Why Tata Power share price is skyrocketing in FY24 — explained with five reasons

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₹185 apiece level on the NSE at the end of March 2023 and since then it has remained an ideal 'buy on dips' stock for investors. In the last two months, Tata Power's share price has been touching new highs regularly and it has delivered over 80 per cent return to its long-term investors in the current fiscal. Speaking on triggers that are fueling Tata Power shares, Amit Goel, Co-Founder & Chief Global Strategist at Pace 360 said, "Shares of Tata Power Co Ltd have risen 46% since October end, bringing into spotlight what was till recently regarded as a defensive bet from the Tata Group.

The market cap of Tata Power has skyrocketed to almost ₹1.09 lakh crore. Tata Power stock has been booming because the company is getting massive orders regularly. Recently, it has received the Bikaner-Neemrana transmission project to boost renewable energy evacuation in India." Also Read: Tata Steel Q3 update: Crude steel production stood at 5.32 million tons, up 6% Pace 360 expert went on to add that Tata Power currently has a clean energy portfolio of 5.5 GW, which the Company is aiming to take to 20 GW by 2030.

3.7 GW of the capacity is already under construction. The management has given guidance of doubling the revenue, EBITDA, and PAT by FY27 on the back of strong deal flow, capacity additions, and higher profitability from Transmission and distribution assets. Also Read: Gold rate today ₹1500 away from lifetime high.