Stock market: Is a big crash coming in Tata Power stock? What brokerages predict - Hindustan Times
close_game
close_game

Stock market: Is a big crash coming in Tata Power stock? What brokerages predict

By | Edited by Mallika Soni
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 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. 

Now catch your favourite game on Crickit. Anytime Anywhere. Find out how

Read more: SBI share price rises today after upbeat Q4 results: Should you buy the stock?

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. 

Read more: Google's Sundar Pichai on his parents: ‘I grew up in a middle-class family, what resonated for me was…’

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.

Read more: ‘Markets are being markets’: Deepak Shenoy says seems ‘like doomsday is here’

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.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, June 24, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On