Tata Power Share Price Target 2024, Renewable energy stock: UP 115% in 1 year; BUY?
tata power share price target 2024, renewable energy stock: up 115% in 1 year; buy?
Tata Power Share Price Target 2024, Tata Power Share Price: Tata Group’s integrated power company, Tata Power, last week posted its financial results for the quarter and year ended on March 31, 2024. The company, in the financial results, has also announced a 200 per cent dividend for the FY23-24. The Tata Group stock has rallied 115 per cent in the past one year, more than doubling investors money in the said period. Brokerage firm ICICI Securities has shared its views on the company’s stock after the quarterly results.
Tata Power's shares in Saturday's special trading session (May 18) closed at Rs 441.45 apiece on NSE
Tata Power Share Price Target 2024
According to ICICI Securities, "Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses."
The brokerage firm says, "Tata Power has built renewable assets of 10GW, solar manufacturing of 4GW, solar EPC arm, rooftop solar and is currently developing two pumped storage systems. It also has the first mover advantage in electric vehicle charging
market. Among our coverage universe, it is the most comprehensive RE platform. It is likely to grow RE capacity to 2x
in next 2 years, it is very close to commissioning 4GW of cell and module capacity and it has 13 per cent market share in
rooftop solar market. In addition, It is one of the largest private Discoms in the country and is looking to grow the
transmission business (won 2 bids in transmission)."
ICICI Securities has set the target price for Tata Power at Rs490 per share. This represents a potential upside of up to 11 per cent from Saturday's closing price.
Tata Power Q4 Results 2024
Tata Power reported its highest ever PAT of Rs 4,280 crore for the financial year ended March 31, 2024. “The Company has maintained strong growth momentum by reporting PAT growth for the 18th consecutive quarter to Rs 1,109 crore for Q4FY24. The company’s market capitalization has surpassed Rs 1.4 lakh crore,” Tata Power said in a press release.
Tata Power, in the release, said that FY24 saw the company achieve its highest-ever Revenue and EBITDA at Rs 61,542 crore and Rs 12,701 crore respectively, backed by a strong rising share from core businesses of Generation, Transmission & Distribution, and Renewables, which contributed 74 per cent to FY24 PAT compared to 44 per cent in FY23.
Tata Power Dividend 2024
Tata Power has also announced that its board of directors has recommended an interim dividend for FY 2024-25 at Rs 2 per equity share with a face value of Re 1 apiece. The said dividend, however, remains to be approved by the members of the Company at the ensuing 105th Annual General Meeting.
“The Board has recommended a final dividend of ₹ 2.00 per Equity Share of ₹ 1 each (@ 200%) to the Members for the financial year ended March 31, 2024. The dividend recommended by the Board is subject to the approval of the Members at the forthcoming 105th Annual General Meeting ('AGM') of the Company scheduled to be held on Tuesday, July 16, 2024,” Tata Power said in a regulatory filing on the BSE.
Tata Power Share Price History
Tata Power is a constituent of the S&P BSE 100 and commands a market cap of Rs 1,40,994.36 crore, as of Saturday's cloing price. According to BSE analytics, the company's stock has offered a return of 68 per cent in the last six months and 115.66 per cent in the last one year.
Shares of Tata Power have sprinted 618 per cent in the last five years and 387 per cent in the last ten years, as per BSE data.
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