Tata Power's market cap crosses Rs 1 lakh crore
Mumbai: Tata Power’s market capitalization has crossed Rs 1 lakh crore (1 trillion), making it the second infrastructure and sixth company from Tata Group to achieve this milestone, the company said in a press release.
The stock has delivered returns of 56.8% in 2023, the company said.
The market capitalization (market cap) of a company is directly influenced by its stock price.
Tata Power said it has made significant strides in clean energy generation with the investment of Rs 13,000 crore in two Pumped Hydro Storage Projects of 2.8GW.
These projects will help the company provide blended Round The Clock (RTC) renewable power to consumers.
In a recent analyst meeting, Tata Power announced a capex of Rs 60,000 crore by FY27; 45% of which would be deployed in the renewables sector.
Tata Power currently has a clean energy portfolio of 5.5 GW, which the company is aiming to take to 20 GW by 2030.
The company is aiming for 68% of the capacity from clean and green energy from 43% in FY23. 3.7 GW of the capacity is already under construction.
The management has given guidance of doubling the revenue, EBITDA, and PAT by FY27 on the back of strong growth across large-scale RE portfolio, and higher profitability from Transmission & Distribution assets as well as robust opportunities in group captive and solar rooftop.
In a recent report, JM Financial upgraded Tata Power to ‘Buy’ from ‘Hold’ raising the target price to Rs 350 from Rs 220 earlier.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
