Torrent Power shares rise after firm pips RIL to emerge as lowest bidder for power contract

Shares of Torrent Power are in focus today after a report said the power producer has pipped Reliance Industries to emerge as the lowest bidder for supply of 1,100-megawatts of gas-based power supply sought by the government to meet anticipated record demand in the summer.

Torrent Power stock climbed 2.35% to Rs 532.10 against the previous close of Rs 519.90 on BSE. The stock has gained after two sessions. A total of 2,304 shares of the firm changed hands amounting to a turnover of Rs 12.18 crore on BSE. Market cap of the firm rose to Rs 25,573 crore on BSE. The share hit a 52 week high of Rs 609.90 on August 22, 2022 and a 52 week low of Rs 416 on May 19, 2022.

In terms of technicals, the relative strength index (RSI) of Torrent Power stands at 52.5, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 0.8, indicating very high volatility in a year. Shares of Torrent Power are trading higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. The stock has fallen 7.22% in a year and risen 5.63% in 2023.

According to a Reuters report, Torrent Power quoted Rs 13.70 per unit price for supply of 770-megawatts each for 45 days in April and May from two of its gas-based projects in Gujarat.

Uttarakhand-based Gama Infraprop quoted Rs 14.9 per unit, while Mukesh Ambani led RIL quoted Rs 20.5 per unit for supply of 1010-megawatts, the report based on inputs from sources said.

 Torrent Power Ltd is an integrated utility engaged in the business of power generation, transmission and distribution with operations in Gujarat, Maharashtra, Uttar Pradesh, Karnataka, Rajasthan and Madhya Pradesh. It is also engaged in the business of cables manufacturing with operations in the state of Gujarat.

Also read: MSCI: Kotak Mahindra Bank stock may see strong momentum, $690 million inflows, says Nuvama

Also read: Wipro, TCS, Infosys: How to trade these IT large cap stocks ahead of Q4 results?