📈 Tata Power Share Price Surges: Tata Power, a subsidiary of the Tata Group, is witnessing strong buying in its shares. The main reason behind the surge in share price is the company’s plan to invest INR 70,800 crores in setting up renewable energy projects in the state of Tamil Nadu through its subsidiary, Tata Power Renewable Energy Limited.
💡 Partnership with Tamil Nadu Government: Tata Power Renewable Energy Limited has signed two memorandums of understanding with the Tamil Nadu government to promote renewable energy development and clean energy transition. The share price of Tata Power was trading at INR 344.85 with a 2% gain during Tuesday’s trading session and rose further to INR 344.50 with a 1.26% gain on Wednesday, January 10, 2024. On Thursday, January 11, 2024, the share price climbed by 2.08% to INR 354.
🌿 Massive Renewable Energy Projects: Under the first memorandum of understanding, Tata Power will set up solar, wind, and hybrid projects at a single location over the next five to seven years. The company aims to develop renewable energy plants with a total capacity of 10,000 megawatts in the electricity production sector. This project will be spread across 50,000 acres of land in Tamil Nadu with an investment of INR 70,000 crores. It is estimated that this initiative will create around 3,000 green jobs.
🔆 Solar Cell and Module Plant: In the second memorandum of understanding, Tata Power Renewable Energy Limited plans to invest INR 3,800 crores to establish a solar cell and module manufacturing plant with a capacity of 4 gigawatts in Gangikondan, Tirunelveli district. The initial memorandum of understanding was signed on July 4, 2022, for an investment of INR 3,000 crores, which has now been increased to INR 3,800 crores.
📊 Strong Chart Patterns: The share chart of Tata Power indicates a strong upward trend. Experts have set a short-term target price range of INR 360 to INR 375 for Tata Power shares. They recommend placing a stop-loss at INR 325 when investing in Tata Power shares.
This news on Tata Power’s share price showcases the company’s commitment to renewable energy and its partnership with the Tamil Nadu government, which has attracted significant investor interest. With its ambitious plans and positive market sentiments, Tata Power is expected to continue its upward trajectory in the stock market.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
