Torrent Power shares rose 9.16% to a high of Rs 1,983.70 on Wednesday against the previous close of 1,817.157.15 at Bombay Stock Exchange (BSE). The stock opened at Rs 1,922.95
Torrent Power Ltd shares scaled to a record after the company received the letter of award from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for a long-term supply of energy in a contract that includes 2,000 MW energy storage capacity from the InSTS-connected pumped hydro storage plant. The period of this term is over 40 years. The input energy for charging would be drawn by MSEDCL.
Shares worth 151,000 increased the turnover in the company to Rs 29.36 crore on the BSE. Now, the market capitalisation of Torrent Power has crossed Rs 92,624 crore after this rally.
The company’s shares currently trade above its 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day moving averages. For the last calendar year, the stock has surged by a massive 166%. During 2024 so far, the stock has risen by a phenomenal 104%. Over the last five years, multi-bagger returns of 581% have been given by the stock.
It had hit a 52-week low of Rs 692 on October 26, 2023. The total capacity from this contract is expected to be commissioned within 48 months from the date of signing the Energy Storage Facility Agreement.
The contract value is Rs 1,680 crore. It states, “We would like to inform you that the Company has received two Letters of Award from MSEDCL on October 7, 2024, at 5:53 PM (IST) and 6:20 PM (IST), respectively, for (1) the procurement of 500 MW of energy storage capacity allotted against the quoted bid and 1,000 MW of capacity allotted under the Greenshoe Option, and (2) an additional 500 MW of capacity allotted under the Greenshoe Option from the InSTS Connected Pumped Hydro Storage Plant.”
Torrent Power is an integral part of the Torrent Group and is one of the key players in India’s power sector with a comprehensive presence throughout the entire power value chain, spanning from generation to transmission to distribution.
