Tata Power Company gains after its step down arm partners with Indian Bank
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Tata Power Company is currently trading at Rs. 430.65, up by 2.75 points or 0.64% from its previous closing of Rs. 427.90 on the BSE.
The scrip opened at Rs. 431.70 and has touched a high and low of Rs. 432.25 and Rs. 427.90 respectively. So far 563214 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 444.10 on 12-Apr-2024 and a 52 week low of Rs. 194.85 on 24-Apr-2023.
Last one week high and low of the scrip stood at Rs. 442.95 and Rs. 419.05 respectively. The current market cap of the company is Rs. 137319.72 crore.
The promoters holding in the company stood at 46.86%, while Institutions and Non-Institutions held 25.23% and 27.90% respectively.
Tata Power Company’s subsidiary -- Tata Power Renewable Energy’s (TPREL) wholly-owned subsidiary -- Tata Power Solar Systems (TPSSL) has entered into strategic partnership with Indian Bank, a leading public sector bank in India to bolster the adoption of solar rooftop among residential consumers.
The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme. Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail loans up to Rs 2 lakh at an annual interest rate of 7%, in compliance with government regulations. With a nominal margin money requirement of 10% and collateral-free financing, homeowners can embark on their solar journey with ease.
Furthermore, the tenure for repayment extends up to 10 years, offering flexibility and convenience. For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing solution that accommodates the diverse needs of homeowners. Eligible applicants can access loans up to Rs 6 lakh, with a margin money requirement of 20%. Interest rates ranging from 8.4% to 10.8% per annum ensure competitive financing options.
Tata Power Company is India’s largest integrated power company.
