The share price of torrent power rose more than 21% in the trading session on Wednesday, reaching a new high at $1,004 per share on the National Stock Exchange (NSE) amid high volumes. The stock was trading at $988 per share at 9:50 am IST on November 29, up 15% from the opening price of $858 each.
A cumulative 3.4 million shares were traded on both NSE and BSE, in contrast to the average weekly volume of 600,000. The stock has seen an increase of 22% in the last five sessions.
The indicator is up 93% this year, significantly outperforming the benchmark Nifty index, which only saw a modest 10% rise over the same period.
Analysts have noted that Torrent Power's strong license-based power distribution operations, along with a notable decline in transmission and distribution (T&D) losses, point to positive prospects for the company. They highlight that Torrent Power faces both challenges and opportunities in the face of growing energy demand.
Analysts emphasize the importance of the government's capital investment emphasis on addressing demand growth, noting that Torrent Power is well positioned to capitalize on this shift. The company's strong thermal generation business, recent achievements in winning commercial energy tenders and a stable financial position position it for growth in the energy sector.
Torrent Power was not the only player in the electricity sector on November 29; tata power The company also saw a 1% increase. This rebound occurred after the award of a 200 MW firm and manageable renewable energy (FDRE) project with SJVN to Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, a day earlier.
The project incorporates a hybrid configuration, using solar, wind and battery storage with adequate capacities, the company says.
adani power saw a nearly 1.5% rise in its shares after announcing plans to co-fire up to 20% green ammonia in the boiler of a 330 MW conventional coal-fired unit at its Mundra power station.
Adani Power has partnered with IHI Corporation and Kowa Corporation to embark on the decarbonization of its thermal power plants, starting with the 4,620 MW Mundra power plant.
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Updated: Nov 29, 2023, 03:59 pm IST
