Tata Power shares are seeing a huge rise today. The company’s share rose six percent to Rs 444.80 on the BSE. It closed at Rs 417.85 in the last session and opened at Rs 422 today. Tata Power’s subsidiary TP Solar has started commercial production at its 2 GW solar cell line manufacturing facility in Tirunelveli, Tamil Nadu. TP Solar is one of the largest cell and module manufacturing companies in the country. It is a subsidiary of Tata Power’s subsidiary Tata Power Renewable Energy. This is the reason why Tata Power shares are seeing a rise today.
The all-time high of Tata Power shares is Rs 470.85. It reached this milestone on August 2. India has set ambitious targets for clean energy. Also, there is an intention to reduce dependence on imports. This is the reason why the production of solar cells in the country is considered important. Tata Power says that the production of solar cells from its plant will reach its peak in the next few months. Tata has a 20 percent share in the solar rooftop and utility-scale segments in the renewable energy market. PM Surya Ghar Yojana is expected to further accelerate this.
Tata Power’s target is to increase its renewable energy from 41 to 70 percent by 2030. Last month, S&P Global Ratings upgraded Tata Power’s credit ratings to ‘BBB-‘ with a positive look. Tata Power has also benefited from the growth of Tata Motors’ EV business. Tata Power has more than 5,500 charging points across the country. The brokerage firm has given a target price of Rs 491 to Tata Power shares, giving them a ‘Buy’ rating.
