This Tata Stock Hits New 52-Week High, In 2-Days Gaining Spree; More Steam To Buy?

Tata Power is riding high on the stock market, marking its second consecutive day of gains. As of 1:40 pm, the stock is trading at Rs 273 per share, reflecting a nearly 1% increase. Investors are buoyed by the company's robust performance, with the stock hitting a fresh 52-week high at Rs 275.70.

In the previous trading session, Tata Power opened at Rs 258.45 and closed at Rs 258.15. The day's highest price reached Rs 271.25, while the lowest settled at Rs 258.45. The stock's market capitalization currently stands at Rs 86,513.82 crore.

The trading volume on the Bombay Stock Exchange (BSE) was noteworthy, with 36,14,445 shares changing hands. The open interest stands at a substantial 42,123,375.

Tata Power has made some significant strides in the energy sector recently. The company inked an agreement with the Maharashtra government for the development of two pumped hydro storage projects, boasting a combined capacity of 2,800 MW in the state.

The projects, set to commence by mid-2024, involve a 1,800 MW pumped hydro storage plant (PSP) at Shirawata in Pune district and a 1,000 MW PSP at Bhivpuri in Raigad district. The total capital investment for these projects is estimated at Rs 13,000 crore. Tata Power has earmarked a capex of approximately Rs 60,000 crore until the fiscal year 2027.

The pumped hydro storage projects considered a reliable and efficient method of energy storage, function by pumping water from a lower reservoir to a higher one during times of excess energy. When demand peaks, the stored water powers turbines, generating electricity in an environmentally friendly manner.

The Tata Power stock has witnessed a gain of 32% year-to-date and a 22% growth in the last one year. Over the past three years, Tata Power has seen an extraordinary surge of over 320%, making it a standout performer in the market.

The current spot price of Tata Power is at Rs 273.7 per share, with a bid price of Rs 273.25 per share and an offer price of Rs 273.35 per share. The bid quantity, representing the number of shares buyers are seeking, is 6,750, while the offer quantity, the number of shares sellers are willing to sell, is 3,375.