Tata Power share price: Shares of Tata Power gained over 3 per cent in Monday's trade (February 5) and surpassed the Rs 400 mark. The stock clocked an all-time high on the BSE at Rs 402.5 apiece.

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At around 1:39 p.m., shares of Tata Power traded 2.36 per cent or Rs 9.2, higher at Rs 398.95 apiece. Meanwhile, its market capitalisation stood at Rs 1,27,494.05 crore at around the same time. The company is all set to announce its Q3 FY24 results on February 9.

Recently, after the government's announcement of Pradhan Mantri Suryodaya Yojana (PMSY), a new rooftop solar scheme targeting one crore households, shares of Tata Power have rallied as analysts assessed the opportunity as beneficial for the power sector.

Elara Capital had said that upon full execution, PMSY has the potential to generate surplus income for rural households after the investment pay-back period is over through the sale of surplus power to the grid.

Brokerage firm Antique has, in a recent report, given a target price of Rs 450 apiece.

Mentioning the reason behind the bullish stance, the brokerage said, "Coastal Gujarat Power, even under Section 11, continues to break even because its share in coal profits is adjusted against tariff; note, investors fail to appreciate the possibility of the optimal mix of short-term trades given higher dark spreads to sustain."

Secondly, consolidated RE can deliver Rs 100 billion in EBITDA by FY27 as against Rs 34 billion in FY24E; and lastly, the lowest capital outlay/MW for pumped hydro entails a higher platform valuation."

Tata Power share price: Past performance 

In a year, shares of Tata Power have gained over 91 per cent against the Nifty 50's rise of over 24 per cent. 

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