Tata Power Shares Soar By 5% To Hit 52-Week High Amid High Volume

Shares of Tata Power surged over 5% to hit a 52-week high of Rs 276.5 in Friday’s trading session amid heavy volumes on National Stock Exchange (NSE). Around 3,93,98,104 equity shares worth Rs 1,068.2 crore changed hands till 1 pm IST, on September 8.

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Some media reports suggest that nearly 52.5 lakh Tata Power shares were sold via block deal on NSE. Although, buyers and sellers in the deal are unknown.

As per stock exchange data available, around 46.86% of the company's shareholding is with the promoter and promoter group, and 53.14% with the public. The stock has surged nearly 30% in the last one year. It has also delivered multibagger returns to its investors as it rallied over 400% in the last three years.

In Q1 FY24, Tata Power reported a 22.4 per cent year-on-year (YoY) rise in consolidated net profit to Rs 972.49 crore. Consolidated revenue from operations grew nearly 5% YoY to Rs 15,213.29 crore.

It also reported a 4.95 per cent YoY increase in its revenue from operations at Rs 15,213 crore. The operating profit margins expanded by 600 basis points on year to 18 percent.

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The average target price of the stock is Rs 221, a downside of 19% from the current market prices, according to data by Trendlyne, as quoted by The Economic Times.