Rs 15,885 crore order book: This multibagger power generation company partners with Indian Bank; details inside!
The stock gave multibagger returns of 120 per cent in just 1 year whereas BSE Sensex Index is up by 24 per cent.
Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced its strategic partnership with Indian Bank, a leading public sector bank in India to bolster the adoption of solar rooftop among residential consumers. The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme.
Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to Rs 2 lakh at an annual interest rate of 7 per cent, in compliance with government regulations. With a nominal margin money requirement of 10 per cent and collateral-free financing, homeowners can embark on their solar journey with ease. Furthermore, the tenure for repayment extends up to 10 years, offering flexibility and convenience.
For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing solution that accommodates the diverse needs of homeowners. Eligible applicants can access loans up to Rs 6 Lakh, with a margin money requirement of 20 per cent. Interest rates ranging from 8.4 per cent to 10.8 per cent per annum ensure competitive financing options.
Tata Power Solar Systems Limited (TPSSL), a leader in renewable energy with a proven track record, has partnered with Indian Bank to support the Pradhan Mantri Surya Ghar Muft Bijli Yojana, a government initiative that aims to make solar power more accessible and affordable for homes across India. This collaboration aligns perfectly with the government's goals and TPSSL's vast experience, making a significant impact on widespread solar adoption.
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With a robust order book of Rs 15,885 crore and a total capacity of 3,612 MW (as of December 31, 2023), Tata Power is poised for an electrifying future. Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. The company has a market cap of over Rs 1.3 lakh crore.
Today, shares of Tata Power Ltd surged 0.35 per cent to Rs 429.40 per share with an intraday high of Rs 432.25 and an intraday low of Rs 427.90. The stock gave multibagger returns of 120 per cent in just 1 year whereas BSE Sensex Index is up by 24 per cent. Investors should keep an eye on this Mid-Cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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