Tata Power shares near record high after power generator joins hands with Indian Oil to set up EV charging points
The sharp gains in Tata Power stock occurred after the private sector integrated power company announced it had collaborated with Indian Oil Corporation.
Tata Power shares rose on Monday after the Tata group power generation company collaborated with state-run oil marketing company Indian Oil Corp Ltd (IOCL) to deploy more than 500 electric vehicle (EV) charging points across the country. The Tata Power stock (TATAPOWER) gained by as much as Rs 11.8, or 3.6 per cent, to Rs 335.3 apiece on BSE, coming within inches of an all-time high scaled last week.
The sharp gains in the stock occurred after the private sector integrated power company announced it had collaborated with Indian Oil Corporation.
"Tata Power EV Charging Solutions Limited (TPEVCSL), a Tata Power Group Company, and Indian Oil Corporation Limited (IOCL) have signed a Memorandum of Understanding (MoU) to roll out fast and ultra-fast electric vehicle (EV) charging points across India. The collaboration will see Tata Power install 500+ EV charging points across multiple IOCL retail outlets," Tata Power said in a regulatory filing during market hours on Monday.
As part of the agreement, the EV charging points will be installed in major cities such as Mumbai, New Delhi, Kolkata, Bengaluru, Ahmedabad, Pune and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, the Salem-Kochi Highway, the Guntur-Chennai Highway, and the Golden Quadrilateral.
"Our partnership with IOCL is a strategic move towards establishing a robust EV charging network in the country. Leveraging IOCL's extensive presence, Tata Power will set up fast and superfast charging points in multiple regions, contributing to accessibility and inclusivity for a sustainable electric mobility future,” said Virendra Goyal, Head-Business Development-EV Charging at Tata Power.
Tata Power currently has nearly 60 per cent market share in the domain of electric vehicle charging.
Tata Power share price: Past performance
In 2023 so far, Tata Power shares have rewarded investors with a return of 56 per cent, sharply outperforming a more than 15 per cent rise in the headline Nifty50 index.
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