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After signing an agreement worth Rs. 47,350 crore with the Gujarat government, Torrent Power rises 13%

<p>Torrent Power signed four Memorandums of Understanding (MoUs) for Rs 47,350 crores with the Gujarat government, which caused the company’s shares to surge almost 13 percent during Thursday’s trading session.</p>
<p><img decoding=”async” class=”alignnone wp-image-337987″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-after-signing-an-agreement-worth-rs-47350-crore-with-the-gujarat-government-torren-750×563.jpg” alt=”theindiaprint.com after signing an agreement worth rs 47350 crore with the gujarat government torren” width=”1178″ height=”885″ title=”After signing an agreement worth Rs. 47,350 crore with the Gujarat government, Torrent Power rises 13% 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-after-signing-an-agreement-worth-rs-47350-crore-with-the-gujarat-government-torren-750×563.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-after-signing-an-agreement-worth-rs-47350-crore-with-the-gujarat-government-torren-1024×768.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-after-signing-an-agreement-worth-rs-47350-crore-with-the-gujarat-government-torren-768×576.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-after-signing-an-agreement-worth-rs-47350-crore-with-the-gujarat-government-torren-150×113.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-after-signing-an-agreement-worth-rs-47350-crore-with-the-gujarat-government-torren.jpg 1200w” sizes=”(max-width: 1178px) 100vw, 1178px” /></p>
<p>The stock has surged 38% over the last two months, outperforming the market. On December 7, 2023, the previous record high of Rs 1,045.35 was reached.</p>
<p>Torrent Power and the Gujarat Energy Development Agency (GEDA) inked four memorandums of understanding (MoUs) at the 10th Vibrant Gujarat Global Summit in Gandhinagar.</p>
<p>According to the MoUs, 3,450 MW of solar power projects, 1,045 MW of hybrid power projects, related infrastructure for a 7,000 MW solar project, a facility for producing green hydrogen and green ammonia, and capital expenditures for the distribution network are all to be set up.</p>
<p>According to the management, Torrent Power plans to allocate a significant amount of its future investments on pump storage hydro projects, green hydrogen/green ammonia manufacturing, power distribution, and renewable energy generation—all of which are top national objectives.</p>
<p>One of the biggest businesses in the nation’s power industry, Torrent Power is present in all three stages of the power value chain: generation, transmission, and distribution.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) for Torrent Power increased to around Rs 2,406 crore for the first half of fiscal 2024 from Rs 2,224 crore for the same time the previous year.</p>
<p>This was due to the franchisee distribution business segment’s excellent performance, which was driven by a decrease in losses, an increase in power demand throughout all distribution areas, the contribution of its 1,200 MW combined cycle gas power plant in Dahej, Gujarat, and acquired renewable assets.</p>
<p>As the nation’s demand for electricity grew, the plant load factor (PLF) of the company’s single thermal asset continued to run at high levels in the first half of fiscal 2024.</p>
<p>According to CRISL Ratings, operating performance is expected to keep getting better in the current fiscal year as the franchise distribution industry continues to steadily recover.</p>
<p>On the BSE, the opening price of a share of Torrent Power was Rs 998.95. The intraday high and low for the stock price of Torrent Power were Rs. 1071.60 and Rs. 985.25, respectively.</p>

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