Tata Power shares more than 5% on profit booking; corporate arm raises Rs 4,000 cr

Shares of Tata Group fell sharply on Monday after the company announced that its subsidiary Tata Power Renewables had raised Rs 4,000 crore from the consortium led by BlackRock Real Assets, including Mubadala Investment Company.

Analysts attribute Monday’s decline to profit bookings.

As of 2:16 p.m., the shares were trading down 5.6% at 257.65 rupees.

The proposed investment is expected to fund Tata Power Renewables’ aggressive growth plans.

“Over the next five years, Tata Power Renewables aims to achieve a portfolio of over 20 GW of renewable energy assets and a market-leading position in the rooftop and electric vehicle charging space at across India,” he said.

At present, Tata Power Renewables is one of the largest renewable energy companies in India.

Since the beginning of 2022, however, the company’s share of the Tata Group has increased by 16% cumulatively.

(With contributions from IANS)

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Posted: Monday April 18th 2022, 3:21 PM IST