Tata Power Company Ltd Share Price – NSE /  BSE

Power Generation & Distribution, Mid Cap

S&P Global stated that it now expects Tata Power to be strategically important to Tata Sons. The change in assessment reflects the greater operational integration and cohesiveness within the Tata group in recent years.

In our view, this greater operational integration increases the longer-term commitment of Tata Sons to group entities as well as the incentive to provide support,” the credit rating agency said.

Tata Power's integration within the group has strengthened in particular from the execution of energy transition strategies by various group companies and Tata Motors' growth in the electric vehicle (EV) business. These strategies include setting up of solar power plants for Tata Motors, Tata Steel, Tata Electronics, among others.

Tata Power also assists with setting up the charging infrastructure to support Tata Motors' EV business and joint bidding with Tata Motors for commercial EV projects.

Our assessment does not presume Tata Sons will step in with extraordinary support for deleveraging or rating preservation. But we believe it will provide strong support in the event of credit stress, based on precedents. Tata Power also benefits from being part of the Tata group, particularly via enhanced funding access,” the credit rating agency added.

Tata Power is an India-based integrated power company with generation, distribution, and transmission businesses. The company has generation capacity of close to 14.7 GW, with a mix of thermal (including Mundra plant's 4.2 GW coal-fired capacity), hydro, wind, and solar power. It also holds minority stakes in Indonesian coal mines.

The scrip rose 0.50% to currently trade at Rs 424.30 on the BSE.

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The domestic equity benchmarks ended with robust gains on Wednesday, snapping a three-day declining streak. The Nifty settled near the 24,300 level. All the sectoral indices on NSE ended in the green with oil & gas, metal and media shares gaining the most.

As per provisional closing, the barometer index, the S&P BSE Sensex, was up 874.94 points or 1.11% to 79,468.01. The Nifty 50 index gained 304.95 points or 1.27% to 24,297.50.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index jumped 2.63% and the S&P BSE Small-Cap index gained 2.39%.

The market breadth was strong. On the BSE, 2,988 shares rose and 945 shares fell. A total of 98 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 13.72% to 16.17.

IPO Update :

The initial public offer (IPO) of Brainbees Solutions received 1,24,09,504 bids for shares as against 4,96,39,004 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (06 August 2024). The issue was subscribed 0.25 times.

The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 440 to Rs 465 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

The initial public offer (IPO) of Unicommerce eSolutions received 12,66,99,042 bids for shares as against 1,40,84,681 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (06 August 2024). The issue was subscribed 9 times.

The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Oil & Gas index gained 3.06% to 12,973.85. The index tumbled 5.16% in the past three trading sessions.

Oil India (up 8.52%), Oil & Natural Gas Corpn (up 7.84%), Castrol India (up 5.79%), GAIL (India) (up 4.73%) and Indian Oil Corporation (up 3.17%), Bharat Petroleum Corporation (up 2.73%), Hindustan Petroleum Corporation (up 2.73%), Mahanagar Gas (up 2.63%), Indraprastha Gas (up 2.33%) and Petronet LNG (up 2.2%) advanced.

On the other hand, Gujarat State Petronet (down 1.12%), Gujarat Gas (down 1.05%) and Aegis Logistics (down 0.2%) edged lower.

Stocks in Spotlight:

Tata Power Company declined 1.37% after the company’s consolidated net profit decreased marginally to Rs 970.91 crore in Q1 FY25 as compared with Rs 972.49 crore in Q1 FY24. Revenue from operations grew 13.67% to Rs 17,293.62 crore during the first quarter as compared with Rs 15,213.29 crore in the corresponding quarter last year.

Lupin rallied 4.69% after the company’s consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter.

Gland Pharma slipped 4% after the company’s consolidated net profit declined 25.94% to Rs 143.76 crore in Q1 FY25 as compared with Rs 194.10 crore in Q1 FY24. Revenue from operations jumped 15.97% YoY to Rs 1,401.70 crore in Q1 FY25.

Bata India fell 3.61%. The company’s consolidated net profit surged 62.84% to Rs 174.06 crore in Q1 FY25 as against Rs 106.89 crore posted in Q1 FY24. However, revenue from operations declined 1.41% year on year (YoY) to Rs 944.63 crore in the quarter ended 30 June 2024.

Gulf Oil Lubricants India surged 6.17% after the company’s consolidated net profit jumped 28.89% to Rs 88.02 crore in Q1 FY25 as compared with Rs 68.29 crore posted in corresponding quarter last year. Revenue from operations increased 9.04% YoY to Rs 885.07 crore during the quarter.

PI Industries gained 3.82% after the pesticides maker registered 17.21% increase in consolidated net profit to Rs 448.8 crore on 8.3% rise in revenue to Rs 2,068.9 crore in Q1 FY25 as compared with Q1 FY24.

Pidilite Industries added 3.20% after the company’s consolidated net profit jumped 21% to Rs 571.27 crore during the quarter as compared with Rs 473.69 crore posted in corresponding quarter last year. Revenue from operations increased 3.67% YoY to Rs 3,395.35 crore during the quarter.

Cummins India jumped 6.17% after the company’s standalone net profit increased 33% to 419.8 crore on 4.02% rise in revenue from operations to Rs 2,262.03 crore in Q1 FY25 over Q1 FY24.

Alembic Pharmaceuticals advanced 2.74% after the company received final approval from the US Food & Drug Administration (US FDA) for its abbreviated new drug application (ANDA) Acitretin Capsules.

Global Markets:

European and Asian stocks advanced on Wednesday, recovering from sharp losses earlier in the week.

Japan's markets surged following encouraging comments on interest rates from the Bank of Japan. However, lingering concerns about a global economic slowdown tempered overall sentiment.

Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Wednesday the central bank won't raise interest rates when financial markets are unstable.

Regional markets drew support from a strong Wall Street close, though the U.S. recovery remained fragile after Monday's steep decline. Recent comments from Federal Reserve officials alleviated immediate recession fears, boosting investor confidence. The S&P 500 and Nasdaq rallied 1% on Tuesday, erasing some of the previous day's losses.

The Fed has indicated that interest rate cuts might be necessary to prevent a recession, indicating a cautious outlook. The Dow Jones Industrial Average gained 294.39 points to close at 38,997.66, while the S&P 500 rose 53.7 points to 5,240.03. The Nasdaq Composite added 166.77 points, ending at 16,366.86.

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The key equity indices continued to trade with substantial gains in afternoon trade. The Nifty traded above the 24,200 level. All the sectoral indices on NSE were in the green with oil & gas, media and metal shares gaining the most.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 572.62 points or 0.73% to 79,165.75. The Nifty 50 index gained 220.45 points or 0.92% to 24,213.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 1.91% and the S&P BSE Small-Cap index gained 1.80%.

The market breadth was strong. On the BSE, 2,834 shares rose and 1,016 shares fell. A total of 119 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 9.97% to 16.87.

Gainers & Losers:

Oil & Natural Gas Corporation (up 7.48%), Coal India (up 5.85%), Bajaj Auto (up 2.94%), Bharat Petroleum Corporation (up 2.78%) and Power Grid Corporation of India (up 2.77%) were major Nifty gainers.

IndusInd Bank (down 2.57%), Asian Paints (down 0.43%), Kotak Mahindra Bank (down 0.27%), Titan Company (down 0.15%) and Eicher Motors (down 0.15%) were major Nifty losers.

Stocks in Spotlight:

Tata Power Company declined 1.97% after the company’s consolidated net profit decreased marginally to Rs 970.91 crore in Q1 FY25 as compared with Rs 972.49 crore in Q1 FY24. Revenue from operations grew 13.67% to Rs 17,293.62 crore during the first quarter as compared with Rs 15,213.29 crore in the corresponding quarter last year.

Lupin rallied 4.80% after the company’s consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter.

Gulf Oil Lubricants India surged 7.40% after the company’s consolidated net profit jumped 28.89% to Rs 88.02 crore in Q1 FY25 as compared with Rs 68.29 crore posted in corresponding quarter last year. Revenue from operations increased 9.04% YoY to Rs 885.07 crore during the quarter.

Gland Pharma slipped 3.79% after the company’s consolidated net profit declined 25.94% to Rs 143.76 crore in Q1 FY25 as compared with Rs 194.10 crore in Q1 FY24. Revenue from operations jumped 15.97% YoY to Rs 1,401.70 crore in Q1 FY25.

Bata India fell 3.08%. The company’s consolidated net profit surged 62.84% to Rs 174.06 crore in Q1 FY25 as against Rs 106.89 crore posted in Q1 FY24. However, revenue from operations declined 1.41% year on year (YoY) to Rs 944.63 crore in the quarter ended 30 June 2024.

PI Industries gained 3.44% after the pesticides maker registered 17.21% increase in consolidated net profit to Rs 448.8 crore on 8.3% rise in revenue to Rs 2,068.9 crore in Q1 FY25 as compared with Q1 FY24.

Fusion Micro Finance was locked in 20% lower circuit after the company reported a net loss of Rs 35.62 crore in Q1 FY25 as compared with a net profit of Rs 120.46 crore in Q1 FY24. Total income increased by 27.84% year-over-year (YoY) to Rs 706.68 crore during the quarter.

Global Markets:

European and Asian stocks advanced on Wednesday, recovering from sharp losses earlier in the week.

Japan's markets surged following encouraging comments on interest rates from the Bank of Japan. However, lingering concerns about a global economic slowdown tempered overall sentiment.

Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Wednesday the central bank won't raise interest rates when financial markets are unstable.

Regional markets drew support from a strong Wall Street close, though the U.S. recovery remained fragile after Monday's steep decline. Recent comments from Federal Reserve officials alleviated immediate recession fears, boosting investor confidence. The S&P 500 and Nasdaq rallied 1% on Tuesday, erasing some of the previous day's losses.

The Fed has indicated that interest rate cuts might be necessary to prevent a recession, indicating a cautious outlook. The Dow Jones Industrial Average gained 294.39 points to close at 38,997.66, while the S&P 500 rose 53.7 points to 5,240.03. The Nasdaq Composite added 166.77 points, ending at 16,366.86.

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Revenue from operations grew 13.67% to Rs 17,293.62 crore during the first quarter as compared with Rs 15,213.29 crore in the corresponding quarter last year.

Profit before tax (PBT) stood at Rs 1,490.34 crore in June 2024 quarter as against Rs 1,475.55 crore in similar period a year ago.

EBITDA stood at Rs 3,350 crore, registering the growth of 11% as compared with Rs 3,005 crore posted in June 2023 quarter.

The company has a clean and green installed capacity of 6.1 GW as of Q1FY25, accounting for 41% of the capacity, with another 5.3 GW under execution. The combined order pipeline for utility-scale EPC and solar rooftop, including group captive, is around Rs 15,500 crore. Tata Power is well poised to garner ~20% market share in the residential rooftop segment on the back of its new solar manufacturing facility and strong pan-India channel partner network.

“The company reported its highest ever and 19th consecutive quarter of PAT growth on the back of strong operational performance and execution excellence across all its businesses of generation, transmission & distribution, and renewables. Tata Power is well poised to garner ~20% market share in the residential rooftop segment on the back of its new solar manufacturing facility and strong pan-India channel partner network,” Tata Power stated in regulatory filing.

Praveer Sinha, CEO and managing director, Tata Power, said, “All our businesses have grown profitably on the back of operational efficiency, execution excellence, and sustained business momentum. With our pan-India campaign, ‘Ghar Ghar Solar Tata Power Ke Sang’, we are powering solar adoption in the country via solar panels manufactured in our newly built 4.3 GW solar module and cell plant in Tamil Nadu.

We have also made significant strides towards advancing sustainable mobility solutions, becoming the first EV charging solutions provider to surpass the installation of 1 lakh home EV chargers. We also have a growing pan-India network of over 5600 public / captive chargers.

Our planned capex for this financial year is Rs 20,000 crore. We are committed to adopting and leading the new and emerging clean energy technologies, including pumped hydro projects, hydropower project in Bhutan, and opportunities to develop small modular nuclear reactors as Government policy evolves.

Meanwhile, the company has proposed acquisition of 40% equity stake in Khorlochhu Hydro Power (KHPL) for Rs 830 crore in one or more tranches for which share purchase agreement would also be executed between the company, existing shareholder of KHPL and KHPL. The objective of acquisition is development of the 600 MW Khorlochhu Hydropower Project in Bhutan with an investment of Rs 6,900 crore. This project will support Tata Power to accelerate its clean and green energy transition.

Tata Power Company is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14,453 MW. The company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

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