In its latest research report, Nirmal Bang, an equity research firm said that Tata Power, which has been consolidating in the range of 1005-1130, can give good returns in short term.

The report further stated that, if the counter is successful to breach 1276, then it will create a huge breakout.

Nirmal Bang Research has advised its investors to hold the stock to achieve a target price that lies between Rs 1290-1350.

Besides, the report has also suggested a support level of Rs 1080 for the scrip.

Today (June 10), the shares of the company opened at Rs 1,160 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 528.65 and a low of Rs 122 on BSE. Current EPS and P/E of the stock stood at 1326.65 & 19.93 respectively.

Tata Power, on May 29, said the company carries on consolidating expansion plans via capacity growth and has licensed 250 MW unit 8 in Trombay in Mumbai, 90 MW in Haldia and additional 80.6 MW wind power capacity this fiscal.

Tata Power announced a steady increase in consolidated net profit for the fiscal ended March 2009.

During the year, the company's profit surged 26.85% to Rs 12,640.40 million from Rs 9,964.80 million during the last year.

On consolidated basis, the company's total income during the year increased 61.48% to Rs 175,875.30 million.

In May 2009, Industrial Energy (IEL), a joint venture between Tata Power and Tata Steel, declared the commissioning of 1x120MW-Power House 6 at Jamshedpur. This power house is established with a total cost of Rs 4,900 million.

It will be commissioned by the next 34 months. It will supply the complete generated capacity to Tata Steel thereby meeting the rising demand for power for the company's Jamshedpur works.