Tata Power shares gain after company wins Rs 1,744-crore project

On the BSE, Tata Power shares increased 3.15% to Rs 228.65. The Tata Group stock began higher at Rs 225, up from the previous finish on the BSE of Rs 221.65.

*Shares of Tata Power Ltd gained over 3% today after the Tata Group firm said it won a smart metering project worth Rs 1,744 crore in Chhattisgarh.*

INTRODUCTION

Chhattisgarh State Power Distribution Company Limited (CSPDCL) has won the contract. On the BSE, Tata Power increased 3.15% to Rs 228.65. The Tata Group stock began higher at Rs 225, up from the previous finish on the BSE of Rs 221.65.

The contract was awarded to Chhattisgarh State Power Distribution Company Limited (CSPDCL).

Tata Power rose 3.15% to Rs 228.65 on the BSE. The Tata Group stock opened higher at Rs 225, up from its previous BSE close of Rs 221.65.

In terms of technicals, the stock’s relative strength index (RSI) is 57.9, indicating that it is neither oversold nor overbought.

“The LOA was issued in response to CSPDCL’s tender for three packages for different areas under the Chhattisgarh discom,” the business said.

The project will comprise the design, delivery, installation, and commissioning of smart metres at the consumer and distribution transformer levels, as well as the operation and maintenance of the smart metres.

The project, which will be carried out under the Revamped Distribution Sector Scheme (RDSS), is projected to reduce AT&C losses in the allocated area while increasing revenue collection for CSPDCL.

Tata Power announced a 48% increase in fourth-quarter earnings for fiscal year. In the most recent quarter, net profit increased to Rs 939 crore, up from Rs 632 crore in the same period last year.

The company stated that this would be the 14th consecutive quarter of profit after tax (PAT) increase, and that the Q4 results would be bolstered by excellent performance across all operations.