Tata Stock Hits New 52-Week High After Large Trade Of Rs 155 Crore; Do You Own?

Tata Group-backed power firm, Tata Power touched a new 52-week high on Friday after the company witnessed 0.2% of equity shares exchange hands aggregating to Rs 155 crore. In the trading week from September 4th to 8th, Tata Power shares rallied by nearly 5%. But year-to-date, the stock is up by a whopping 27% on BSE as of now.

Bloomberg data showed that 0.2% equity change hands aggregating to Rs 155 crore in a large trade. Around 52.5 lakh shares of Tata Power exchanged hands at Rs 270 per share on NSE.

On BSE as well, in the first half of the trading session, Tata Power recorded 774,377 equity shares in bulk exchange hands at around 10.12 am, followed by 1,050,289 shares at 10.13, 446,636 shares at 10.14, and 208,426 shares on 10.15, and 194,694 shares at around 10.16 in the morning.

The names of buyers and sellers were not known immediately.

Tata Power shares ended at Rs 268.90 apiece, up by 2.01% on BSE. The stock hit a new 52-week high of Rs 276.50 apiece during the trading hours.

Earlier this week, Tata Power-backed subsidiary, Tata Power Renewable Energy partnered with its sibling Tata Motors to develop a new 12MWp on-site solar project at Tata Motors' Pune commercial vehicle manufacturing facility.

This is a significant step towards attaining green manufacturing, the installation is collectively expected to generate 17.5 million units of electricity every year, which will meet nearly 17.2% of the annualized requirement, potentially mitigating over 12400 tonnes/kWh of carbon emission each year.

In the June 2023 quarter, Tata Power's consolidated revenue stood at Rs 5,003 crore, and EBITDA rose by 43% to ₹ 3,005 crore. The company's strong financial performance is on account of sustained business growth across all clusters. It reported growth of 29% in Q1 FY24 with a net profit of ₹ 1,141 crore.

Tata Power reported net profit growth for the 15th consecutive quarter (YoY) in Q1FY24, with robust growth in consolidated revenue as well as EBITDA.

Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,324 MW. The Company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, and trading.