Tata Power rises nearly 3% after Q1 results; should you buy the stock?

Tata Power share price: Shares of Tata Power rose as much as 2.87 per cent to Rs 241.65 apiece on the BSE in the early morning trade on Thursday, a day after the company reported an over 29 per cent rise in consolidated net profit at Rs 1,140.97 crore for the June quarter (Q1FY24) on the back of higher revenues. The company had reported a net profit of Rs 883.54 crore in the year-ago quarter, according to a BSE filing.

At the time of filing this news, the stock was trading at Rs 238.90, up 1.70 per cent. 

Total income rose to Rs 15,484.71 crore in the quarter under review from Rs 14,638.78 crore a year ago.

"We have delivered a 15th consecutive quarter of PAT (Profit After Tax) growth on the back of strong performance across all business clusters. "This is the result of our effective strategies, operational efficiencies, and execution excellence driven by our committed workforce," Praveer Sinha, CEO & MD of Tata Power, said in a statement. READ MORE 

Foreign brokerages CLSA and Goldman Sachs have maintained a 'SELL' rating on the stock after the June quarter numbers. CLSA has set the target price at Rs195 from Rs 189 earlier while Goldman Sachs' target is Rs 190.