In comparison, the S&P BSE Sensex fell 0.7 percent to 59,742. Shares of Tata Group's electric utility [tata power share price]company have risen 21 percent in the last four days. On Tuesday, October 19, 2021, the tata power share price raised Rs. Crossed the previous high of 269.70. By 09:50 a.m., the combined over-the-counter trading volume of about 69 million equity shares on the NSE and BSE had almost doubled.
Tata power share price maintained its Buy rating on the multi-bagger stock with a revised target price of ?316 per share. Tata Power shares have rallied over 175% in a year, whereas the Tata Group stock is up more than 28% in 2022 (year-to-date or YTD) so far.
Tata Power's main focus is on renovation, transmission, and distribution as well as customer focus on solar roofs, solar pumps, microgrids, electric vehicle (EV) charging, energy services, home automation, floating solar, and more. The company is a leader in most of the renewable energy sectors in the country. It is a leader in rooftop solar installations, and solar water pumps and dominates the growing EV charging station market in India. Tata Power has already partnered with Apollo Tires, HPCL, TVS Motors, amã Stays & Trails, and others to set up and enhance the EV charging infrastructure. In the October-December quarter (Q3FY22), Tata Power shares reported an annual 74 percent increase in consolidated net profit due to strong all-around business performance. By all verticals. Extended operations at Odisha DISCOMs, high project execution by Tata Power Solar Systems, and strong performance of all other businesses have resulted in the company's consolidated revenue increasing by 42% to Rs. 11,015 crore. Tata Power's well-defined ESG framework/objectives and implementation are on track. The company's growth focus is on solar / wind generation capacity, controlled power transmission/distribution, and new ESG-positive businesses such as EV charging, solar microgrids, rooftop solar, and solar EPC. Regulated businesses provide steady earnings and cash flow, JPMorgan said in a recent report. The steady improvement in working cash flow is likely to fund the equity need for increased capital expenditures, including value unlocking in non-core and renewal, with potential asset monetization, the brokerage firm said.
Tata Power shares price to trade above the Bollinger Bands at the highest level of their lives on the daily chart. Also, the shares are valued at Rs. Near-term support is available at 268 levels, followed by Rs. 240 - Their 20-day moving average (DMA). He said the rally could be a bit breathless as speed oscillators were losing steam. The 14-day Relative Strength Index (RSI) is in the overbought zone while the Slow Stochastic Indicator indicates bearish. But, the MACD indicator supports a positive trend.
Tata power share price-to-moving average action is also positive, with 20-DMA above 50-DMA and 50-DMA above 100-DMA on the daily chart. Weekly charts also show positive bias.