Tata Power Shares in Focus as Subsidiary Seals Solar Agreement with Tata Motors

 Tata Power Shares: Commencing the trading session, Tata Group's stock for Tata Power displayed a steady opening at Rs 230.05 on the Bombay Stock Exchange (BSE). The stock then surged to an intraday high of Rs 240.30, marking a 4.47% increase on the BSE.

In the limelight today are shares of Tata Power Ltd, as attention turns towards its subsidiary, Tata Power Renewable Energy Ltd (TPREL). TPREL has entered into a power purchase agreement (PPA) for a substantial 9MWp on-campus solar plant with Tata Motors' Pantnagar facility situated in Uttarakhand. This solar plant is set to become the largest on-campus solar installation within the Uttarakhand region. The anticipated timeline for project commissioning is within six months from the execution date of the PPA.

During the previous trading session, which occurred on Monday, Tata Power's stock exhibited a notable 4.07% surge to close at Rs 239.35 on the BSE. The trading day commenced with Tata Group's stock opening flat at Rs 230.05 on the BSE. Subsequently, the stock achieved an intraday peak at Rs 240.30, reflecting a 4.47% elevation on the BSE. The trading activity saw a turnover of Rs 14.81 crore, with 6.28 lakh shares of the company exchanging hands. The firm's market capitalization was reported at Rs 76,480 crore.

From a technical standpoint, the stock's relative strength index (RSI) stands at 60.6, indicating a balanced state without being oversold or overbought. With a one-year beta of 1, Tata Power's stock displayed average volatility over the specified period. It's worth noting that the stock's trading price surpasses its moving averages for the 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day time frames.

Regarding the solar project, it's disclosed that a combination of rooftop and ground-mounted units will be utilized for installation, as stated by TPREL.

Furthermore, Tata Motors highlighted a prior 7 MWp solar initiative that was jointly undertaken by TPREL and Tata Motors at the Pantnagar production facility. The cumulative solar capacity of the Pantnagar plant now stands at an impressive 16 MWp, generating an estimated 224 lakh units annually. This accounts for nearly 60 percent of the facility's annual energy requirements.

Tata Power's projection suggests that TPREL's total renewable capacity is poised to reach 7,783 MW, with ongoing projects amounting to 3,651 MW across various development phases. Presently, the operational capacity of TPREL is 4,132 MW, inclusive of 993 MW from diverse sources and 3,139 MW of solar energy.