Torrent Power shares in focus today as PM Modi lays foundation for Rs 25,000 cr projects in UP

Shares of Torrent Power Ltd are in news today after PM Narendra Modi laid the foundation stone for four projects being developed by the Torrent Group firm in Uttar Pradesh. The four projects will entail an investment of around Rs 25,000 crore. The projects are expected to generate direct and indirect employment opportunities for about 8,000 people in UP, according to a statement by the Torrent Group.

Torrent Power shares closed flat at Rs 1179.75 on Monday against the previous close of Rs 1173.40 on BSE. Earlier, the stock opened higher at Rs 1196.90 on BSE. 

Total 0.15 lakh shares of the firm changed hands amounting to a turnover of Rs 1.76 crore on BSE. The market cap of the firm rose to Rs 56,700 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 132.74% in a year and gained 25.21% in 2024.

 The stock hit a 52-week high of Rs 1235.10 on February 15, 2024 and a 52-week low of Rs 485 on March 27, 2023.

The four projects include two pumped storage hydro projects with a total capacity of 4,150 MW in Sonbhadra district and a solar power plant with a capacity of 150 MW in Lalitpur district, Bundelkhand region of Uttar Pradesh. Additionally, a pilot green hydrogen production facility will be established in Gorakhpur, where green hydrogen will be produced and blended with the gas distribution network being constructed by Torrent Gas.

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. The company has a strong track record and is committed to providing reliable and sustainable power solutions.

 

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