Why Tata power share is falling??
Why we have seen massive selling in the Tata power stock despite of good profits which the company reported??
In the first part, I will talk about the Tata power share earnings. And in the second part, I talk about the Tata power technical analysis.
Tata power Earnings Report
Tata power reported net profit of ₹503 crore for the March quarter compared to previous year March quarter ₹393 crore.
If we talk about the year on year sales growth on quarterly basis, Tata power continuously growing there sales also.
There revenue from operations rose from 15% to ₹11960 crore for March 2022 quarter.
Revenue from operations rose 31% to 42,816 crores as compared to previous year which is 11.43% to 32,468.
Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) was up by 35% at ₹2,253 crore as against ₹1,668 crore in the same quarter last year.
Tata power technical analysis
Tata power support and resistance
Tata power facing the resistance it 290-300 levels where we have seen selling come from.
Tata power has important support near to 200 levels.
Stock is in the playing in the range of 200 to 300 which 100 to 110 points range.
RSI of tata power is near to 35 levels.
Tata power Stock can face short term resistance near to 260 levels. Right now trading near to 230 levels.
Can we buy tata power stock now ??
As you all know India renewable energy is next long term theme where already many companies start producing electricity completely through renewable energy.
Tata power is one of them. Renewable energy portfolio profit after tax grew by 60% in Q4FY22 vs Q4FY21.
In the short term we all know that corrections are part of the game.
if you are into long term investing then we can add if price comes near to 180-200 levels in the Tata power.
Tata power declared dividend of 1.75 per equity share.