Tata Power inches up as its step down arm gets LoA to set up hybrid renewable power project
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Tata Power Company is currently trading at Rs. 220.75, up by 0.15 points or 0.07% from its previous closing of Rs. 220.60 on the BSE.
The scrip opened at Rs. 224.95 and has touched a high and low of Rs. 224.95 and Rs. 220.50 respectively. So far 159446 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 251.00 on 07-Sep-2022 and a 52 week low of Rs. 182.45 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 226.15 and Rs. 214.25 respectively. The current market cap of the company is Rs. 70489.19 crore.
The promoters holding in the company stood at 46.86%, while Institutions and Non-Institutions held 23.93% and 29.20% respectively.
Tata Power Company’s subsidiary --Tata Power Renewable Energy (TPREL) through its subsidiary TP Vardhaman Surya has received Letter of Award (LoA) to set up 966 MW RTC (Round-the-clock) hybrid renewable power project for Tata Steel. This is one of the biggest industrial RTC power PPAs under Group Captive segment in the country. The project has the hybrid renewable capacity of 379 MW solar and 587 MW wind power.
Tata Steel, with an annual crude steel capacity of 35 million tonnes per annum (MnTPA), is one of the world’s most geographically diversified steel producers. This project will fulfill a significant part of Tata Steel’s green energy requirements in India, saving 23,89,160 ton of CO2 emissions annually. Tata Steel will invest 26% equity in the said project. The project will be commissioned by June 1, 2025 as per the arrangement.
With this win, the total renewables capacity of TPREL reaches 7,756 MW with an installed capacity of 4,059 MW (Solar - 3,107 MW & Wind - 952 MW) and 3,697 MW under various stages of implementation.
Tata Power Company is India’s largest integrated power company.
