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Tata group stock jumps after it signs MoU worth $4.25 Bil with Asian Development Bank for clean energy power projects

Tata Group stock partners with ADB to finance clean energy projects, advancing India’s renewable energy goals, fostering decarbonization, enhancing infrastructure, and accelerating the transition to sustainable energy solutions.
Tata Stock Surges as $4.25B Clean Energy MoU Signed with Asian Development Bank!
Tata Stock Surges as $4.25B Clean Energy MoU Signed with Asian Development Bank!

Introduction:

Leading Tata Group stock has partnered with the Asian Development Bank to explore financing for clean energy projects, including solar-wind hybrids and hydro storage. This collaboration supports India’s renewable energy goals, driving decarbonization, infrastructure enhancement, and sustainable energy transition for a greener future.

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Share price movement of Tata Power Company Ltd:

As of 11:30 AM on November 22, Tata Power was trading at ₹411.25, reflecting an increase of 0.69% from the previous close of ₹408.45. The stock opened at ₹414.05, showing a decrease of 0.73%, reached an intraday high of ₹416.70, up by 0.63%, and a low of ₹409.30, down by 1.15%. The market cap stood at ₹1,31,408.34 crore.

Tata Power and ADB Collaborate for Clean Energy Projects:

Tata Power and the Asian Development Bank (ADB) signed an MoU at COP29 in Baku, Azerbaijan, to explore financing for strategic projects. The initiatives aim to enhance India’s power infrastructure and promote renewable energy solutions like solar-wind hybrids and hydro storage.
Key projects under evaluation include a 966 MW solar-wind hybrid project, pumped hydro storage, and energy transition initiatives. This partnership aligns with India’s target of achieving 500 GW renewable energy by 2030, supporting decarbonization and improved energy infrastructure nationwide.
The collaboration reflects Tata Power’s commitment to reducing fossil fuel dependence and fostering sustainability. By strengthening distribution networks and supporting clean energy, the partnership aligns India’s energy development with global climate goals, paving the way for a resilient, energy-secure future.

Recent news on Tata Power Company Ltd:

As of 19 Nov 2024, Tata Power has formed a strategic partnership with Druk Green Power Corporation Ltd to develop 5,000 MW of clean energy capacity in Bhutan. This collaboration supports Bhutan’s vision to expand power generation to 25,000 MW by 2040, enhancing energy security and regional integration.

Stock performance of Tata Power Company Ltd for Period of 1 week, 6 months and 1 year:

Tata Power has shown a 0.84% return over the past week, despite a decline of 8.75% over the last six months. However, it has delivered a strong 56.5% return over the past year.

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Shareholding pattern of Tata Power Company Ltd:

All values in %Sep 2024Jun 2024Mar 2024
Promoter46.90%46.90%46.90%
FII9.20%9.50%9.40%
DII17.00%15.80%15.80%
Public27.00%27.80%27.90%
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About the company Tata Power Company Ltd:

Tata Power Company Limited (NSE: TATAPOWER) , part of the Tata Group, is a leading integrated power company with a 15.2GW portfolio. It pioneers clean energy with 6.4GW renewable capacity and aims for carbon neutrality by 2045, serving 12.5 million customers across India.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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