Torrent Power shares rallied 9 per cent on Wednesday’s trade after the company signed a MoU with the Maharashtra government for setting up three Pumped Storage Hydro Projects of 5,700 MW capacity in Maharashtra, would entail an investment of about Rs 27,000 crore.
Torrent Power shares also hit their 52-week high of Rs 671.95 in trade today. The buying action in the stock was accompanied by high volumes as over 42 lakh shares were on the block around 11:20 am.
The projects would entail an investment of about Rs 27,000 crore. Torrent plans to execute these projects over a period of five years. All the sites are off-stream and the projects are planned to provide a minimum of six hours of energy storage on a daily basis.
The projects would be executed at three sites identified by Torrent namely Karjat (3,000 MW) in Raigarh District, Maval, (1,200 MW) and Junnar (1,500 MW) in Pune District. All the sites are off-stream and the projects are planned to provide a minimum of six hours of energy storage on a daily basis. The project will would provide employment to approx. 13,500 people during the construction period.
Torrent Power currently has an aggregate installed generation capacity of ~4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.07 GW). It also has Renewable capacity of 0.7 GW under development.
Today’s rally marks an uninterrupted move in the stock over the last 5 trading sessions. The gains have been to the tune of Rs 105 per share or nearly 19 per cent during this time.
The stock has outperformed Nifty50 over a 12-month period. It has given returns of 43 per cent in one year versus a 12 per cent rise seen in the broader index, according to Trendlyne data.
Torrent Power, with a turnover of Rs 25,694 crore, is the integrated power utility of the diversified Torrent Group.
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