Tata Power sees uptick in trading, plans 41 MW captive solar plant

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Tata Power sees uptick in trading, plans 41 MW captive solar plant
Credit: © Reuters.

Tata Power (NS: TTPW ) Company's shares experienced a slight uptick on Thursday, rising 1.73% to Rs 264.25 from its previous closing of Rs. 259.75 on the NSE, with the stock opening at Rs 262 apiece.

The company's stock has seen significant fluctuations over the past year, reaching a 52-week high of Rs 276.50 on September 8, 2023, and a low of Rs182.45 on March 28, 2023. Over the past week, the stock has fluctuated between Rs 264.15 and Rs 254.35.

Tata Power boasts a current market cap of Rs 82966.99 crore with promoters holding at 46.86%. Institutions and Non-Institutions hold 24.66% and 28.47% respectively.

In addition to its performance in the stock market, Tata Power is also making strides in renewable energy through its subsidiary, Tata Power Renewable Energy (TPREL). The subsidiary is planning to set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu (NS: TNNP ) for TP Solar's new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu.

The new captive solar project will be commissioned within twelve months from the signing of the Project Development Agreement (PDA). TPREL has established TP Govardhan Creatives, a specialized entity entrusted with the development, operation, and upkeep of this facility for TP Solar. The manufacturing plant is expected to start commercial production of cells and modules by FY 24-25.

This new captive solar plant will expand TPREL’s total capacity to 7,877 MW, which includes 3,720 MW of projects at different stages of implementation and an operational capacity of 4,157 MW, comprising 3,154 MW solar energy and 1,003 MW wind energy.

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