The project is estimated to cost Rs 1,544 crore and commissioned within 24 months from the date of transfer of the project SPV. Tata Power will maintain the transmission project for 35 years.
The company received the letter of intent after emerging as a successful bidder in the Tariff-Based Competitive Bidding process.
“The transmission project, which will be developed on a Build-Own-Operate-Transfer (BOOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan. The project entails the establishment of a ~340 kms transmission corridor from Bikaner-III pooling station to Neemrana II substation,” the firm said in an exchange filing.
Upon successful commissioning, the project will become a vital link in the roadmap unveiled by the Ministry of Power in 2022 for integrating over 500 GW of renewable energy capacity into the national grid by 2030, Tata Power said.
At 11.19 am, the scrip was trading 2% higher at Rs 281.2 on BSE. Meanwhile, on a year-to-date basis, it has rallied 33%. The stock has gained 25% in the past one year and over 290% in the last three years.
As per Trendlyne data, the average target price of Tata Power is Rs 248, which shows a downside of 12% from the current market prices. The consensus recommendation from 18 analysts for the stock is a ‘Hold’.Technically, the stock’s day RSI (14) is at 67.6. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 3.9, which is above its center and signal Line, this is a bullish indicator.
Shares of Tata Power are also trading higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).
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