Tata Power Shares: Anand Rathi sees upward trend of more than 38% in 3-6 months | Daily News Byte

The brokerage has a buy rating on Tata Power shares, implying a potential upside of 38% from the stock’s current levels. “Target for the breakout level comes around ₹320 But we also see flag breaking on a larger time frame. Therefore, we advise traders to go long in the stock at the level of ₹252 – 242 with stop loss of ₹200 for the upside target ₹340 in 3 – 6 months,” advises Anand Rathi.

Tata Power is India’s largest integrated energy company with international expansion. The main business of the company is the generation, transmission and distribution of electricity. It is also one of the largest renewable energy players in India with a clean energy portfolio of 30%.

The company recently announced the consolidation of its entire green (RE) business under its subsidiary Tata Power Renewable Energy (TPREL), and a binding agreement with BlackRock Group, concluding a long-awaited divestment of its stake in the renewables business.

Tata Group said in a statement that the first round of fundraising is expected to be completed by June 2022 and the remaining funds will be utilized by the end of the current calendar year.

The new structure will house Tata Power’s entire renewable energy business including solar and wind assets, solar cell and module manufacturing, engineering, procurement and construction, rooftop solar, solar pumps, energy storage and vehicle charging infrastructure.

The views and recommendations stated above are those of individual analysts or brokerage firms, and not those of Mint.