By Malvika Gurung

Investing.com-The Corporation of Electricity Utility Companies (NS: TTPW) fell 6.7% to RS 228.8 each at the time of writing, after the tank of more than 9% in the session on Monday, recording the lowest multi-month, As a domestic market carried out in a weak tone amid a bleak global sign.

Tata Group’s net profit jumped 31.4% yoy to RS 632.37 Crore in the March quarter, and PAT consolidated before the extraordinary item on FY22 jumped 61% Yoy to RS 2,298 Crore.

PAT which is adjusted to the quarter rose 66.3% yoy to RS 653 Crore, as a result of tax benefits and increased dividend revenue from subsidiaries owned by subsidiary Power Power (CGPL) owned by renewable energy companies, the renewable energy business, stated MoneyControl Report.

Electricity company revenue from operations rose 15.4% yoy to RS 10,362.6 Crore and in the financial year 2021-22, it jumped 28% yoy to RS 42,576 Crore.

Global Brokerage CLSA (HK: 6877) discovered expensive stock, with 24 -time assessment in the expected EP from FY24. This has a ranking of ‘selling’ in the power stock, with the target price set at RS 212/stock, a decline of 8% compared to the current stock price.

The broker views the company’s Q4 FY22 as weak, led by tax relief on the CGPL mergers, while the Indonesian coal mining business The company continues to record disappointing results, quoting the ET coverage.

Stocks have corrected more than 20% in a month when gathering almost 110% in the past year.