Multi bagger stock: Tata Power shares rise after its EV arm deploys 850 e-bus charging points

Tata Power shares gained in morning deals on Thursday (June 13) as its subsidiary Tata Power Renewable Energy deployed more than 850 e-bus charging points at various locations in the country.

At around 10:11 a.m., shares of Tata Power traded 1.32 per cent or Rs 5.95 higher at Rs 455.5 apiece. 

On Wednesday, June 12, the company after market hours, announced that Tata Power Renewable Energy will deploy 850+ charging points in key metropolitan areas.

"Tata Power Renewable Energy Limited, a subsidiary of the company, ...continues to spearhead the nation's transition towards e-mobility by deploying 850+ charging points in key metropolitan areas," the filing read.

As per the filing, Tata Power Renewable's charging infrastructure has high-capacity fast chargers with a range of 180 - 240 KW with an average charging time being of 1 to 1.5 hours. Rapid charging capabilities support the demanding operational needs of public transport buses.

The robust bus charging network has led to more than 1 lakh tonnes of tailpipe CO2 emissions savings, the company said in a statement The locations include Delhi, Mumbai, Ahmedabad, Bengaluru, Jammu, Srinagar, Dharwad, Lucknow, and Goa, the statement said.

In the September 2023 quarter, the company expanded its number of charging stations by 22 per cent when compared with the June 2023 quarter.

Tata Power added 180 e-bus charging points in the September 2023 quarter, marking the highest-ever deployment of charging points for e-buses in a quarter. With this addition, the total e-bus charging points have increased to 464.

As of September 2023, the company had covered 442 cities and towns with its EV charging network, which has more than 1.7 lakh registered users.

Tata Power share price: Past performance 

In a year, shares of Tata Power have given multi-bagger returns of over 102 per cent against Nifty50's rise of 24 per cent.

Catch all the updates of June 12 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

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