• 15/08/2022 9:31 pm

Shares of Tata Power jumped almost 9 percent in morning trade on BSE on August 20, a day after the company, in a BSE release, exhibited its current business structure along with plans to achieve the aim of becoming one of the top 2 energy companies in India in the future.

The company, as per the BSE filing, plans to expand distribution footprint nationally, leverage technology to expand rooftop solar and solar pumps and create innovative, low carbon solutions for customers through ESCO, home automation and EV charging.

However, global brokerage firm Jefferies, in its fresh report, has maintained ‘underperform’ view on Tata Power, with a target price of Rs 40.

Jefferies said, as per CNBC-TV18, that the recent rally in the stock factors in the positives of debt reduction but underestimates downside on lower returns on incremental CAPEX.

Jefferies highlighted that the company’s management believes portfolio revenue may rise 3.6 times to Rs 900 crore FY25E on current and incremental wins.

Besides, the management is targetting consolidated renewables energy revenue to jump to Rs 23,000 crore by FY25E.

The upside risk is a positive Mundra resolution, Jefferies said.

The stock traded 7.93 percent up at Rs 61.25 on BSE at 10:15 hours.

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