This Tata Group stock is available at 30% discount from 52-week high; should you buy?
Tata Power Share Price NSE, Tata Power Target Price: The stock is trading sideways for the past few weeks. It has declined more than 6 per cent in the past 5 sessions. YTD, it has yielded a negative return of nearly 7 per cent.
Tata Power Share Price NSE, Tata Power Target Price: Shares of Tata Group company, Tata Power, are available at a hefty discount of 30 per cent from 52-week high. The stock extended loss in today's session, cracking more than 3 per cent to quote Rs 206.55 apiece on NSE. The 52-week high of Tata Power is Rs 298.
The stock is trading sideways for the past few weeks. It has declined more than 6 per cent in the past 5 sessions. YTD, it has yielded a negative return of nearly 7 per cent.
Zee Business panellist and Global Capital Market's Himanshu Gupta recommended a 'sell' call on the counter. He said that the structure is week and the next target would be Rs 208/209. He suggested viewers to place a stop loss at Rs 216.
Manoj Dalmia, founder and director, Proficient Equities, said that Tata Power is currently trading at a price-to-book ratio of 3.4 and a price-to-earnings multiple of 27.14. He said that a higher P/E ratio indicates that investors are prepared to pay more for each rupee of profits provided by the stock due to superior prospects for future growth.
He said that the long term view is bullish and investors can accumulate at current price as it can gain some momentum in the coming months.
Tata Power Dividend Yield, News
Tata Power dividend yield is 175 per cent in 2022. The company paid a dividend of Rs 1.75 per share on May 5.
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