Tata Power surged 7% in fag-end trade, upside strong?

The stock increased by 6.96 percent to reach a day’s high of  Rs 446.95. It was last seen up by 6.58 percent at Rs 445.75. At this price, the share has gained 34.97 percent year -to date. The Tata group film has announced that it has commenced solar cell production at its 4.3 GW solar cell and module manufacturing plant in Tirunelveli, Tamil Nadu. Equipped with advanced Topcon and Mono perc technology, this largest domestic single- location facility is expected to enhance solar cell efficiency, contributing to India’s solar energy and net-zero goals. Shares of Tata Power company Ltd showed a decent uptick during Tuesday’s late trading session. The stock jumped 6.96 percent to reach a day’s high of Rs 445.75. At this price, the share has gained 34.97 percent year -to – date. TP Solar, a subsidiary to Tata Power Renewable Energy Limited (TPREL), has commenced commercial production on the 2GW solar cell line at its facility. This milestone follows the successful production of solar modules earlier this year. TPREL is a subsidiary of Tata Power Company. Tata Power stated that the current solar cell production capacity of 2GW will enhance Tata Power’s ability to meet the growing demand for high – quality, domestically produced solar components, especially for large – scale capacity addition projects. The plant is expected to ramp up production, with the remaining 2 GW capacity to be added over the next 4-6 weeks, reaching peak production within the next few months, the company stated. According to the technical setup, support on the counter could be seen in the Rs 435-430 zone. Additionally, a decisive breach above Rs 445 is required for further upward movement. One can buy at the current market price, with a target of Rs 480. Keep a stop loss placed at Rs 430 for this trade “Singh stated. As of June 2024, promoters held a 48.86 percent stake in the company.