Tata Power shares in focus today as firm buys Bikaner Transmission project
Shares of Tata Power Co Ltd are in focus today after the Tata Group firm said that it has won a bid to acquire Bikaner-III Neemrana-II Transmission renewable energy project for about Rs 1,544 crore. The stock ended 2.91% higher at Rs 275.75 on Friday. Tata Power stock hit a 52 week high of Rs 278.50, rising 3.93% in the morning session. The Tata Group stock has gained 28.11% in the last six months. Tata Power stock has risen 22.45% in a year and climbed 30.22% this year. The stock has seen very less volatility in a year with a beta of 0.3.
In terms of technicals, the relative strength index (RSI) of the stock stands at 67.6, signaling the stock is neither overbought nor oversold on technical charts. Tata Power shares stand higher than the 5 day, 20 day, 30 day, 50 day, 100 day, 200 day moving averages.
Total 38.45 lakh shares of the firm changed hands amounting to a turnover of Rs 105.85 crore on BSE. Market cap of the firm rose to Rs 88,111 crore.
The energy project is of a special purpose vehicle (SPV) set up by PFC Consulting Limited, a subsidiary of Power Finance Corporation. A special purpose vehicle (SPV), also called a special purpose entity (SPE), is a subsidiary created by a parent company to isolate its financial risks.
The transmission project, to be undertaken on a Build-Own-Operate-Transfer (BOOT) basis, is poised to facilitate the evacuation of 7.7 gigawatts (GW) of renewable energy from the Bikaner Complex in Rajasthan. “The project entails the establishment of a 340 kilometers transmission corridor from Bikaner-III pooling station to Neemrana II substation,” the company said in an exchange filing.
Watch Live TV in English
Watch Live TV in HindiNews Related