Despite the fall in Sensex, Tata Power's stock zoomed 5.5 per cent

The stock of Tata Power gained 5.5 per cent. The below-listed factors led to the demand for Tata Power shares.

Today, when the equity market saw corrections, BSE Sensex was down by 566 points. In spite of that, the stock of Tata Power gained 5.5 per cent. The below-listed factors led to the demand for Tata Power shares.  

Tata Power Company has teamed up with Rustomjee Group, which is a real estate developer, to provide end-to-end EV charging solutions to all its residential and commercial projects in Mumbai Metropolitan Region. Tata Power will install devoted charging infrastructure for the residents of Rustomjee in Mumbai. Customers can connect through the Tata Power EZ Charge mobile application for all services along with remote vehicle charging monitoring & e-payments.     

Secondly, the company’s Singapore-based JV i.e. Resurgent Power Ventures has secured a bid to buy the stressed asset of South East UP Power Transmission Company through its resolution process under the Insolvency & Bankruptcy Code. Tata Power commands a 26 per cent stake in the joint venture through its wholly-owned Singapore-based arm, Tata Power International. The contract is part of a stressed asset resolution process, which was initiated through a competitive bidding process.    

Moreover, Tata Power’s 100 per cent subsidiary Tata Power Renewable Energy has commissioned a 300 MW project situated in Dholera (Gujarat). It is India’s largest single-axis solar tracker system. The project will generate 774 MUs annually. Besides this, it will reduce approximately 7,04,340 MT per year of carbon emission.      

Future more, Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power, has commissioned a 160 MW AC solar project located at Jetstar, Rajasthan. While the installation of this is about 6,75,000, monocrystalline PV modules were used and it will produce 387 MUs of energy per year.    

Tata Power Company Ltd, which is a part of Tata Group, is an Indian electric utility company based in Mumbai, India. The core business of the company is to generate, transmit and distribute electricity. On Wednesday, the stock price of Tata Power rallied 6.25 per cent and was trading at Rs 290 around 3 pm.