Shares of Tata Power Co. rose over 6% to an all-time high on Monday after its subsidiary made the first-ever installation of an on-ground bifacial modules in eastern India.
Tata Power Renewable Energy Ltd. has successfully commissioned the pioneering 1,040-kilowatt bifacial solar project with Chengmari tea estate in West Bengal, according to an exchange filing.
The on-ground bifacial modules capture sunlight from both sides of the panels, leading to increased energy generation, it said.
Tata Power's stock rose as much as 6.07% during the day to Rs 387.25 apiece on the NSE. It was trading 4.35% higher at Rs 381.65 per share compared to a 1.14% advance in the benchmark Nifty 50 at 12:57 p.m.
The share price has risen 86.79% in the last 12 months. The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 77.53, implying that the stock is overbought.
Eleven out of 21 analysts tracking Tata Power have a 'buy' rating on the stock, three recommend a 'hold' and seven suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 21.5%.
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