Tata Power shares slide for the sixth straight day to end at a 52-week low

Tata Power shares fell 3.35 percent on Monday to hit a fresh 52-week low. Over the last 12 months, the company's stock has declined 22 percent.

Tata Power's shares are now down 38.2 percent from their 52-week high of Rs 298 which they scaled in April 2022.

Technical analyst Mitessh Thakkar has set a sell call on Tata Power, advising investors to sell the stock if its shares slide below Rs 192, with a stop loss of Rs 195.5, and keeping Rs 184 as the target price per share.

Earlier this month, Tata Power announced that its subsidiary Tata Power Renewable Energy Ltd. entered into a power purchase agreement (PPA) with Tata Power Delhi Distribution Ltd. for a hybrid project of 510-megawatt power capacity.

Tata Power Renewable Energy is among the major renewable energy players in India.

India’s largest power generation company also reported an almost double consolidated net profit of Rs 1,052.14 crore in the December quarter compared to Rs 551.89 crore in the same period last year, led majorly by increased power demand and the festive season. The company’s EBITDA jumped 53 percent to Rs 2,818 crore from Rs 1,841 crore in the year-ago period.