Tata Group Company Signs MoU to Develop 2,800 MW Pumped Hydro Storage Projects in Maharashtra; FIIs and DIIs Increased Stake in Q1 FY25!
This agreement is focused on developing 2,800 MW of Pumped Hydro Storage Projects per Maharashtra's PSP policy.
This Tata Group Company is a major player in the generation, transmission, and distribution of electricity, is committed to transitioning to 100 per cent renewable energy sources. The company also manufactures solar roofs and has ambitious plans to install 100,000 EV charging stations by 2025.
As India's largest vertically integrated power company, Tata Power has recently signed a Memorandum of Understanding (MoU) with the Department of Water Resources, Government of Maharashtra, on August 12, 2024. This agreement, which follows the earlier MoU with the Department of Energy, Government of Maharashtra, is aimed at developing 2,800 MW of Pumped Hydro Storage Projects in compliance with the state's Pumped Storage Project (PSP) policy.
On Wednesday, the shares of Tata Power closed at around Rs 405.55 per share on the BSE. The company’s current market capitalization stands at Rs 129587 crore. Additionally, the company’s shares have delivered a return of over 75 per cent in the past 1 year.
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As per the Quarterly Results, in Q1 FY25, Tata Power recorded a revenue of Rs 17294 crore compared to Rs 15213 crore same quarter last year. The operating profit stood at Rs 3062 crore. The net profit stood at Rs 1189 crore compared to a profit of Rs 1141 crore last year same quarter. Looking at the annual performance, the company generated a revenue of Rs 61449 crore in FY24. The operating profit for FY24 was Rs 10735 crore with a net profit of Rs 4280 crore compared to a net profit of Rs 3810 crore in FY23.
Investors must keep this Large-Cap company on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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