Tata Power
Tata Power shares hit new record high following Morgan Stanley upgrade
Mumbai/IBNS: Shares of Tata Power Company surged to a new all-time high of Rs 494.85 on the NSE after Morgan Stanley upgraded its rating on the stock from 'underweight' to 'overweight.'
The global brokerage also raised its price target for Tata Power shares to Rs 577, indicating a potential 1 percent increase from the previous closing price.
Morgan Stanley analysts cited Tata Power's effective mix of stable, regulated businesses and market-driven ventures, including its green energy platform, transmission projects, and pumped hydro initiatives.
This diversified strategy is expected to fuel earnings growth while maintaining a strong return on capital employed (excluding the Mundra project) and keeping debt levels in check.
The brokerage also noted the quality of Tata Power's projected growth, especially from its green energy platform, which it sees as a significant improvement over its historical performance.
As of 10:48 am on Friday (Sept. 27), Tata Power shares were trading over 3 percent higher at Rs 490.60 on the NSE.
Year-to-date, the stock has risen by 48 percent, outperforming the benchmark Nifty's 18 percent gain.
Over the past year, Tata Power shares have jumped 88 percent, compared to Nifty’s 30 percent rise during the same period.
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