Tata Power shares get ‘buy’ tag from Anand Rathi with revised target price

With the recent development, domestic brokerage and research firm Anand Rathi expects the company’s performance to improve from the current levels. It has maintained its buy rating at multibagger stock with a revised target price of 316 per share. Shares of Tata Power have gained over 175% in one year, while the stock of Tata Group is up more than 28% so far in 2022 (Year-to-date or YTD).

Tata Power Company has collaborated with leading real estate developer Rustomjee Group to provide end-to-end EV charging solutions across all its residential and commercial projects in the Mumbai Metropolitan Region (MMR).

Under this collaboration, Tata Power Mumbai will set up dedicated charging infrastructure for residents of Rustomjee in MMR. This partnership will help Rustomjee residents to have a uniform and all-encompassing EV charging experience, highlighted Anand Rathi.

Meanwhile, Tata Power’s Singapore-based JV, Resurgent Power Ventures, has won the bid to acquire the stressed assets of South East UP Power Transmission Company (SEUPTCL) through its resolution process under the Insolvency and Bankruptcy Code (IBC).

Tata Power holds a 26% stake in the joint venture through its Singapore-based wholly owned entity Tata Power International. The transaction is part of a stressed asset resolution process initiated by a resolution professional through a competitive bidding process (previously conducted).

Additionally, TTS Renewable Energy Branch has commissioned a 300 MW project at Dholera, Gujarat. It is India’s largest single-axis solar tracker system. The project will generate 774 MU annually. Along with this, it will reduce carbon emissions by about 704340 MT/yr.

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