2 weeks Ago
Shares of Torrent Power Ltd hit their record high on Wednesday as the Torrent Group company has received a letter of award from Maharashtra State Electricity Distribution Company (MSEDCL) for the long-term supply of 2,000 megawatts (MW) energy storage capacity from its InSTS-connected pumped hydro storage plant. Term of the contract is 40 years. The input energy for charging shall be provided by MSEDCL.
Torrent Power shares zoomed 9.16% to a high of Rs 1983.70 on Wednesday against the previous close of Rs 1817.
15 on BSE. Earlier, the stock opened higher at Rs 1922.95.
Total 1.51 lakh shares of the firm changed hands amounting to a turnover of Rs 29.36 crore on BSE.
The market cap of the firm rose to Rs 92,624 crore on BSE. Torrent Power shares are trading higher than the 5 day 10 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 166% in a year and risen 104% in 2024.
In five yaers, the stock gave multibagger returns of 581%. The stock fell to a 52-week low of Rs 692 on October 26, 2023. The total capacity is to be commissioned within 48 months from the signing of Energy Storage Facility Agreement.
The size of the contract is Rs 1,680 crore. "We would like to inform you that the Company has received two Letter of Awards from MSEDCL on October 07, 2024 at 05:53 pm (IST) and 06:20 pm (IST) respectively for (1) procurement of 500 MW Energy Storage Capacity allotted against quoted bid and 1000 MW capacity allotted under Greenshoe Option and (2) additional 500 MW capacity allotted under Greenshoe Option from InSTS Connected Pumped Hydro Storage Plant," said the firm. Torrent Power, a subsidiary of the Torrent Group, is a prominent player in India's power sector with a presence across the entire power value chain, including generation, transmission, and distribution.
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