Amid strong first-quarter numbers, the shares of Tata Group company — Tata Power touched a new 52-week high of Rs 138 per share on the BSE intraday trade on Monday. The stock opened at a day's high today, however, fell by 2.5 per cent to Rs 131.5 per share around, 12:15 am amid profit booking today.

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The power generation and distribution company on Friday after market reported a 74 per cent jump in consolidated profit during the June-ended quarter to Rs 465.69 crores, while a 54.5 per cent jump in consolidated net sales to Rs 9,968.03 crore in Q1 FY22 as against Q1 FY21.

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Tata Power’s June quarter revenues grew mainly due to the acquisition of Odisha Discoms and higher sales/execution in its solar EPC businesses.

CLSA maintains a Buy call on Tata Power, with a target price at Rs 160 per share. The brokerage says, Tata Power is an emerging RE player and NCLT approval of CGPL merger is key.

Similarly, Edelweiss maintains a Buy rating on Tata Power, with a target at Rs 170 per share. It points out integrated CGPL and coal mining businesses reported Rs 150 cr PAT on higher coal prices. The company plans to foray into the transmission business, Edelweiss says in a report.

While JP Morgan maintains an Overweight stance on Tata Power, with a target at Rs 155 per share. It mentions the management’s key focus remains to scale up renewables and adjacent business, keeping leverage contained and says the company is its top pick in utilities. 

The stock was already trading near 52-week high levels ahead of its quarterly earnings on the last two sessions earlier. The counter has jumped 36.5 per cent almost in the last three months period from Rs 101 per share on the BSE.