Tata Power Co rose 2.02% to Rs 235.05 after foreign research firm reportedly maintained an equal-weight rating on the stock and raised its target price to Rs 228 per share.
According to media reports, the research firm said that the key catalyst to watch is the valuation ascribed to green businesses and terms being agreed upon for Mundra resolution.On a consolidated basis, Tata Power's net profit soared 73.3% to Rs 551.89 crore on 43.6% jump in net sales to Rs 10,913.14 crore in Q3 December 2021 over Q3 December 2020.
Consolidated PAT improved on the back of strong all-round business performance by all verticals while revenue witnessed a robust growth on account of expanded operation in Odisha DISCOMs, higher project execution by Tata Power Solar Systems (TPSSL) and strong performance of all other businesses.
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 13,171 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, coal & freight, logistics, and trading.
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