Tata Power shares rise in trade, hover around 52-week high—here's why

Tata Power share price NSE, Tata Power news: Tata Power shares soared on Wednesday, January 10, a day after the company’s subsidiary, Tata Power Renewable Energy Limited (TPREL), signed two Memorandums of Understanding (MoUs) with the government of Tamil Nadu to support the development of the state's renewable energy landscape and accelerate India's clean energy transition.

The stock of the Mumbai-based electric utility and electricity generation company gained as much as 2.5 per cent to hit the day's high at Rs 348.75, coming within Rs 0.95 of its 52-week high of Rs 349.7 touched on January 5 on the NSE in early morning deals. The counter closed 1.95 per cent higher at Rs 346.85 on NSE, pausing the 2-day decline in the counter.

"Under the first MoU, TPREL plans to explore opportunities to develop 10,000 MW of renewable energy power projects across solar, wind, hybrid, RTC, peak, firm and dispatchable renewable energy (FDRE), etc. over the next 5-7 years," the regulatory filing said dated January 9.

These renewable projects will be located across nearly 50,000 acres of land in Tamil Nadu, with an investment potential of nearly Rs 70,000 crore, potentially generating around 3,000 green job opportunities and transforming adjoining areas into employment hubs.

"The expansion will include the upgradation of the infrastructure and the setting up of an additional 300 MW each of the cell and module lines using the latest TOPCon technology, bringing the total plant capacity to 4.3 GW. As per the new MoU, this project will entail an additional investment of Rs 800 crore over the next two years," the regulatory filing further read.

Tata Power share price history 

Tata Power's stock has given a positive return of nearly 70 per cent in the last 12 months. In comparison, the headline index Nifty 50 has rallied over 20 per cent. Tata Power has a market capatalisation of Rs 1,10,83,035.22 lakh, according to data available on NSE.

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.