Business | Stock Markets | Investing | Economy | Tech | Crypto | India | World | News at Moneynomical

Tata Power sets sights on clean energy growth, becomes 6th Tata Group member in ₹1 Lakh crore M-Cap club


Tata Power reached a major milestone recently by becoming the sixth Tata group company to attain a market capitalization of over ₹1 lakh crore. The integrated power utility has charted an ambitious growth path that propelled its stock price 7% higher to ₹315 on December 7th, taking its m-cap across the 10,000 crore mark.

Tata Power shares have surged over 50% so far in 2023, building on a 72.7% rally from March 2023 lows. Analysts note this performance is led by positive outlook from the company’s recent analyst meeting, where it outlined targets for 2027:

  • Doubling FY23 revenue, EBITDA and net profit
  • Increasing clean/green EBITDA share from 70% to 79%
  • ₹60,000 crore capex until 2027, with 45% for renewables
  • Pumped hydro storage projects of 2.8GW for 24/7 renewable power

The company currently has 5.5GW renewable capacity and plans to have 20GW by 2030. Tata Power also aims to tap high-margin opportunities in group captive renewables, exit non-core businesses and expand its transmission footprint.

JM Financial upgraded Tata Power to a “Buy” rating with ₹350 target price on its recalibrated strategy and resolution of previous issues. The brokerage sees potential for accelerated growth and upside for the stock.

With its strong performance and strategy signaling promising prospects ahead, Tata Power has etched its name on an elite list of Indian firms valued at over ₹1 lakh crore m-cap.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More