Tata Power Share Price: A 3% Surge Boosts Investor Confidence
📈 Tata Power share price rose by 3% during trading on Wednesday, closing at an intraday high of ₹374.60. This surge can be attributed to a major announcement made by Tata Power Renewable Energy Limited, a subsidiary of Tata Power Company Limited.
💡 The company has signed a ₹105 crore power distribution agreement with Tata Communications Limited for a 18.75 MW AC cluster captive solar energy plant. Deepesh Nanda, CEO and Managing Director of Tata Power Renewable Energy, stated that this move will not only reduce operational costs but also enhance energy efficiency, making the sector more sustainable and future-ready.
💰 In the last fiscal quarter of December, Tata Power recorded a net profit of ₹1,076 crore, marking a 2% increase compared to the same period of the previous year. The company has consistently reported a year-on-year growth of 2.28% in consolidated net profit for its third fiscal quarter (Q3 FY24).
📉 On Friday (16th February 2024), the share price experienced a minor dip of 0.09%, trading at ₹378. This slight decrease did not overshadow the company’s overall positive financial performance.
📊 Tata Power’s net profit for December 2023 stood at ₹1,076.12 crore, surpassing the ₹1,052.14 crore recorded during the same period a year ago. The company reported a total revenue of ₹14,841 crore for the fiscal quarter, compared to ₹14,339 crore in the previous fiscal year.
💪 The company’s revenue has been steadily increasing, reaching ₹45,286 crore for the first three quarters of the current financial year. This is the highest revenue generated by the company during this period.
🌞 As of 31st December 2023, Tata Power had a strong installed capacity of 4,270 MW in the renewable energy segment, producing 603.1 crore units of clean energy.
📈 Tata Power’s 52-week high was ₹412.90, while the 52-week low was ₹182.35. The market capitalization of the company currently stands at ₹119,537.65 lakh.
💼 Over the past year, Tata Power’s share price has grown by a significant 82%. In the last five years, the share price has surged by an impressive 440.61%. In the past six months alone, the stock has witnessed a remarkable 60% increase.
📰 Stay tuned for more updates on Tata Power’s share price and its impact on the renewable energy sector.
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