The stock is up by 30 per cent in 1 year, 102 per cent in 3 years and over 200 per cent in just 5 years.
Torrent Power Ltd through its subsidiary Torrent Urja 8 Private Limited, entered into a Power Transfer Agreement with subsidiaries of Shapoorji Pallonji & Company Private Limited (SPCPL) for the supply of 132 MW of Solar Power for its desalination plants in the State of Gujarat.
The estimated project cost of the 132 MW project is Rs 700 crore. Torrent Power’s installed Renewable capacity is 1.18 GW and the total power generation capacity of 4.2 GW. With the signing of this 132 MW contract, Torrent now has 0.73 GW of Renewable capacity under different stages of development.
Torrent has been strategically focussing on the C&I segment for some time and has established itself as a credible player in the C&I space. In line with its sustainability commitments and the Government’s aim to achieve 500 GW of non-fossil fuel capacity by 2030, Torrent’s growth focus in Power Generation remains on Renewables. With a balanced wind and solar portfolio, it is also working on other green energy pathways of pumped hydro and green hydrogen.
Additionally, a meeting of the Board of Directors of the company is scheduled to be held on Thursday, August 10, 2023, inter-alia, to consider and approve, the unaudited financial results for the quarter ended June 30, 2023.
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Torrent Power, with a turnover of Rs 25,694 crore (approx. USD 3 billion) is the integrated power utility of the diversified Torrent Group with group revenues of Rs 37,600 crore (approx. USD 4.5 billion) and a market cap of Rs 1,00,000 crore (approx. USD 12 billion). It is one of the largest power companies in India with a presence across the entire power value chain of generation, transmission, and distribution.
On Wednesday, shares of Torrent Power plunged 0.25 per cent to Rs 666.90 per share with an intraday high of Rs 682.10 and an intraday low of Rs 662. The stock is up by 30 per cent in 1 year, 102 per cent in 3 years and over 200 per cent in just 5 years. Investors should keep an eye on this multibagger Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
