Tata Power Shares are in the Spotlight Today

Tata Power Co Ltd shares are under pressure today after the Tata Group firm announced that it has won a bid to acquire the Bikaner-III Neemrana-II Transmission renewable energy project for about Rs 1,544 crore. On Friday, the stock closed 2.91% higher at Rs 275.75. 

Tata Power shares rose 3.93% in the morning session to a 52-week high of Rs 278.50. In the last six months, the Tata Group stock has increased by 28.11%. Tata Power's stock has increased 22.45% in a year and 30.22% this year. With a beta of 0.3, the stock has witnessed relatively little volatility in a year.

In terms of technicals, the stock's relative strength index (RSI) is 67.6, indicating that it is neither overbought nor oversold on technical charts. Tata Power is trading above the 5 day, 20 day, 30 day, 50 day, 100 day, and 200 day moving averages. On the BSE, 38.45 lakh shares of the company changed hands, resulting in a turnover of Rs 105.85 crore. The company's market capitalization increased to Rs 88,111 crore.

PFC Consulting Limited, a subsidiary of Power Finance Corporation, established the energy project as a special purpose vehicle (SPV). A special purpose vehicle (SPV), sometimes known as a special purpose entity (SPE), is a subsidiary established by a parent business to mitigate financial risks.

The transmission project, which will be built on a Build-Own-Operate-Transfer (BOOT) basis, is expected to ease the evacuation of 7.7 gigatonnes (GW) of renewable energy from Rajasthan's Bikaner Complex. "The project entails the establishment of a 340 kilometers transmission corridor from Bikaner-III pooling station to Neemrana II substation," the business stated in an exchange filing.