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May 10, 2024 02:30 PM IST
Tata Power stock witnessed record highs in December 2023 and gained 24% during the month.
Tata power stock: The shares of Tata Power Company have been under pressure after the company reported its March quarter and FY24 earnings. The stock has lost 7.43% in two sessions after March quarter earnings. The Tata Group company stock picked pace since October end in 2023. It had breached the record high of ₹298 reached on April 7, 2022 last year when it touched a fresh record high of ₹298.60 in December 2023.
Tata Power stock: Tata Power stock has lost 7.43% in two sessions after March quarter earnings. Tata Power Q4 results
The company recorded a 15% year-on-year (YoY) rise in its consolidated net profit to ₹895 crore in the fourth quarter compared with ₹778 crore in the corresponding quarter last year.
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How has the Tata Power stock performed?
Tata Power shares witnessed record highs in December 2023 and gained 24% during the month. The stock crossed the ₹300 mark for the first time in December 2023 and touched a record high of ₹464.30 on May 3 this year. But the stock has now fallen below the ₹425 level after Q4 earnings of the company.
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What brokerages have said on Tata Power stock
CLSA and Kotak Equities retained 'sell' calls on Tata Power stock. CLSA said that the company's weak Q4 earnings were led by weak profitability on the renewable energy front. The brokerage put a price target of ₹297 per share, a downside of around 32 per cent.
Kotak gave a lower price target of ₹265 which means the fair value of the stock was around 40 per cent lower from current levels.
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Global brokerage firm Goldman Sachs said that it sees a downside of 45% in the Tata Power stock and gave a price target of ₹240 on the stock.
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