Shares of Tata Power jumped more than 10 per cent on Thursday, touching a new life-time high of Rs 332.15 apiece.
With this, Tata Power became the sixth Tata Group company to reach the Rs 1 crore market cap. Earlier this week, Trent hit the market cap of Rs 1 lakh crore.
The other Tata Group companies with over Rs 1 crore market cap are: Tata Consultancy Services (TCS), Tata Motors, Titan Company, and Tata Steel.
Shares of Tata Power scaled the new-life time high after brokerage firm JM Financial upgraded its rating on the stock from 'hold' to 'buy'. JM Financial also hiked the target price from Rs 220 earlier to Rs 350.
In its report, the global brokerage firm highlighted the key elements of Tata Power’s recalibration plan, including capitalising on renewables opportunity, entering hydro storage sector, and extending the transmission business beyond distribution.
Shares of the company have been on the rise after coming down to Rs 185 apiece in March. Since then, it has given over 80 per cent gains to investors.
A few days ago, Tata Power had said the company had acquired Bikaner-Neemrana Transmission Project through a bidding process to boost renewable energy evacuation in India. The project, which will be developed on a Build-Own-Operate-Transfer (BOOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan.