Buy Tata Power, target price Rs 97: Kotak Securities

Kotak Securities has buy call on Tata Power Company with a target price of Rs 97. The current market price of Tata Power Company Ltd. is Rs 93.1.

Tata Power Company Ltd., incorporated in the year 1919, is a Mid Cap company (having a market cap of Rs 29748.61 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
Higher high and higher low chart formation indicates bullish continuation in stock to remain in the near term.

Promoter/FII Holdings
Promoters held 37.2 per cent stake in the company as of June 30, 2020, while FIIs held 12.9 per cent, DIIs 31.4 per cent and public and others 18.5 per cent.