Advertisement

Updated January 4th, 2024 at 11:38 IST

Torrent Power hits 52-week high on signing 4 MoUs with Gujarat Government worth Rs 47,350 crore

Notably, the stock has more than doubled investors’ wealth in 2023. The stock zoomed over 110 per cent last year.

Reported by: Tanmay Tiwary
Torrent Power
Torrent Power | Image:Torrent Power
Advertisement

Torrent Power buzzing in trade: Shares of Torrent Power jumped as much as 13.51 per cent to hit a fresh 52-week high of Rs 1,071.60 per share. The spike in shares came after the company signed 4 Memorandum of Understandings (MoUs) with the Gujarat government worth Rs 47,350 crore.

In an exchange filing, the company said, “We wish to inform that the company has entered into a Memorandum of Understanding (MoU) of Rs 47,350 crore with Department of Energy & Petrochemicals, Government of Gujarat on January 3, 2024 as part of Investment Promotion Activity for Vibrant Gujarat Global Summit 2024 for establishment of 3,450 MW of Solar Power Projects, 1,045 of Hybrid Power Projects, associated infrastructure for 7,000 MW Solar project, Green Hydrogen / Green Ammonia Production Facility and Capex for Distribution network.”

Advertisement

The investments proposed are for green hydrogen/green ammonia production, solar and hybrid power generation and power distribution. 

Notably, the stock has more than doubled investors’ wealth in 2023. The stock zoomed over 110 per cent last year. 

Advertisement

Financial performance 

Torrent Power’s profit zoomed over 9 per cent annually to Rs 525.9 crore for the second quarter that ended September 30, 2023, from Rs 481.7 crore in Q2FY23.

Advertisement

The company's revenue from operations jumped nearly 4 per cent to Rs 6,960.9 crore against Rs 6,703.2 crore in the corresponding period of the preceding fiscal.

The Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose nearly 5 per cent to Rs 1,221.4 crore, from Rs 1,164.2 crore in the year-ago period. Meanwhile, the EBITDA margin came in 17.6 per cent, against 17,4 per cent in the corresponding period in the previous fiscal. 

Advertisement

As of 10:41 am, shares of Torrent Power were trading 9.27 per cent higher at Rs 1,031.60 per share.

Advertisement

Published January 4th, 2024 at 10:47 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Whatsapp logo