Blusmart Partners With Tata Group Co To Source Green Power, Shares Gain 45% In 3-Months

BluSmart, India's leading born-electric, full stack, vertically integrated eMobility ride hailing service and EV charging infrastructure network, on Wednesday declared multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company Limited (TPTCL) a wholly-owned subsidiary of Tata Power - one of India's largest integrated power companies, to source green power. Current market price of Tata Power shares on BSE is Rs 381.35 apiece with intraday gain of 0.63%.

Enabled by the recently enacted Green Energy Open Access Rules, this partnership with TPTCL allows BluSmart to completely eliminate Scope 2 emissions from its existing 1.4 million sq. ft. of EV charging infrastructure and future charging hubs. With this, BluSmart emerges as the first mobility player in India to transition from zero tailpipe emissions to a zero-emissions company.

Commenting on the partnership with Tata Power Trading Company Limited, Punit Goyal, Co-founder, BluSmart "While BluSmart operates an all-electric eMobility ridehailing fleet which contributes to zero tailpipe emissions, with this significant partnership with Tata Power Trading Company, it bears testament to its commitment to address the impact of global climate change and achieving the 'zero-emissions' status."

Tata Power Shares Performance & Return: The 52-week high price of Tata Power shares on BSE is Rs 412.75 apiece and 52-week low price is Rs 182.45 apiece, respectively. The company has a market capitalisation of Rs 1,21,854.27 crore. Tata Power shares gained 45% in last 3-months, zoomed 83% in last 1-year, and offered return of 318% in last 3-years. In last 5-years, Tata Power stock gained 466%.

Tata Power Financials: The company for Q3 financial year 2024 announced its net profit at Rs 1076.12 crore, up 2% YoY from Rs 1052.14 in the corresponding quarter of last year. The company's revenue rallied 6.2% to Rs 15,294.13 crore as against Rs 14,401.95 crore in the similar quarter of last fiscal. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) soared 20% to Rs 3,060.55 crore from Rs 2607.61 crore.

Should you buy Tata Power Shares? Brokerage firm CLSA assigned sell rating on Tata Power shares with a target price of Rs 249 apiece. As per CLSA opinion, Tata Power declared a weak Q3 due to net long coal position and weak renewable independent power producer profitability. Key message from Q3 was that Indonesian Coal witnessed a big PAT fall after being a crucial profit driver over the last two years.

About BluSmart: It is India's largest born-electric, full-stack and fully integrated EV ride hailing service and EV Charging Infrastructure network. BluSmart is building an integrated energy, infrastructure, mobility & technology business to "Decarbonize Mobility at Scale".

About Tata Power: Tata Power is one of India's leading integrated power companies and a part of Tata Group, India's largest multinational business conglomerate. The company has a diversified portfolio of 14453 MW, spanning across the entire power value chain - from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing. As a pioneer of clean energy transition in India, Tata Power has 5593 MW of clean energy generation, which constitutes 39% of its total capacity.

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