Tata Power Shares Hit One-Month High On Tata Motors Fast-Charging Deal
The expansion is part of a larger plan to roll out nearly 1,000 fast chargers nationwide.
Shares of Tata Power Co. rose more than 2% to hit one-month high on Friday, after it signed an initial agreement with Tata Motors Ltd. to establish 200 fast-charging stations for electric commercial vehicles, across major metro cities in India.
Under this agreement, Tata Power EV Charging Solutions will install these charging stations in key urban areas, including Mumbai, Delhi, Chennai, Bengaluru, and Kolkata. The initiative aims to enhance the accessibility and convenience of charging infrastructure for electric commercial vehicles, supporting the broader adoption of sustainable mobility solutions.
The new charging network will provide exclusive tariffs for Tata Motors' electric commercial vehicle owners, potentially reducing operating costs and boosting profitability for customers. This expansion is part of a larger plan to roll out nearly 1,000 fast chargers nationwide.
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Shares of Tata Power rose as much as 2.21% to the highest level since Aug. 5, before paring gains to trade 1.86% higher at Rs 448.10 apiece, as of 10:31 a.m. This compares to a 0.09% decline in the NSE Nifty 50.
The stock has risen 69.09% in the last 12 months. Total traded volume so far in the day stood at 0.62 times its 30-day average. The relative strength index was at 60.
Out of 22 analysts tracking the company, 12 maintain a 'buy' rating, one recommends a 'hold' and nine suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 10.2%.
