Tata Power Soars with Strategic Alliance: Tata Motors Partnership Supercharges EV Charging Stations | Breaking News on Markets

Tata Power Shares Surge Following Collaboration with Tata Motors on EV Charging Stations

Updated: Sep 13, 2024 | 12:17 PM IST

Tata Power shares jumped 2.2% on the BSE, reaching an intraday high of Rs 449.5 per share during Thursday’s trading session. This surge follows an announcement that Tata Power EV Charging Solutions, a subsidiary of Tata Power Renewable Energy, signed an MoU with Tata Motors to establish fast charging stations in metro cities.

Around 11:25 AM, Tata Power shares were up by 1.11% at Rs 444.7 per share, despite the BSE Sensex falling by 33.93 points to 82,928.78.

The MoU outlines the creation of 200 fast-charging stations dedicated to electric commercial vehicles (CV) across major metros including Mumbai, Delhi, Chennai, Bengaluru, and Kolkata. These stations will charge small electric commercial vehicles, offering exclusive tariffs aimed at lowering operating costs and enhancing profitability for users.

The company’s exchange filing indicates that electric CV users will soon have access to nearly 1,000 fast chargers at various locations.

Furthermore, ICICI Securities reaffirmed its ‘Buy’ rating on Tata Power on August 7, with a target price of Rs 500. The brokerage highlights Tata Power’s comprehensive footprint in electricity generation, distribution, solar manufacturing, and utility-scale projects.

Tata Power is also constructing a 4 GW solar cell and module manufacturing facility in Tamil Nadu, expected to bolster supplies for its EPC and utility-scale projects, potentially improving margins.

In a recent filing dated September 9, Tata Power announced the commencement of commercial production from its 2GW solar cell line at the Tirunelveli facility in Tamil Nadu. The company’s solar rooftop and utility-scale EPC order book amounted to Rs 13,000 crore as of June 2024.

Over the past year, Tata Power shares have soared by 67.3%, significantly outperforming the BSE Sensex’s 23% increase during the same period.

Original Story https://www.business-standard.com/markets/news/tata-power-up-as-its-arm-ties-up-with-tata-motors-for-ev-charging-stations-124091300558_1.html
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