Torrent Power shares gain 8% as firm to set up 300 MW solar hybrid project

Shares of Torrent Power Ltd rose nearly 8% today after the power utilities firm said it received a letter of award for setting up 300 MW win solar hybrid project.

The project will have a tariff of Rs 3.65/kwh, with a contract period spanning 25 years. The project was awarded by Torrent Power's distribution unit. The project, with a cost of Rs 3,650 crore, will be commissioned within 24 months from the power purchase agreement (PPA).

Torrent Power shares zoomed 7.61% to a high of Rs 1249.25 on Monday against the previous close of Rs 1160.80 on BSE.

Earlier, the stock opened higher at Rs 1185.40 on BSE. Later, the Torrent Power stock ended 2.60% higher at Rs 1191.

Total 2.28 lakh shares of the firm changed hands amounting to a turnover of Rs 27.66 crore on BSE. The market cap of the firm rose to Rs 57,241 crore on BSE.

Torrent Power shares are trading higher than the 5 day 10 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 122.39% in a year and risen 26.50% in 2024.

The stock fell to a 52-week low of Rs 485 on March 27, 2023 and a 52 week high of Rs 1288.45 on March 11, 2024.

Torrent Power, a subsidiary of the Torrent Group, is a prominent player in India's power sector with a presence across the entire power value chain, including generation, transmission, and distribution.