Tata Power shares jumped more than 4% in morning trade after global brokerage firm Nomura initiated coverage on the company with a ‘Buy’ rating.
Nomura set a price target of Rs 560 for Tata Power, indicating a potential gain of more than 27% from Monday’s closing price.
Nomura suggests that Tata Power’s EBITDA will rise at a robust 16% compound annual growth rate (CAGR) between FY24 and FY27. Tata Power’s commitment to growing its clean energy portfolio is evident in the doubling of its renewable energy capacity, which will play a major role in powering this development.
Tata Power shares opened at ₹441.60, reaching a day high of ₹460.95 during trading. The stock is currently positioned below its 52-week high of ₹494.85, highlighting ongoing fluctuations in the energy sector.
As of 11:03 am, Tata Power shares were trading 4.15% higher at Rs 459.60 on the NSE.
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