Shares of Torrent Power Ltd are in the spotlight today as Prime Minister Narendra Modi inaugurated the groundbreaking ceremony for four projects developed by the Torrent Group in Uttar Pradesh. The ambitious ventures, with an estimated investment of Rs 25,000 crore, aim to revolutionize the energy sector in the state.
The Torrent Group revealed that these projects are anticipated to create both direct and indirect employment opportunities for approximately 8,000 individuals in Uttar Pradesh. The diversified initiatives include two pumped storage hydro projects with a cumulative capacity of 4,150 MW situated in the Sonbhadra district. Additionally, a solar power plant boasting a capacity of 150 MW is set to be established in the Lalitpur district, contributing to the renewable energy landscape in the Bundelkhand region of Uttar Pradesh. As part of the comprehensive plan, a pilot green hydrogen production facility is planned for Gorakhpur, where green hydrogen will be produced and integrated into the gas distribution network developed by Torrent Gas.
Shares of Torrent Power closed at Rs 1179.75, showing a flat trend on Monday compared to the previous close of Rs 1173.40 on the Bombay Stock Exchange (BSE). The stock opened higher at Rs 1196.90 on BSE and witnessed a turnover of Rs 1.76 crore with 0.15 lakh shares changing hands. The market capitalization of the company reached Rs 56,700 crore on BSE.
As of now, Torrent Power shares are trading above their 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past year, the stock has demonstrated a robust performance, gaining 132.74%, and it has already witnessed a 25.21% surge in 2024. Notably, the stock achieved a 52-week high of Rs 1235.10 on February 15, 2024, and a 52-week low of Rs 485 on March 27, 2023.
Torrent Power, a key player in India’s power sector and a subsidiary of the Torrent Group, holds a significant presence across the power value chain, encompassing generation, transmission, and distribution. With a strong track record, the company is dedicated to delivering reliable and sustainable power solutions to meet the growing energy demands.
