Buy Tata Power Company, target price Rs 110: Kotak Securities

Kotak Securities has buy call on Tata Power Company with a target price of Rs 110. The current market price of Tata Power Company Ltd. is Rs 104.95.

Tata Power Company Ltd., incorporated in the year 1919, is a Mid Cap company (having a market cap of Rs 33535.09 Crore) operating in Power sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 7702.84 Crore, down -8.75 % from last quarter Total Income of Rs 8441.60 Crore and up 7.94 % from last year same quarter Total Income of Rs 7136.04 Crore. Company reported net profit after tax of Rs 166.00 Crore in latest quarter.


Investment Rationale
The stock is trading in an ascending triangle chart pattern with decent volume activity, which points out for a breakout on the daily chart.

Promoter/FII Holdings
Promoters held 46.9 per cent stake in the company as of Dec 30, 2020, while FIIs held 12.4 per cent, DIIs 24.5 per cent and public and others 16.2 per cent.