The shares of the leading energy and power company gained up to 4 percent after the company emerged as the successful bidder for the Renewable Energy project worth Rs 500 million.
With a market capitalization of Rs 55,047.44 crore, the shares of Torrent Power Ltd were at Rs 1145.35 per share, decreasing around 0.57 percent as compared to the previous closing price of Rs 1,151.95 apiece.
According to the company filing, Torrent Power Ltd emerged as the successful bidder and received a letter of intent from PFC Consulting Ltd for the Transmission System evacuation of Power from RE Projects in Solapur, Maharashtra, the project worth Rs 500 million.
Furthermore, The project is designed to evacuate 1,500 MW of renewable energy from Solapur and includes the construction of a 44-kilometer transmission line from PGCIL’s current Solapur substation to the Solapur substation.
Looking at the company’s financials, Torrent Power Ltd’s sales declined by 1% from Rs 6,443 crore in Q3FY23 to Rs 6,366 crore in Q3FY24. During the same period, net profit declined by 46% from Rs 695 crore to Rs 374 crore.
As of December 2023, The company has received a 175 MW Project (125 Wind & 50 MW Solar) under development for sale in the merchant market and various C&I projects under development totaling 215 MW (13 MW commissioned).
As part of the Investment Promotion Activity for Vibrant Gujarat Global Summit 2024, Torrent Power Limited has signed a Memorandum of Understanding (MoU) worth Rs. 47,350 crores with the Department of Energy & Petrochemicals, Government of Gujarat.
It has delivered returns of 69.81 percent in the last six months and a multi-bagger return of 123.58 percent in a year. A shareholder’s investment of Rs. 1 Lakh in the company would be worth Rs. 2.23 Lakh in a year.
Torrent Power Ltd is a significant integrated power utility firm in India that generates, transmits, and distributes power. Its operations span Gujarat, Maharashtra, Uttar Pradesh, and Karnataka.
Written by:- Abhishek Singh
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