Torrent Power Stock Rises 9%, Hits 52-Week High On Signing MoU With Maharashtra Govt

Torrent Power Stock Rises 9%, Hits 52-Week High On Signing MoU With Maharashtra Govt

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Last update: Jun 07, 2023, 2:23pm IST

Torrent Power shares rose 9 percent in trading on Wednesday after the company signed an MoU with the Maharashtra government to set up three 5,700 MW capacity pumped-storage hydro projects in Maharashtra, which would entail an investment of about Rs 27,000 crore.

Torrent Power shares also hit their 52-week high of Rs 671.95 in today’s trading. The buying action in the stock was accompanied by heavy volumes as more than 42 lakh shares were on the block at around 11:20 am.

The projects would involve an investment of around Rs 27,000 crore. Torrent plans to carry out these projects within a period of five years. All sites are out of service and the projects are planned to provide a minimum of six hours of energy storage per day.

The projects would be implemented 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 sites are out of service and the projects are planned to provide a minimum of six hours of energy storage per day. The project will provide employment to approx. 13,500 people during the construction period.

Torrent Power currently has an aggregate installed generation capacity of ~4.1 GW, consisting mainly of clean generation sources such as gas (2.7 GW) and renewables (1.07 GW). It also has a renewable capacity of 0.7 GW under development.

Today’s rally marks an unbroken move in the stock over the last 5 trading sessions. Earnings have been in the order of Rs 105 per share or almost 19 per cent during this time.

The stock has outperformed Nifty50 over a 12-month period. It has given returns of 43 percent in a year versus a 12 percent rise seen in the broader index, according to Trendlyne data.

Torrent Power, with a turnover of Rs 25,694 crore, is the integrated power company of the diversified Torrent Group.

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