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Tata Power second-biggest gainer on Nifty200; stock rebounds after falling for 5 days

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Tata Power second-biggest gainer on Nifty200; stock rebounds after falling for 5 days

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In the past one month, the stock has soared 62 percent as compared to the sectoral gauge that was up merely 15 percent. The overall trend in the stock is a positive one and has the potential to touch the 270-mark level. 

Tata Power second-biggest gainer on Nifty200; stock rebounds after falling for 5 days
Shares of Tata Power Co surged as much as 9 percent on Tuesday, bouncing back after five days of consecutive losses. At 1:15 pm,  the stock which was the second-biggest gainer on the Nifty200 index was trading 4.6 percent higher at Rs 223.40.
The upswing in the stock comes after the Electric Vehicle (EV) charging infrastructure solutions provider said that it now has a network of more than 1,000 EV charging stations across the country.
The scrip outperformed the BSE Power index that was up 0.5 percent today. In the past month, the stock has soared 62 percent while the sectoral gauge was up a mere 15 percent.
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The overall trend in the stock is a positive one and has the potential to touch the 270-mark level, says Swapneel Mantri, technical analyst (institutional desk) at Sushil Finance.
Starting with the first chargers being installed in Mumbai, Tata Power EV charging points are now present in nearly 180 cities and in multiple state and national highways under various business models and market segments.
Tata Power has collaborated with original equipment manufacturers to roll out EV charging infrastructure and aims to expand its presence further in many cities of India.
This development comes at a time when several market participants are bullish about the prospects of companies that are swiftly adopting the growing electrification and digitisation trend.
Lately, power stocks have been in focus on expectations of power demand increasing with the domestic economy reopening and economic activities picking up pace, according to analysts.
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