Tata Power Shares Hit 19-Month High After Transmission Project Acquisition
The Bikaner-Neemrana power transmission project cost is estimated to be Rs 1,544 crore, and contract period is 35 years.
![<div class="paragraphs"><p>Tata Power Company. (Source: Company website)</p></div>](https://media.assettype.com/bloombergquint%2F2023-11%2Fd60a5785-5ff0-408d-b95f-c6d5aa8e0cf0%2FTata_Power_Company_Ltd___Source_Company_website_.png?rect=0%2C15%2C618%2C348&auto=format%2Ccompress&w=200)
Tata Power Co. shares rose to a 19-month high on Monday after it won the bid to acquire the Bikaner-Neemrana power transmission project from the Rajasthan government.
The project cost is estimated to be Rs 1,544 crore, and contract period is 35 years, according to an exchange filing.
![Tata Power Shares Hit 19-Month High After Transmission Project Acquisition](https://media.assettype.com/bloombergquint%2F2023-12%2Fba62177d-7324-4f5b-a70f-e3380bff31b4%2FTATAPOWER__1_.png?auto=format%2Ccompress)
Shares of the company rose as much as 3.62%, the most since April 12, 2022, before paring gains to trade 2.19% higher at 10:40 a.m. This compares to a 1.31% advance in the NSE Nifty 50.
The stock has risen 35.6% year-to-date. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 70.96, which implied the stock is overbought.
Of the 20 analysts tracking the company, nine maintain a 'buy' rating, four recommend a 'hold', and seven suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 12.1%.