Shares of Tata Power Ltd are in the spotlight today after its subsidiary Tata Power Renewable Energy Ltd (TPREL) signed a power purchase agreement (PPA) with a capacity of 9MWp at a solar power plant in September. campus with Tata Motors’ Pantnagar plant in Uttarakhand. The solar plant will be the largest solar facility on campus in Uttarakhand. The project will be put into operation within six months from the date of PPA implementation.
In the previous session (Monday), Tata Power shares ended 4.07% higher at Rs 239.35 on BSE. Shares of Tata Group opened flat at Rs 230.05 on BSE. It hit an intraday high of Rs 240.30, up 4.47% on BSE. A total of 6,28 lakh shares of the company were changed hands with a turnover of Rs 14.81 crore on BSE. The company’s market capitalization stands at Rs 76,480 crore.
Technically, the stock’s relative strength index (RSI) is at 60.6, indicating that the stock is neither oversold nor overbought. Tata Power has a one-year beta of 1, which indicates average volatility over that period. Tata Power stock is trading above the 5-day, 10-day, 20-day, 50-day, 100-day, 200-day moving averages.
TPREL said the project will use the equipment on the roof and on the ground for installation.
Tata Motors also mentioned that the 7 MWp solar project was previously implemented by TPREL and Tata Motors at the Pantnagar production facility. Tata Motors reports that the cumulative solar capacity of the Pantnagar plant currently stands at 16 MWp. According to the press, these solar installations are expected to produce 224 lakh units annually, or nearly 60% of their annual energy needs.
According to Tata Power, TPREL’s total renewable capacity is expected to reach 7,783 MW, with 3,651 MW of projects currently in various stages of development. Its current operating capacity is 4,132 MW, including 993 MW from various sources and 3,139 MW of solar power.
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