Share price of Tata Power rises as Nifty strengthens

Shares of Tata Power Company Ltd. gained 0.76 per cent to Rs 205.65 in Thursday's trade as of 11:12AM (IST). The stock hit a high price of Rs 206.5 and low of Rs 204.25 during the session.

The return on equity (ROE) for the stock stood at 11.58 per cent. Traded volume on the counter stood at 11:12AM shares and turnover at Rs 3.63 crore around that time. The stock of Tata Power Company Ltd. quoted a 52-week high price of Rs 251.0 and 52-week low prices of Rs 182.45, respectively.

The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.73.

Promotor/FII Holding
Promoters held 46.86 per cent stake in the company as of 31-Mar-2023, while FIIs held 9.46 per cent and domestic institutional investors had 3.11 per cent.

Key Financials
The company reported consolidated sales of Rs 13325.3 crore for the quarter ended 31-Mar-2023, down 7.48 per cent from previous quarter's Rs 14401.95 crore and down 9.05 per cent from the year-ago quarter's Rs 12219.36 crore. Net profit after tax for the latest quarter stood at Rs 777.73 crore, up 54.58 per cent from the same quarter a year ago.

Technicals
The MACD signalled a bullish bias on the counter. The MACD is known for signalling trend reversals in traded securities or indices.
It is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on topof the MACD to reflect "buy" or "sell" opportunities. When the MACD crosses below the signal line, it gives a bearish signal, indicating that the price of the security may see a downward movement and vice versa.