Torrent Power gained 1.43% to Rs 219.35 at 12:30 IST on BSE after the company announced that it has entered into a contract with a leading WTG manufacturing group for development of the 197.40 megawatts wind power project.
The announcement was made after market hours yesterday, 28 March 2016.Meanwhile, the BSE Sensex was down 27.99 points, or 0.11%, to 24,938.41.
On BSE, so far 1.23 lakh shares were traded in the counter, compared with an average volume of 3.2 lakh shares in the past one quarter. The stock hit a high of Rs 221.65 and a low of Rs 217.85 so far during the day. The stock hit a 52-week high of Rs 252.50 on 11 March 2016. The stock hit a 52-week low of Rs 136.55 on 29 June 2015. The stock had underperformed the market over the past one month till 28 March 2016, dropping 0.55% compared with the Sensex's 7.83% rise. The scrip had, however, outperformed the market in past one quarter, gaining 24.07% as against Sensex's 4.1% fall.
The large-cap company has an equity capital of Rs 480.62 crore. Face value per share is Rs 10.
Torrent Power said that the capacity will be developed across three sites in Kutch and Bhavnagar districts in Gujarat. The project is expected to be commissioned progressively by March 2017 and shall have off take arrangements for fulfillment of renewable power purchase obligations.
Torrent Power's consolidated net profit surged 440.9% to Rs 372.01 crore on 13.3% rise in net sales to Rs 2821.44 crore in Q3 December 2015 over Q3 December 2014.
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Torrent Power is into power sector and is promoted by the Torrent Group.
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