Tata Power announced that TP Saurya, the wholly owned subsidiary of the company, has signed a Power Purchase
Agreement with Tata Steel (TSL) to develop a 15 MW solar project at Jamshedpur, Jharkhand.
The energy will be supplied to TSL under a Power Purchase Agreement (PPA) valid for a period of 25 years
from scheduled commercial operation date.
The project is required to be commissioned within 6 months from
the date of execution of the PPA.
The Plant is expected to generate an average of 32 MUs of energy per year and will annually offset
approximately average 25.8 Million Kg of CO2.
Tata Power s renewable capacity will increase to 4,047 MW, out of which 2,687 MW is operational and 1,360
Tata Steel jumped 5.69% to Rs 777 on BSE, extending gains for the third consecutive session.
Shares of Tata Steel rallied 8.70% in three trading sessions from a recent closing low of Rs 714.80 hit on Friday, 26 February 2021. The stock hit a 52-week high of Rs 782 today. It has rallied 209.69% from its 52-week low of Rs 250.90 hit on 30 March 2020.
On the technical front, the stock s RSI (relative strength index) stood at 68.277. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 678.30 and its 200-day moving average (DMA) placed at 476.33.
Tata Power Company jumped 4.13% to Rs 104.55 after the company s subsidiary TP Saurya signed a power purchase agreement with Tata Steel (TSL) to develop a 15 MW solar project at Jamshedpur, Jharkhand.
The energy will be supplied to TSL under a power purchase agreement (PPA) valid for a period of 25 years from scheduled commercial operation date. The project is required to be commissioned within six months from the date of execution of the PPA.
Dr. Praveer Sinha, CEO & MD, Tata Power, said, We are glad to collaborate with Tata Steel to reduce their carbon footprint and reaffirm the Tata Group s commitment for sustainability. Presently the association is limited to Tata Steel at Jamshedpur and we look forward to working closely with them for covering all their other plants across India.
Read more about Tata Steel hits 52-week high, rises 9% in three days on Business Standard. Tata Steel jumped 5.69% to Rs 777 on BSE, extending gains for the third consecutive session.
MOIL announced that the company has two Joint Venture Companies (JV) namely SAIL&MOIL Ferro Alloys (SMFAPL) and RINMOIL Ferro Alloys (RMFAPL).
SMFAPL was formed in 2008 under 50:50 Joint Venture with Steel Authority of India (SAIL). The objective of the JV was to set up Ferro Alloys / Manganese plant at Nandini, Bhilai (C. G.).
Due to reasons including increase in power cost, the operations are not expected to be viable.
Hence, the operations were not started in SMFAPL and as such it has been a dormant
company since its incorporation in 2008.
Since the objective of the JV could not be attainted, it has been decided to close the JVC