Stock Market update: Tata Power shares up by almost 1% as the company commissions 100 MW Solar project in UP

The shares of Indian electric company Tata Power Ltd were up by almost 1% today in early trade.

The share price of Indian electric utility company Tata Power Limited were up by almost 1% today in early trade as the company commissions 100 MW Solar project in UP. Today’s trade opened with Rs. 250 per share and representing an increase of 0.87% marking today’s high of shares.

Earlier on Monday, the electric utility company announced that its fully owned subsidiary company Tata Power Renewable Energy Ltd (TPREL) had commissioned two solar power projects of 50 MW each at Prayagraj and Banda in Uttar Pradesh and TPREL and Uttar Pradesh Power Corporation Ltd already signed the Power Purchase Agreement (PPA) for the two solar projects.

“The landmark projects have been completed by TPREL within the agreed timelines inspite of Covid challenges. The plants are expected to generate more than 221.26 million units annually,” Tata Power said in the released statement.

“It said that approximately 1,59,600 modules were used in the project at Prayagraj and the installation is expected to reduce 91,137 lakh tons of carbon emission every year. Similarly, at Banda, 1,67,440 modules were used over 236 acres of land, with 16 invertors using 3,35,000 man-hours. The plants at Prayagraj and Banda are expected to reduce 1,77,037 lakh tons of carbon emission annually,” it further said.

The total revenue of Tata Power Limited FY2021 stood at Rs. 32,907.34 crore as compared to Rs. 29,698.98 crore in the previous year. Tata Power Company Limited is India’s leading electric utility giant and has a current market capitalization of Rs. 78,094.10 crore.

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