Why Tata Power shares are skyrocketing — explained

livemint.com:

Stock market today: Tata Power shares have been in continuous uptrend after ushering into the new financial year 2023-24. Tata Power share price bottomed out at around ₹185 apiece levels at the end of March 2023. Since, then it has been climbing new highs on a regular basis.

Tata Power share price today opened upside at ₹281.55 per share on NSE and went on to touch new life-time high of ₹298.60 apiece levels, delivering over 60 per cent return in FY24. According to stock market experts, Tata Power shares are in uptrend on strong order book and expected focus of Indian government on the power infra sector in upcoming budget 2023. They said that Tata Power shares have given breakout at ₹277 per share levels on weekly chart pattern and it is expected to go up to ₹305 to ₹310 apiece levels by end of this week.

They went on to add that the Tata group stock may go up to ₹340 per share levels by end of this month. On fundamentals that are fueling Tata Power shares, Sandeep Pandey, Founder & Director at Basav Capital said, "Tata group company has been attracting new orders on a regular basis. Recently, it has received Bikaner-Neemrana transmission project to boost renewable energy evacuation in India.

There is buzz on Dalal Street that government of India may continue to focus on infrastructure sector, especially railway and power infra segment. Thus, Tata Power shares are getting buying interest of investors on this speculation as well." On why market is expecting infra-focussed budget in 2024, Basav Capital expert added, "After BJP's victory in three states of Hindi belt, market believes that BJP has an advantage in upcoming Lok Sabha elections in 2024. In such a scenario, it is expecting continuation of the government