Torrent Power hits all-time high after securing 306 MW solar project in Maharashtra
The project is awarded under the MSKVY 2.0 scheme it aims to solarize feeder-level distribution networks to provide stable daytime electricity to agricultural consumers.
Today, shares of Torrent Power Limited surged by 1.84%, reaching an all-time high of Rs 1288.45 per share on the BSE. Additionally, the stock experienced a substantial increase in trading volume, soaring by more than 9.91 times. The company’s current market capitalization stands at Rs 55,977.44 crore.
Recent Development:
Torrent Power Limited has secured a significant project from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) to establish a 306 MW grid-connected solar power project across Nasik District, Maharashtra. The project, awarded under the MSKVY 2.0 scheme, aims to solarize feeder-level distribution networks to provide stable daytime electricity to agricultural consumers.
With an estimated cost of Rs 1,540 crore, the project is set to be commissioned within 18 months. Torrent Power’s acquisition of 100% equity shares in the Project SPV and the Central Finance Assistance from the Central Government align with the terms of the PM KUSUM Scheme.
This project expands Torrent’s Renewables portfolio, contributing to the country’s renewable energy targets. Upon completion, Torrent’s renewable capacity will increase to 3 GW, supporting its commitment to sustainable generation.
Additionally, the company is exploring other avenues such as Pumped Storage Hydro and Green Hydrogen as part of its growth strategy.
About the Company:
Torrent Power Ltd is a prominent integrated power utility company in India, involved in the generation, transmission, and distribution of power.
Business Developments:
In terms of product-wise distribution, Torrent Power Limited primarily focuses on power-related activities, constituting the majority share at 85.65%. Additionally, the company is involved in the distribution of Regasified Liquefied Natural Gas (RLNG), accounting for 11.94% of its operations.
A smaller portion of its activities includes the production of cables, representing 1.4% of the product-wise breakdown.
Regarding the capacity breakdown, Torrent Power’s operations are diversified across various energy sources. The company’s capacity is primarily derived from Thermal and Hydro sources, representing 72.33% of its capacity. Wind energy contributes significantly as well, constituting 21.52% of the capacity. Moreover, Torrent Power has ventured into Solar Power, representing 6.15% of its capacity.
This diversified capacity portfolio reflects the company’s strategic approach towards embracing multiple energy sources for sustainable power generation.
Furthermore, the stock has witnessed significant buying activity, yielding returns of more than 117% in the last 1 year.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.