Tata Power subsidiary launches rooftop solution, stock up 3 per cent

Tata Power Solar, the wholly-owned subsidiary of Tata Power and the largest solar company in India, has launched an extensive rooftop solution in Mumbai. With this solution, customers would be able to save up to Rs 50,000 annually for the next 25 years. The company already holds more than 150 sales and service channel partners throughout the country which offers financing to its consumers.
 
The residential rooftop solution decreases the use of diesel generators, thereby leading to fuel savings. Consumers would be able to benefit and earn from their idle rooftop space. To reduce the expenses of the beneficiaries, the scheme offers government subsidiary. 

The stock of Tata Power witnessed consolidation breakout for four consecutive days and surged more than 3 per cent in today’s session, despite the dicey market conditions. The stock was trading with lower tops and lower bottoms since May 2018 and formed a reversal Doji at its 52-week low level of Rs 66.65 on July 23. It bounced back up to Rs 74.90, but hit a double top and tumbled yet again up to Rs 67 where it hit a double bottom. Thereafter, the stock bounced back and breached its two major resistances at Rs 74.90 and Rs 77.25. The stock witnessed a pullback of up to 50 per cent retracement of the prior upward rally, followed by a bounce-back in today’s trading with rising volumes and the 14-period RSI positive crossover.