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.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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