Today's stock market: Tata Power shares have been steadily rising since the start of the fiscal year 2023-24. Tata Power's share price peaked around 185 per share at the end of March 2023. Since then, it has consistently reached new highs. Tata Power's share price today began at 281.55 per share on the NSE and went on to reach a new all-time high of 298.60 per share, marking a more than 60% return in FY24.
According to stock market experts, Tata Power shares are on the rise due to a high order book and the Indian government's planned focus on the power infrastructure sector in the next budget 2023. They stated that Tata Power shares have broken out at 277 per share levels on a weekly chart pattern and are projected to rise to 305 to 310 per share levels by the end of this week. They went on to say that the Tata group stock could reach 340 per share by the end of this month.
Sandeep Pandey, Founder & Director at Basav Capital, commented on the fundamentals driving Tata Power shares, saying, "Tata group company has been attracting new orders on a regular basis." It has received the Bikaner-Neemrana transmission project to help with renewable energy evacuation in India. According to Dalal Street, the government of India may continue to prioritize infrastructure, particularly railway and electrical infrastructure. As a result, investors are interested in buying Tata Power shares on this supposition."
"After the BJP's victory in three states of the Hindi belt, the market believes that the BJP has an advantage in the upcoming Lok Sabha elections in 2024," Basav Capital expert remarked. In such a circumstance, it is expected that government policies will be maintained if the Modi government is given another five-year term. Thus, in such a scenario, the Indian government may continue to focus on infrastructure, which will assist power, trains, roadways, and the banking industry."
Share Price Target for Tata Power
Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi, commented on the Tata Power share price chart, saying, "Tata Power shares are looking positive on weekly and monthly chart patterns." It has broken out at 277 apiece levels. Those with this stock in their portfolio are advised to keep their stop loss at 275 per share levels. Tata Power shares are projected to rise to 305 to 310 per share by the end of this week. Tata Power shares may reach 330 to 340 by the end of this month."
Anand Rathi expert advised new investors, "One can buy Tata Power shares in the 290 to 295 zone with a stop loss at 275 for the same weekly target of 305 to 310 and monthly target of 330 to 340 apiece levels."
News from Tata Power
Tata Power won the auction to acquire Bikaner-III Neemrana-II Transmission Limited, a project special purpose vehicle (SPV) established by PFC Consulting Limited, a subsidiary of Power Finance Corporation, earlier this month. According to the instructions released by the Union Ministry of Power, the company earned the letter of intent (LOI) after emerging as a successful bidder in the Tariff-Based Competitive Bidding (TBCB) procedure.
The transmission project, which will be built on a Build-Own-Operate-Transfer (BOOT) model, will allow the evacuation of 7.7 GW of renewable energy from Rajasthan's Bikaner Complex. The project comprises the construction of a 340-kilometer transmission route from the Bikaner-III pooling station to the Neemrana II substation.
