Torrent Power Stocks Are Up By 7.25%; Hits 52-week High!

7 June 2023
2 mins read
Rail Vikas Nigam projects: Rs 27,000 crore investment, 13,500 jobs; Torrent Power shares rise 7.25% to Rs 656 on BSE at 11 am.
Torrent Power Stocks Are Up By 7.25%; Hits 52-week High!

Torrent Power has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for the development of three Pumped Storage Hydro Projects of 5,700 MW capacity in the State of Maharashtra. The projects would entail an investment of about Rs 27,000 crore and would employ around 13,500 people during the construction period. Torrent intends to execute these projects over 5 years. 

The projects would be executed at three sites identified by Torrent namely Karjat (3,000 MW) in Raigarh District, Maval, (1,200 MW) and Junnar (1,500 MW) in Pune District. All the sites are off-stream and the projects are planned to provide a minimum of six hours of energy storage daily. 

Torrent Power Ltd is a leading integrated power utility in India engaged in the generation, transmission and distribution of power. The company operates across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka. The company distributes power to over 40 lakh customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh. Due to its low distribution losses in India, the company is able to keep its tariffs competitive. 

Today, the stock opened at Rs 634.35 and has touched a high and low of Rs 666 and Rs 630 respectively. 

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high and low of Rs 666 and Rs 430.90, respectively. 

Last one week high and low of the scrip stood at Rs 666 and Rs 547.25 respectively. The current market cap of the company is Rs 31,569.31 crore. 

The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 29.41% and 17.03%, respectively.