With a market capitalization of Rs 31,629 crores, the stocks of Torrent Power Limited opened their trading hour at Rs 630 and are currently prevailing in the market at Rs 657 apiece. The scrip hit its 52-week high mark at Rs 671.95, gaining around 10 percent as compared to the previous closing price of Rs 612.20.
In the last five trading sessions, the stock has gained about 19 percent ranging from Rs 554.15 to the current price levels.
The movements in the stock prices were observed after the company, in a filing with the BSE, announced that it has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for the purpose of developing three ‘Pumped Storage Hydro Projects’ of 5,700 MW capacity.
The project is estimated to have an investment of about Rs 27,000 crores. It would create employment opportunities for approximately 13,500 people during the construction period which is intended to be a period of five years.
Torrent Power Limited is an Indian utility company that primarily engages in the business of power generation, its transmission, as well as distribution. The company generates a majority of its revenues by way of supplying power to Northern and Western India.
Recently, the company provided financial results for FY2022-23 wherein the operating revenues for the latest financial year were recorded at Rs 25,694 crores as compared to Rs 14,258 crores of revenues in the previous financial year.
The net profits showed a movement from Rs 459 crores during FY21-22 to Rs 2,165 crores in FY22-23 portraying an increase of around 372 percent. The net profit margins, keeping the timeframe the same, improved from 3.22 percent to 8.42 percent.
The latest shareholding data released by the company reveals that the Promoters hold a 53.57 percent stake, and Foreign Institutional Investors (FIIs) hold a 6.3 percent stake in the company.
Written by Amit Madnani
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