This Tata Group Large Cap Stock Gains Close To 2%: Here's Why

Shares of Tata Power in intra-day trade today (June 27, 2022) gained close to 2% to day's high price of Rs. 211.6 per share. In the previous session on Friday, the company's stock closed at Rs. 207.9 apiece.

The marginal gains in the stock are logged after the company's wholly owned subsidiary Tata Power Solar has commissioned India's largest floating solar power project of 101.6MWp in Kerala backwaters.

"Tata Power Solar Systems Limited (Tata Power Solar), a wholly-owned subsidiary of TataPower, has accomplished a remarkable feat by commissioning India's largest floating solar power project in Kayamkulam, Kerala on a 350-acre water body, backwaters area, having an installed capacity of 101.6 Megawatt Peak".

"We are thrilled to commission India's largest floating solar project of 101.6 MWp in Kerala's backwaters. The installation exhibits our determination toward timely project delivery, smooth execution skills, and well-synchronized team effort. This project reinforces Tata Power Solar's commitment to leading India's transition towards a greener future and achieving our collective vision of realizing 500 GW of energy through solar power by 2030." With the completion of this floating solar project, Tata Power Solar stands as the epitome of accomplishing landmark projects in the country that not only reduce carbon emissions but innovatively exhaust the unutilized area atop a water body to generate energy This project is also one of the first by Tata Power Solar to be monitored and tracked by 24x7 CCTVs for added security and malfunction detections. With the commissioning of this project, the company's total utility-scale solar project portfolio touches 9.7GWp", said Mr. Ashish Khanna, President - Renewables, Tata Power.

Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,735 MW. The Company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

The Company had developed the country's first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 4.9 GW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 35% of the overall portfolio, the company is a leader in clean energy generation.

Last the stock of Tata Power at 10:58 am traded higher by 0.38% at Rs. 208.7 per share.