Stock Radar: 16% rally in a month pushes this power stock to fresh 52-week high; time to buy?
Synopsis
The integrated power utility company has a market capitalization of nearly Rs 80,000 crore on the BSE and trades at a P/E multiple of 24.32 and an earnings per share of Rs 10.23. The stock has given a breakout from a downward-sloping trendline earlier in June and also from an Ascending Triangle pattern on the weekly charts. This has opened room for the stock to head higher
Power utility major Tata Power has rallied by about 16% to hit a fresh 52-week high in August, but the rally may not be over yet. Short-term traders can look to buy the stock now or on marginal dips for a possible target of Rs 275 in 5-7 weeks, suggested experts.The stock rose from Rs 217 on July 24 to Rs 252, which is also the 52-week high, recorded on 24 August. The swift rally translates into an upside of 16% in a month.The integrated power
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