Shares of Tata Power soared 9.55% to hit a fresh 52-week high of Rs 322.25 on Thursday, reaching a record high after brokerage firm JM Financial upgraded their rating for the scrip to ‘Buy,’ from ‘Hold’ setting a 24% upside target price of Rs 350. “Tata Power’s recalibrated strategy involves tapping high-margin group captive RE (renewables) opportunities, exiting low-value businesses, venturing into brownfield pumped hydro storage, and expanding the transmission business beyond distribution,” said the brokerage report.
The report further pointed out that, the company has recalibrated its strategy, emphasising higher-margin group captive opportunities and redirecting focus from low-value solar-powered irrigation pumps to more lucrative prospects.
