New Delhi: Shares of Tata Power Company Ltd fell 7% from a record high ahead of the Tata Group firm’s Q3 earnings set to be announced today.
Tata Power stock fell 6.95% from its record high of Rs 412.75 hit in early trade today. The market cap of the firm declined to Rs 1.25 lakh crore.
On an intraday basis, Tata Power shares slipped 5.76% to Rs 384.05 against the previous close of Rs 407.55 on BSE. On the other hand, Tata Power stock fell to a 52-week low of Rs 182.45 on March 28, 2023.
Tata Power stock has gained 90.17% in a year and zoomed 57% in three months. A total of 33.74 lakh shares of the firm changed hands amounting to a high turnover of Rs 132.82 crore on BSE.
The stock has seen very little volatility in a year with a beta of 0.5. In terms of technicals, the relative strength index (RSI) of the stock stands at 83.7, signalling the stock is trading in the overbought zone. Tata Power shares are trading higher than the 5-day, 20-day, 30-day, 50-day, 100-day, 200-day moving averages.
Tata Power reported an 8.79% year-on-year (YoY) growth in its consolidated net profit for the July-September 2023 quarter to Rs 1,017.41 crore against a net profit of Rs 935.18 crore in the year-ago period. Revenue for the period under review rose 9% to Rs 15,442 crore.
