Tata Power gains as its arm inks two MoUs with Government of Tamil Nadu
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Tata Power Company is currently trading at Rs. 344.55, up by 4.45 points or 1.31% from its previous closing of Rs. 340.10 on the BSE.
The scrip opened at Rs. 342.55 and has touched a high and low of Rs. 348.70 and Rs. 340.85 respectively. So far 471508 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 349.65 on 05-Jan-2024 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. 349.65 and Rs. 324.90 respectively. The current market cap of the company is Rs. 110079.45 crore.
The promoters holding in the company stood at 46.86% while Institutions and Non-Institutions held 26.02% and 27.12% respectively.
Tata Power Company's subsidiary -- Tata Power Renewable Energy (TPREL) has signed two Memoranda of Understandings with the Government of Tamil Nadu to support in the development of the state's renewable energy landscape and accelerate India's clean energy transition.
Under the first Memorandum of Understanding (MoU), TPREL plans to explore opportunities to develop 10,000 MW of Renewable Energy Power Projects across solar, wind, hybrid, RTC, peak, Firm and Dispatchable Renewable Energy (FDRE), etc. over the next five to seven years. Under this MoU, these renewable projects will be strategically located across nearly 50,000 acres of land in Tamil Nadu with investment potential of nearly Rs 70,000 crore, potentially generating around 3,000 green job opportunities and transforming adjoining areas into employment hubs.
The second MoU signing highlights TPREL’s commitment to further increase its investment in the existing MoU, signed on July 4, 2022, to set up 4 GW of Solar Cell and Solar modules, with an investment of Rs 3,000 crore, in two phases in Gangaikondan in Tirunelveli District of Tamil Nadu. The expansion will include the upgradation of the infrastructure and setting up of additional 300 MW each of cell and module line using the latest TOPCon technology, bringing the total plant capacity to 4.3GW. As per the new MoU, this project will entail an additional investment of Rs 800 crore over the next two years.
Tata Power Company is India’s largest integrated power company.
