Torrent Power Shares Hit Record After Rs 47,350 Crore Deal With Gujarat Government
The proposed investments include 3,450 MW of solar and 1,045 MW of hybrid power projects, the development of a 7,000-MW solar park, and a green hydrogen/ammonia facility.
Shares of Torrent Power Ltd. jumped nearly 14% to a record high on Thursday after it signed a memorandum of understanding worth Rs 47,350 crore with the Gujarat government.
The proposed investments include 3,450 megawatts of solar and 1,045 MW of hybrid power projects, the development of a 7,000-MW solar park, and a green hydrogen/ammonia facility, according to an exchange filing on Wednesday.
Torrent's stock rose as much as 13.52% during the day to Rs 1,071.95 apiece on the NSE. It was trading 10.57% higher at Rs 1,044.15 apiece, compared to a 0.52% advance in the benchmark Nifty 50 as of 10:15 a.m.
It has risen 118.73% in the last 12 months. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 71.
Three out of the 11 analysts tracking Torrent have a 'buy' rating on the stock, as many recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 123.2%.
