Tata Power shares have been in continuous uptrend after ushering into the new financial year 2023-24. Tata Power share price bottomed out at around ₹185 apiece levels at the end of March 2023. Since, then it has been climbing new highs on a regular basis. Tata Power share price today opened upside at ₹281.55 per share on NSE and went on to touch new life-time high of ₹298.60 apiece levels, delivering over 60 per cent return in FY24.
According to stock market experts, Tata Power shares are in uptrend on strong order book and expected focus of Indian government on the power infra sector in upcoming budget 2023. They said that Tata Power shares have given breakout at ₹277 per share levels on weekly chart pattern and it is expected to go up to ₹305 to ₹310 apiece levels by end of this week. They went on to add that the Tata group stock may go up to ₹340 per share levels by end of this month.
On fundamentals that are fueling Tata Power shares, Sandeep Pandey, Founder & Director at Basav Capital said, “Tata group company has been attracting new orders on a regular basis. Recently, it has received Bikaner-Neemrana transmission project to boost renewable energy evacuation in India. There is buzz on Dalal Street that government of India may continue to focus on infrastructure sector, especially railway and power infra segment. Thus, Tata Power shares are getting buying interest of investors on this speculation as well.”
On why market is expecting infra-focussed budget in 2024, Basav Capital expert added, “After BJP’s victory in three states of Hindi belt, market believes that BJP has an advantage in upcoming Lok Sabha elections in 2024. In such a scenario, it is expecting continuation of the government policies, in case Modi government gets another five year mandate. Thus, market has a feeling that government of India may continue to focus on infrastructure sector that will benefit power, railways, roadways and banking segment and this may reflect in upcoming union budget 2024.”
Tata Power share price target
Speaking on Tata Power share price chart, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, “Tata Power shares are looking positive on weekly and monthly chart pattern. It has given breakout at ₹277 apiece levels. So, those who have this stock in their portfolio, they are advised to maintain stop loss at ₹275 per share levels. By end of this week, Tata Power shares are expected to go up to ₹305 to ₹310 per share levels. By end of this month, Tata Power shares may touch ₹330 to ₹340 levels.”
On advise to fresh investors, Anand Rathi expert said, “One can buy Tata Power shares in ₹290 to ₹295 zone maintaining stop loss at ₹275 for same weekly target of ₹305 to ₹310 and monthly target of ₹330 to ₹340 apiece levels.”
Tata Power news
In the beginning of this month, Tata Power won the bid to acquire Bikaner-III Neemrana-II Transmission Limited, a project special purpose vehicle (SPV) set up by PFC Consulting Limited, a subsidiary of Power Finance Corporation. The company received the letter of intent (LOI) after emerging as a successful bidder in the Tariff-Based Competitive Bidding (TBCB) process, as per the guidelines issued by the Union Ministry of Power.
The transmission project, which will be developed on a Build-Own-Operate-Transfer (BOOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan. The project entails the establishment of around 340 kms transmission corridor from Bikaner-III pooling station to Neemrana II substation.
