Multibagger power stock with a presence across the entire value chain of generation, transmission, and distribution of power in focus after P.M. Narendra Modi lays foundation stones for the company’s projects entailing an investment of Rs. 25,000 Crores
With a market capitalization of Rs. 55,929 Crores, the shares of Torrent Power Limited were trading at Rs. 1,163.70, down 1.36 percent from its previous day’s close price of Rs. 1,179.75.
As per the filing on BSE, on Monday Shri Narendra Modi laid the foundation stone for four Projects being developed by Torrent Power Limited in Uttar Pradesh with an investment of Rs. 25,000 Crores.
The projects to be developed by Torrent Power in UP are 2 Pumped Storage Hydro projects, with a total capacity of 4150 MW, a solar power plant with a capacity of 150 MW, and a pilot green hydrogen production facility.
In the pilot green hydrogen production facility, the green hydrogen will be produced and blended with the gas distribution network being built by Torrent Gas. This will be one of the largest green hydrogen and natural gas blending projects in the country.
Once completed the said projects that are to be developed by Torrent Power Limited will generate direct and indirect employment opportunities for about 8,000 people in Uttar Pradesh.
Torrent Power is one of the largest companies in India’s power sector with a presence across the entire value chain of generation, transmission, and distribution of power.
The company’s revenue from operations grew by 80.21 percent from Rs. 14,257.61 Crores in FY22 to Rs. 25,694.12 Crores in FY23, accompanied by increasing profits of Rs. 453.98 Crores to Rs. 2,117.43 Crores.
Written by: Bharath K.S
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