Big move by Noel Tata as Tata Power signs MoU with….; Total estimated cost of the project is…

On the Bombay Stock Exchange (BSE), Tata Power's shares opened at Rs 414, and after a few hours, the stock rose to Rs 416.70, marking a 2% increase during intra-day trading. The company’s 52-week high on the BSE was Rs 494.85, while its 52-week low was Rs 256.95.

Written by: Vikas Mehta Edited by: Vikas Mehta

Published: November 23, 2024, 10:46 PM IST

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https://www.india.com/business/big-move-by-noel-tata-as-tata-power-signs-mou-with-total-estimated-cost-of-the-project-is-4-25-billion-adb-7415912/ Copy

Tata Power’s stock witnessed a surge of over 2 percent on November 22. The rise in shares was driven by significant news. The company announced that it has signed an MoU with the Asian Development Bank (ADB) for an evaluation of financing for key ongoing projects worth $4.25 billion. Tata Power stated that the MoU was signed in Baku, Azerbaijan.

On the Bombay Stock Exchange (BSE), Tata Power’s shares opened at Rs 414, and after a few hours, the stock rose to Rs 416.70, marking a 2% increase during intra-day trading. The company’s 52-week high on the BSE was Rs 494.85, while its 52-week low was Rs 256.95.

Tata Power said in a statement that the company has signed an MoU with the Asian Development Bank for an evaluation of financing for key ongoing projects worth $4.25 billion. It wants to strengthen the foundation of clean and renewable energy in the country. 

The stocks of Tata Power experienced a boom of 25% this year. The investors who held the stock for the last one year got a benefit of 58%. Notably, the shares of Tata Power witnessed a boom of 369% in the last ten years. 

Tata Power CEO & MD, Pravir Sinha, stated that the agreement with ADB is an important step as the company pushes for transformative power projects and seeks financing for them. He added that the agreement aims to promote India’s clean and renewable energy, strengthening the foundation of the country’s power sector in a modern way. It will also reaffirm the company’s commitment to the inclusive growth of the country.