100-day, and 150-day moving averages but above the 5-day, 10-day, 20-day, 30-day, and 200-day averages, showing a mixed technical outlook.
For those considering share market investment, Tata Power's recent performance, combined with its innovation in renewable energy, presents a compelling case for potential investors. The company's focus on renewable energy and technological advancement in solar power could make it an attractive option for long-term growth.
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