Tata Power share price jumped 3% to Rs 228.65 today after the company received an order worth Rs 1,744 crore to implement the smart metering project in Chhattisgarh State Power Distribution Company. The estimated time for the completion of the project is about 10 years. Tata Power stock has jumped 4.5% in the past one month and over 80% in the last two years.
“We are pleased to announce that we have won a significant order worth Rs 1,744 crore to implement the Smart metering project in Chhattisgarh State Power Distribution Company Limited. It is a testament to our execution expertise in delivering high value and specialized projects which are aimed at transforming the power distribution domain,” said Praveer Sinha, CEO& MD, Tata Power.
Should you buy, hold or sell Tata Power Stock?
ICICI Direct: Buy – Target: Rs 235 – SL: Rs 215.9
“Tata Power had given a breakout after 6 months of consolidation, in the June series. The recent pullback towards support is giving the opportunity to create fresh long positions as the overall setup remains positive. On the F&O front, long positions remain intact despite the recent pullback. Furthermore, aggressive Put writing is observed in ATM strikes indicating limited downsides. With healthy buying across midcap and small-cap stocks, we expect the stock is likely to move towards |235 levels in the coming sessions. Buy Tata Power July in the range of Rs 222.5-223.5. Target Rs 235 and stop loss at Rs 215.9,” said analysts at ICICI Direct Research.