Shares of Torrent Power, a company under Integrated power utilities, rose 2 per cent to Rs 1,797.50 on the BSE during intraday trading on Monday. The northward move in the stock price follows the company’s announcement that it has submitted a ‘Shapath Patra’ to achieve 10 Gigawatt (GW) of installed renewable energy (RE) capacity by 2030, with an investment of Rs 57,000 crore.
“This investment is expected to generate direct and indirect employment for around 25,000 people. As part of these commitments, Torrent Power on Monday signed a Memorandum of Understanding (MoU) with the Government of Gujarat for the execution of a 5 GW solar, wind, or solar-wind hybrid project at Dwarka District in the State of Gujarat,” Torrent Power said in a regulatory filing on the BSE.
The company also submitted the second ‘Shapath Patra’ for setting up 1,00,000 Kilo tonnes per annum (KTPA) green Ammonia production facility with an investment of Rs 7,200 crore, and employment generation for around 1,000 people.
Samir Mehta, Chairman of Torrent Group, said, “As one of India’s largest private sector power utilities, Torrent Power stands committed to contributing to the nation’s RE journey. By signing two ‘Shapath Patras’, we have reaffirmed our long-term commitment towards a green and sustainable future. This commitment not only underscores our dedication to advancing green energy solutions but also highlights the fact that our business operations are aligned with national priorities. We thank the Government of India for its futuristic policies and creating an enabling environment to foster growth of the RE sector.”
Torrent Power is one of the leading integrated power utility companies in India. The company distributes power to over 4.13 million customers annually in its distribution areas of Ahmedabad, Gandhinagar, Surat, and Dahej SEZ and Dholera SIR (Gujarat), in Bhiwandi, Shil, Mumbra, and Kalwa (Maharashtra), Agra (Uttar Pradesh), and in the Union Territory of Dadra & Nagar Haveli, Daman, and Diu.
After starting Monday’s trading session on a positive note at Rs 1,763.90 on the BSE, Torrent Power continues to trade northward on the bourses. At around 01:03 PM, Torrent Power shares were quoted trading at Rs 1,776.65, up 0.78 per cent against the previous close of Rs 1,762.85 on the BSE.
Torrent Power shares are, however, trading nearly 7 per cent lower than the 52-week high of Rs 1,906.55, scaled on July 32, 2024, on the BSE. Nevertheless, The company’s shares have yielded a return of a whopping 146.02 per cent in the last one year to its investors.
First Published: Sep 16 2024 | 1:29 PM IST
