Tata Power shares jumped 1.8% to an intra-day high of Rs 491.20 after the company signed a MoU with Rajasthan Government for an investment plan of Rs 1.2 lakh crore in power distribution, transmission and renewables.
“The MoU will have a transformative socio-economic impact, creating over 28,000 direct jobs in the state. Tata Power will strengthen the growth of local industries in areas such as solar manufacturing, infrastructure development, and renewable energy innovations. In addition, the large-scale integration of renewables will lower energy costs for industries and consumers, making Rajasthan an attractive destination for green investments and sustainable industrial development,” said the company in an exchange filing.
Along with Tata Power, Reliance Power has also been rising. The stock of the company was stuck in the upper circuit at Rs 51.09, touching a fresh 52-week high. Reliance Power has been hitting the upper circuit for the last twelve days.
Apart from these, JP Power has also been rising. Jai Prakash Ventures or JP Power’s stock was also locked in the upper circuit. The stock’s 52-week high is at Rs 24, which it touched on February 12, 2024.
Nifty Vs Power Stocks
All three stocks have beaten the benchmark indices in the past five days. The Nifty 50 has fallen 0.43% in the last five days while Tata Power has risen 3.5%, Reliance Power 23.26%, and JP Power 7.6% in the same period.
| Time Frame | Nifty 50 | Reliance Power | Tata Power |
| 1-month | 2% | 70% | 12% |
| 6-month | 14.75% | 77% | 19% |
| Year-to-Date | 18.5% | 113% | 46.5% |
| 1-year | 32% | 165% | 83% |
The overall gains of the Energy Index are around 62% in the last 1 year compared to Nifty gains at 32% in the same period.