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    Tata Power shares rise 2% even as Morgan Stanley cuts target price by 28%

    Tata Power shares rise 2% even as Morgan Stanley cuts target price by 28%

    Tata Power shares rise 2% even as Morgan Stanley cuts target price by 28%
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    By CNBCTV18.com  IST (Published)

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    Tata Power share price: Shares of Tata Power Company rose as much as two percent even as Morgan Stanley has cut its target price on the stock to Rs 175 from Rs 244. The brokerage firm has an ‘underweight’ stance on the stock and has also slashed its earnings estimates by 3-10 percent over FY23-24.

    Shares of Tata Power Company rose as much as 2 percent even as Morgan Stanley cut its target price on the stock to Rs 175 from Rs 244. The brokerage firm has an ‘underweight’ stance on the stock and has also slashed its earnings estimates by 3-10 percent over FY23-24.
    There is a lesser chance of monetisation in the current macroeconomic conditions, said Morgan Stanley. The brokerage firm sees correction in the global renewable energy business and, hence, said that monetisation would likely be tougher in the near term.
    The expected monetisation of the renewable energy business portfolio was seen as unlocking value and deleveraging the balance sheet of Tata Power.
    A report in April had said that the power company would monetise assets and continue to look at other ways to cut its consolidated debt as the investment by the BlackRock Real Assets-led consortium will be pumped into Tata Power Renewables for investment in ongoing projects.
    The foreign brokerage firm said that a large portion of earnings growth will be driven by commodity business.
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    At 12:42 IST, shares of Tata Power were trading 0.6 percent higher at Rs 209.05 on the BSE.
    The stock has been gaining for the last three days and has risen about 4 percent during the period.
    In the past three years, the scrip has jumped over 200 percent.
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