Equity Alert: Tata Power dn on profit sales, but outlook positive

[K.Karthik Raja]

Equity Alert: Tata Power dn on profit sales, but outlook positive
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Equity Alert: Tata Power dn on profit sales, but outlook positive
MUMBAI--1:33PM--Tata Power was down 2% at 1,080 rupees as
investors took profits after the 10% rise in the previous session,
dealers said.
However, analysts remain positive on the company.
"The outlook for the company (Tata Power) is positive, and
valuations are not expensive for sure," an analyst with a foreign
brokerage house said.
She has an "overweight" rating on the stock, with a 12-month price
target of over 1,500 rupees, and expects the company to post a revenue
of 17.8 bln rupees in Apr-Jun, up 18% year on year.
Birendrakumar Singh, technical analyst, Religare Securities,
expects the stock to find support at 1,046 rupees today.
He sees strong resistance for the stock between 1,132-1,142
rupees.
July contact of the stock was at 1-point premium to the spot, with
6%
rise in open interest. Thus far 664,120 shares of the company have
been traded on NSE today.
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