Wed Sep 11 05:00:13 UTC 2024: ## Tata Power Stock Soars on Commencement of Solar Cell Production at New Gigafactory
**Mumbai, India** – Tata Power Company’s stock surged over 6% on Tuesday, reaching Rs 445 on the NSE, following the announcement that its subsidiary TP Solar has commenced commercial production of solar cells at its new plant in Tirunelveli, Tamil Nadu.
The 4.3 GW facility, India’s largest single-location solar cell and module manufacturing plant, is equipped with advanced TOPCon and Mono Perc technologies to enhance efficiency. This development is expected to significantly boost domestic manufacturing capabilities and contribute to India’s ambitious solar energy and net-zero targets.
TP Solar, a subsidiary of Tata Power Renewable Energy Limited (TPREL), initiated commercial production with a 2 GW solar cell line, following the successful launch of its solar module production. The remaining 2 GW capacity is expected to be operational within the next 4-6 weeks, reaching full production capacity within a few months.
The Tirunelveli plant, which began module production in October 2023, has already produced 1,250 MW of solar modules. Tata Power has invested approximately Rs 4,300 crore in this facility, which will initially support the company’s ongoing solar projects while enhancing its overall supply chain. The company also plans to explore broader market distribution as production ramps up.
In addition to the new facility, Tata Power operates an existing manufacturing plant in Bengaluru with a production capacity of 682 MW for solar modules and 530 MW for solar cells. This facility has already supplied 3.73 GW of solar modules and 2.26 GW of solar cells, strengthening Tata Power’s position in the renewable energy market.
This expansion underscores Tata Power’s commitment to boosting India’s solar manufacturing infrastructure and supporting the country’s transition to renewable energy. The shares of Tata Power have shown positive returns across various time intervals, indicating a robust performance.
In other news, two Mauritius-based FPIs, Lotus Global Investments and LTS Investment Fund, withdrew their appeals against Sebi’s mandate for additional disclosures. The appeals were filed in response to Sebi’s deadline for compliance with concentration norms, but the FPIs were able to rebalance their portfolios and liquidate excess holdings.
First Piper 