Torrent Power rallies over 21% to hit new high record, shares gained 93% this year | Mint
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Business News/ Markets / Stock Markets/  Torrent Power rallies over 21% to hit new high record, shares gained 93% this year
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Torrent Power rallies over 21% to hit new high record, shares gained 93% this year

The stock was trading at ₹988 per share at 9:50 am IST on November 29, up by 15% from the opening price of ₹858 apiece.

Torrent Power share price rallied over 21% on November 29Premium
Torrent Power share price rallied over 21% on November 29

The share price of Torrent Power rallied more than 21% on Wednesday’s trading session, hitting a new high to 1,004 per share on National Stock Exchange (NSE) amid heavy volumes. The stock was trading at 988 per share at 9:50 am IST on November 29, up by 15% from the opening price of 858 apiece.

A cumulative of 3.4 million shares were traded on both NSE and BSE, contrasting with the one-week average volume of 600,000. The stock has experienced a 22% increase over the past five sessions.

The indicator has surged by 93% this year, significantly outpacing the Nifty benchmark, which has only seen a modest 10% increase during the same period.

Analysts have noted that Torrent Power's robust license-based power distribution operations, coupled with a notable decrease in transmission and distribution (T&D) losses, signal positive prospects for the company. They emphasize that Torrent Power faces both challenges and opportunities in light of the increasing demand for energy.

Analysts emphasize the significance of the government's capital investment emphasis on addressing demand growth, noting that Torrent Power is well-positioned to capitalize on this shift. The company's robust thermal generation business, recent achievements in securing merchant power tenders, and a stable financial position position it for growth in the energy sector.

Torrent Power wasn't the sole performer in the power sector on November 29; Tata Power Company also saw a 1% increase. This uptick followed the awarding of a 200 MW firm and dispatchable renewable energy (FDRE) project with SJVN to Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, a day earlier.

The project incorporates a hybrid configuration, utilizing solar, wind, and battery storage with appropriate capacities, as stated by the company.

Adani Power experienced a nearly 1.5% surge in its shares after announcing plans to co-fire up to 20% green ammonia in the boiler of a conventional coal-fired 330MW unit at its Mundra power plant.

Adani Power has partnered with IHI Corporation and Kowa Corporation to embark on the decarbonization of its thermal power plants, commencing with the 4,620 MW Mundra power plant.

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Published: 29 Nov 2023, 03:59 PM IST
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