Brokerage Recommends Multibagger Tata Group Stock For Investment, Target Price Rs 261

Leading brokerage DAM Capital has recommended investors to buy the stock of Tata Power Company Ltd with a target price of Rs 261 apiece. If you buy Tata Power at its current market price of Rs 225, it can offer a potential return of up to 16%. The large cap company has a market capitalisation of Rs 72,198.70 crore as of writing the report. Check key takeaways below:

1. Tata Power Company Ltd Stock Outlook

The current market price of Tata Power is Rs 225 apiece with 0.42% intraday gain today. The stock's 52-week high is quoted at Rs 298 apiece and 52-week low is quoted at Rs 190 apiece, respectively.

2. Tata Power Company Ltd Recent Quarterly Result

The company for the quarter ended September 30, 2022 declared a consolidated total income of Rs 14,181 crore, down 3% from last quarter total income of Rs 14,638 crore. It declared a negative net profit after tax at Rs 284 crore in latest quarter.

3. Tata Power Return

The stock has given a return of 166% in last 5-years and 281% in last 3-years.

4. Tata Power Mulls 10,000 MW Clean Energy Capacity

Tata Power plans to have a renewable power portfolio of 10,000 MW in the state (Rajasthan in next five years," according to the company's statement. Participating in the ongoing Invest Rajasthan summit in Jaipur, it stated that it plans to develop up to 8,000 MW of utility scale projects, 1,000 MW of solar rooftop and 1,50,000 solar pumps in next five years in the state, stated a PTI report.

The company reported a strong quarter boosted by high coal prices. Mundra reported a subdued quarter. The Renewables business continues to witness momentum. There is little room for upside after the recent run-up in prices, added the PTI report.

5. About Tata Power

Tata Power is one of India's largest integrated power companies, present across the entire power value chain of conventional & renewable energy, power services, and next-generation customer solutions including solar rooftop, EV charging stations, and home automation.

Formerly known as Tata Electric, Tata Power has pioneered technology adoption in the utility sector with many firsts to its credit including setting up one of India's first hydroelectric power stations in 1915, according to its official website.

Disclaimer

The stock has been picked from the brokerage report of DAM Capital. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.