Torrent Power shares surges after Gujarat’s 115 MW Wind Project

At 1 pm, the shares of Torrent Power were trading at Rs 631.30, up by 2.16% from its previous closing of Rs 617.95 on the BSE. 

Torrent Power has successfully commissioned 115 MW Wind Power Project through its wholly owned subsidiary Torrent Solargen in Devbhumi Dwarka District of Gujarat. The company was awarded the project through a competitive bidding process under SECI Wind Tranche V. The company signed a Power Purchase Agreement (PPA) for a period of 25 years with SECI which has a back-to-back Power Sale Agreement (PSA) with the state of Haryana. 

With the addition of 115 MW Wind power, Torrent Power’s installed Renewable capacity has reached around 1.18 GW, and total generation to around 4.2 GW. In addition, Renewable capacity of around 0.6 GW is under different stages of development. In line with its sustainability commitments and the Government’s aim to achieve 500 GW of non-fossil fuel capacity by 2030. 

Torrent Power, with a turnover of Rs 25694 crore (around $3 billion) is the integrated power utility of the diversified Torrent Group with group revenues of Rs 37,600 crore (around $4.5 billion) and a Market Cap of around Rs 95,000 crore (around $11.50 billion). It is one of the largest power companies in India with presence across the entire power value chain of generation, transmission, and distribution. 

Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh. 

On Wednesday, the stock opened at Rs 617.35 and has touched a high and low of Rs 636.05 and Rs 617.35 respectively. So far 34787 shares were traded on the counter. 

The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high and low of Rs 745.00 and Rs 430.90, respectively. 

Last one week high and low of the scrip stood at Rs 636.05 and Rs 604.10 respectively. The current market cap of the company is Rs 30199.56 crore. 

The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 29.18% and 17.25% respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.