Shares in action as Tata Power announces Rs 60,000 crore investment, nears 52-week high
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Tata Power Share PriceThe impact of Tata Power’s announcement of investment of Rs 60 thousand crore in the next three years is being seen on the stock market. The company’s share prices have reached near their 52-week high at 9.50 am. The company’s shares were trading at Rs 274.35 with a rise of 1.31 percent i.e. Rs 3.55. In the last 52 weeks, the company’s shares have reached a maximum price of Rs 276.50. However, the company’s shares opened at Rs 275 today. At one point during trading it reached the level of Rs 275.70. Experts believe that the company’s shares can set a new record in the coming days. Let us tell you that Praveer Sinha, Chief Executive Officer and Managing Director of energy sector company Tata Power, said on Tuesday that the company will invest Rs 60,000 crore in the next three years, half of which will be invested in the renewable energy sector. Giving this information while talking to reporters, Praveer Sinha said that the company will not add any new coal based plant during this period. Currently, the total market cap of the company, according to Tata.com, is Rs 86513.82 crore.
The company will invest Rs 15 thousand crore this year
Praveer Sinha said that Tata Power is investing Rs 15,000 crore in the financial year 2023-24, which will increase to about Rs 20,000 crore in the financial year 2024-25. It is estimated to be Rs 22,000 crore in the financial year 2025-26 and Rs 23,000 crore in 2026-27. Thus, the total capital expenditure of Tata Power in the next three financial years will be more than Rs 60,000 crore. He said that along with the previous announcement of setting up two hydro-power pumped storage projects (PSPs) of 2,800 MW each with an investment of Rs 13,000 crore, the company has also identified three more such projects with a capacity of 9,000 MW each. These projects are present in Potalpali, Kataldhara and Nenavali in Raigarh district of Maharashtra. Along with this, the company has not entered into any purchase agreement for the electricity generated from two PSPs located at Bhivpuri and Shirvata. He also indicated to connect these projects with solar and wind energy capacity.
TCS will buy back shares from December 1
The country’s leading information technology company Tata Consultancy Services (TCS)’s share buyback program worth Rs 17,000 crore will start from December 1. In the information given to the stock market on Tuesday, TCS said that in the share buyback which will run till December 7, investors will be able to sell their shares to the company at the rate of Rs 4,150 per share. The leading information technology company aims to buyback up to 4.09 crore shares (1.12 per cent of total share capital). For small shareholders investing less than Rs 2 lakh, the eligibility ratio has been fixed at one share for every six shares held on November 25. The eligibility ratio for other eligible shareholders has been set at two shares for every 209 shares. TCS said that the company believes that the share buyback is not likely to have any impact on the company’s profit or earnings other than reduction in the amount available for investment.
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