Torrent Power Ltd. shares jumped to over two-week high on Tuesday after the company entered into a share subscription agreement with its unit and ARS Steels & Alloys International Pvt. to set up a solar power project in Tamil Nadu.
As a part of the agreement, ARS Steel & Alloys International will hold 26% of aggregated equity shares of Torrent Urja 14, an exchange filing said.
The agreement involves building a 50-megawatt solar power generating project in Tamil Nadu, through open access project of Torrent Power's subsidiary, the filing said.
Shares of Torrent Power Ltd. rose as much as 5.19%, the highest level since June 21, before paring gains to trade 3.99% higher at Rs 1,532.15 apiece, as of 09:58 a.m. This compares to a 0.20% advance in the NSE Nifty 50.
The stock has risen 147.59% in 12 months, and 64.15% year-to-date. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 54.57.
Out of 11 analysts tracking the company, three maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 20.5%.
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