Buy Tata Power Ltd For Target Rs.340 - Anand Rathi
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Company Background
Tata Power had its inception in 1915, establishing India's first large hydroelectric project in Khopoli, Maharashtra and driven by its late founder, Shri Jamshetji N. Tata's pioneering vision.
Tata Power is India's largest integrated power company with a growing international presence.
The core business of the company is to generate, transmit and distribute electricity.
Tata Power is serving more than 9.5 million distribution consumers in India and has developed the country's first 4150 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology.
It is also one of the largest renewable energy players in India with a clean energy portfolio of 30%.
In the course of its strong uptrend; TATAPOWER consolidated in a band of 260 – 200 for many months.
Recently it broke out from that range and almost tested 300 mark. However it is again at the breakout zone.
The target for range breakout comes around 320 but we are also witnessing a flag breakout on the larger time frame.
Thus we advise traders to go long in the stock in the range of 252 – 242 with a stop loss of 200 for the upside target of 340 in 3 – 6 months.
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