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On Tuesday’s trading session, the shares of one of the leading power distributors in India surged by nearly 5.2 percent on BSE to Rs. 1,548.7, after the company signed an agreement to set up 50MWp Solar Power Generating Projects in Tamil Nadu. 

At 01:04 p.m., the shares of Torrent Power Limited were trading in the green at Rs. 1,518.8, up by 3.13 percent, as against its previous closing price of Rs. 1,472.65, with a market capitalisation of Rs. 72,996.08 crores. 

What’s the news: 

According to the latest regulatory filings with the stock exchanges, a Share Subscription and Shareholders’ Agreement has been signed amongst Torrent Power Limited, ARS Steels & Alloy International Private Limited (ARS) and Torrent Urja 14 Private Limited (TU14). 

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The agreement is for the supply of power from renewable energy sources by development and building up to 50 MWp Solar Power Generating Projects in Tamil Nadu through open access from the Project of TU14 to the production units of ARS. 

Previous News: 

On 22nd May, the Board of Torrent Power approved fundraising of up to Rs. 8,000 crores, which includes a fund raise of Rs. 5,000 crore from a private placement offering or a Qualified Institutional Placement (QIP), and Rs. 3,000 crore by way of issuance of Non-Convertible Debentures, in one or more tranches. 

Financials: 

In Q4 FY23-24, the company generated Rs. 6,528.6 crore in operating revenue, an 8.2 percent growth from Rs. 6,037.8 crore recorded in Q4 FY22-23. However, the net profit fell by around 7.6 percent reaching Rs. 447 crore, up from Rs. 484 crore in the same period of the previous fiscal year. 

Torrent Power has an aggregate installed generation capacity of 4,328 MWp comprising 2,730 MW of gas-based capacity, 1,236 MWp of renewable capacity and 362 MW of coal-based capacity. 

Further, the total generation capacity, including projects under advanced stages of development, is 7,369 MWp, while the renewable projects of 3,041 MWp are under development. 

Stock Performance:

The stock has delivered nearly multibagger returns of nearly 145.6 percent in one year, and positive returns of around 48.7 percent in the last six months. So far in 2024, the shares of Torrent Power have given positive returns of about 61.2 percent. 

About the company: 

Torrent Power Limited is engaged in the business of generation, renewables, transmission and distribution of Electricity. The company is one of the largest companies in India’s power sector with a presence across the entire power value chain – generation, transmission and distribution. 

Written by Shivani Singh 

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