Tata Power gains nearly 3% on collaboration with IOC for deploying over 500 EV charging points

After the disclosure, shares of Tata Power gained as much as 2.92% in trade on Monday to hit an intraday high of ₹333 per piece, inching closer to the company’s 52-week high of ₹335.8 apiece on BSE.

Shares of Tata Power were trading 2.04% higher at ₹330.05 per piece on BSE at 1:40 PM.

The charging points will be installed across major cities, including Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, along with major highways like the Mumbai-Pune Expressway, Guntur-Chennai Highway, Golden Quadrilateral, and Salem-Kochi Highway.

“Leveraging IOCL's extensive presence, Tata Power will set up fast and superfast charging points in multiple regions, contributing to accessibility and inclusivity for a sustainable electric mobility future,” said the Head of Business Development—EV Charging at Tata Power, Virendra Goyal.

For those using electric vehicles, there will be a dual advantage of not only a seamless EV charging experience through the ‘Tata Power EZ Charge’ application but also through IOCL’s ‘IndianOil e-Charge’ mobile app, Tata Power said.

“IOCL envisages to provide 10,000 EV Charging Stations by 2024 transforming retail networks to complete energy solutions outlets,” said Saumitra Shrivastava, Executive Director of IOCL.