Rs 1540,00,00,000 orders: LIC & Governor of Gujarat-backed multibagger power stock bags new solar PV projects from Maharashtra State Electricity Distribution Company Ltd

The stock delivered multibagger returns of 120 per cent in 1 year, while the BSE Sensex index rose 23 per cent.

Torrent Power Ltd, a major Indian power company, has been awarded a project to build a 306 MW solar power plant in Nasik district, Maharashtra. This project is part of the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0) scheme, which aims to bring stable daytime electricity to agricultural consumers by installing decentralized solar power plants. The orders are worth Rs 1540,00,00,000.

The project will be built at 48 locations in Nasik and is expected to be completed in 18 months. Torrent will acquire the entire project and will receive financial assistance from the central government under the PM-KUSUM program. The power generated at this plant will be purchased by Maharashtra State Electricity Distribution Co. Limited (MSEDCL) for the next 25 years at a fixed rate of Rs 3.10 per kWh.

This project represents an important step for Torrent in expanding its renewable energy portfolio. With this addition, Torrent's renewable energy capacity under construction reaches 1.7 GW, which is expected to increase its total renewable energy capacity to 3 GW in the next 18-24 months. This victory aligns with Torrent's commitment to increase its sustainable energy generation and contribute to India's ambitious renewable energy goals.

Earlier, in a major commitment to Gujarat's clean energy future, Torrent Power signed agreements to invest Rs 47.35 billion ($5.7 billion) in solar and hybrid energy projects, green hydrogen production, a solar park and upgrades. of the distribution network, with the aim of creating jobs. and accelerate the economic growth of the state.

Torrent Power Ltd is a leading integrated electrical services company in India with presence in power generation, transmission and distribution sectors. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka.

Speaking of finances, the company is Midcap with a market capitalization of over Rs 50,000 crore and has maintained a healthy dividend payment of 65.1 percent. In its Quarterly resultsThe company reported net sales of Rs 6,366 crore and a net profit of Rs 374 crore in Q2FY24 and in its nine-month results, the company reported net sales of Rs 20,655 crore and a net profit of 1,449 crore in 9MFY24.

Furthermore, the company has a turnover of Rs 25,694 million (approximately $3 billion). It is the integrated energy business of the diversified Torrent Group with group revenue of Rs 37.6 billion (approximately $4.5 billion) and market capitalization of Rs 1,00,000 crore (approximately $12 billion). The company has planned an investment of Rs 9,000 crore over the next five years. As of December 2023,

On Thursday, shares of Torrent Power Ltd plunged 1.52 per cent to Rs 1,143.65 per share from its previous close of Rs 1,173.05. the actions gave multibagger returns of 120 percent in 1 year, while the BSE Sensex index rose 23 percent.

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Disclaimer: The article is for informational purposes only and is not investment advice.

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