Torrent Power shines on signing MoU with Government of Maharashtra

Torrent Power is currently trading at Rs. 655.00, up by 43.35 points or 7.09% from its previous closing of Rs. 611.65 on the BSE.

The scrip opened at Rs. 634.35 and has touched a high and low of Rs. 666.00 and Rs. 630.00 respectively. So far 61619 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 666.00 on 07-Jun-2023 and a 52 week low of Rs. 430.90 on 30-Jan-2023.

Torrent Power Last one week high and low of the scrip stood at Rs. 666.00 and Rs. 547.25 respectively. The current market cap of the company is Rs. 29396.93 crore.

The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 29.41% and 17.03% respectively.

Torrent Power has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for development of three Pumped Storage Hydro Projects of 5,700 MW capacity in the State of Maharashtra. The projects would entail an investment of about Rs. 27,000 crore and would provide employment to around 13,500 people during the construction period. Torrent intends to execute these projects over a period of 5 years.

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.

Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.