Tata Power, trading under ₹500, is set to rise 5-6% while investing ₹20,000 crore to boost its renewable energy share to 70% by 2030.
A Tata stock priced under ₹500 has caught the attention of market experts. This stock, which operates in the power sector, is expected to see a rise of 5-6% in the near term. As of the close on August 29, it was trading at ₹430.90.
The stock in question is Tata Power. As one of India’s largest integrated power firms, Tata Power is focusing heavily on expanding its renewable energy capabilities. The company has set an ambitious target of investing ₹20,000 crore in the current financial year (FY2025) to boost its renewable energy initiatives. Tata Power aims to grow its renewable energy portfolio to 70% of its total assets by 2030.
Tata Power Share Price Target 2024
For short-term traders, Tata Power has a target price of ₹450. To mitigate potential risks, it is advisable to set a stop-loss level at ₹415.
Tata Power’s First Quarter Financial Performance
In Q1FY25, Tata Power’s net profit rose to ₹1,189 crore, up over 4% from ₹1,141 crore last year. Revenue grew to ₹17,294 crore from ₹15,213 crore. The company aims to secure a 20% share in the residential rooftop market.
Tata Power Stock Performance and Dividend Overview
Tata Power is part of the BSE 100 index. The stock has seen a robust performance in 2024, with a 30% gain year-to-date and a 74% increase over the past year. Over the last two years, Tata Power shares have surged by 85%.
In terms of long-term returns, Tata Power has been a standout performer, delivering a remarkable 238% return over the past three years and an impressive 675% over five years.
According to information from the BSE website, Tata Power distributed a dividend of ₹2 per share in July 2024, maintaining the same payout as in 2023. In previous years, the company paid dividends of ₹1.75 per share in 2022 and ₹1.55 per share in 2021.
The share price of Tata Power has fluctuated between ₹470.85 and ₹230.75 over the past 52 weeks. The company boasts a market capitalization of ₹1,37,703.16 crore.
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