News Title: Torrent Power Share Price Soars by 9% on 1st April
Investors showed interest in the power sector company Torrent Power on the first business day of the financial year by purchasing shares. During trading, the company’s share rose by almost 9% to reach Rs 1,463.25. The surge in share price was attributed to a major order received by the company.
Torrent Power has acquired a 150 MW wind-solar hybrid project from its distribution unit. The company recently informed the stock exchange that it has received an order from Torrent Power Limited-Distribution Unit to invest in a wind-solar hybrid project connected to the grid under the green shoe option. The project costs Rs 1,825 crore and will be operational within 24 months under a power purchase agreement. The project’s term will be 25 years from the start date with a wind and solar energy capacity ratio of 2:1.
On Tuesday (2nd April 2024), the share was trading at Rs 1,453, up by 2.14%. On 16th March, Torrent Power had received approval for 300 MW wind-solar hybrid projects connected to the grid from its distribution unit at a cost of Rs 3,650 crore.
Torrent Power, with an annual revenue of Rs 37,600 crore, is the flagship integrated electricity utility of the Torrent Group with a total utility asset of Rs 25,694 crore. The company is one of the largest players in the energy sector in the country, engaged in electricity generation, transmission, and distribution.
Over the past 12 months, the stock has surged by over 180%. According to Bloomberg data, out of the 11 analysts tracking the company, three maintain a “buy” rating, two have a “hold” rating, and six have a “sell” recommendation.
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