Stock market analyst VK Sharma has maintained ‘Sell’ rating on Tata Power stock to achieve a target of Rs 1040 in today’s session.
The investors are advised to sell the stock to avoid loss, as there are full chances of a downward trend in this stock the coming days
If the stock fell below Rs 1025, it may see more weakness.
According to Mr. Sharma, investors can sell the stock around Rs 1110 with a strict stop loss of Rs 1127.
After selling the stock in today’s session, the interested investors can enter the stock again, but only on declines.
Shares of the company, on Monday (June 22), closed at Rs 1107.40, down Rs 56.95, as against its last closure of Rs 1164.35 on the Bombay Stock Exchange (BSE) on Friday on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 53766.
Current EPS and P/E stood at 43.69 and 25.35 respectively. The share price has seen a 52-week high of Rs 1247.80 and a low of Rs 531.50 on BSE.
According to reports, Tata Power has decided to set up gas based power facilities and is making discussions with nationalized gas transporter GAIL India Limited.
Mr. S Padmanabhan executive director of TATA Power said, “We are looking at gas-based plants. We have a plan of having 25% of our total power supply from clean energy sources by 2017.”
Tata Power has posted an increase of 6% in its quarterly net profit, which stood at Rs 922.20 crore for the twelve month period ended March 31, 2009.
The company’s directors announced a dividend of Rs 11.50 a share as against Rs 10.50 a share during the previous year. It recorded revenues of Rs 7,236.23 crore as against Rs 5,915.91 crore during the last year.
In contrast, the consolidated revenues of the company surged by 61.48% to Rs. 17,587.53 crore as compared to Rs Rs 10,890.86 crore during the previous year. After “statutory appropriations”, the company’s consolidated net profit for the year was Rs 1,264.04 crore.
Moreover, Tata Power has decided to spend a capex of Rs 2,500 crore by 2012 on its projects in different parts of the country.
Sourcetopnews.in
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