Tata Power Stock Rises on ₹1,744 Crore Smart Meter Project Contract

Tanushree Jaiswal 7th July 2023 - 12:42 pm

Tata Power, a major player in the Indian power sector, experienced a surge in share demand after securing a significant smart meter deal worth ₹1,744 Crore. The company's stock price jumped by ₹5.9 or 2.6 percent, reaching ₹227.5 per share on the Bombay Stock Exchange (BSE). This increase brought the stock closer to its highest point in the past 52 weeks, achieved in September 2022.

Tata Power has entered into an agreement for a smart metering project with the Chhattisgarh State Power Distribution Company. The project aims to implement advanced metering infrastructure and improve energy management in Raipur, covering urban and rural areas. Over the next ten years, Tata Power will install and maintain 18.6 lakh smart meters in the specified region.

Tata Power's smart metering initiative in Chhattisgarh modernizes power distribution by leveraging smart meter technology. It enables real-time energy monitoring, accurate billing, and improved energy management. Smart meters promote transparency, reduce losses, and enhance demand response mechanisms.

Tata Power's successful bid highlights its expertise in the power sector, showcasing its commitment to innovation and sustainable energy solutions. With the Chhattisgarh smart metering project, the company expands its portfolio and contributes to India's power sector's digital transformation.

Investing in advanced metering infrastructure benefits both consumers and utilities. Users gain access to accurate energy usage information, enabling better consumption management and lower bills. Utilities benefit from improved operations, streamlined billing, and accurate meter readings for better revenue management.

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Tanushree Jaiswal

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