Torrent Power shares jump 5% on receiving Letter of Intent from Maha Discom

The northward move in Torrent Power shares came on the back of the news that the company has received a Letter of Intent from Maharashtra State Electricity Distribution Company (MSEDCL)

Torrent Power shares zoom: Shares of integrated power utilities company, Torrent Power, climbed 5.23 per cent to hit the intraday high of Rs 1,873.20 on the BSE on Wednesday. The northward move in the company's stock price came on the back of the news that the company has received a Letter of Intent (LOI) from Maharashtra State Electricity Distribution Company (MSEDCL)  for the procurement of 1,500 MW energy storage capacity from the Pumped Hydro Storage Project.

Torrent Power has also informed the exchanges via regulatory filings that the company plans to supply the storage capacity from its upcoming pumped hydro storage plant being set up in Raigad district, Maharashtra. "Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of 8 hours (with a maximum continuous 5 hours) per day. The input energy for charging shall be provided by MSEDCL," Torrent Power said in the regulatory filing.

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.

Torrent Power enjoys a market capitalisation of Rs 87,477.06 crore on the BSE. The company is a constituent of the BSE 200 index.  As of September 18, 2024, the company's earnings per share (EPS) for the trailing 12 months stand at 47.70, while the Price-to-earnings (P/E) and Price-to-book (P/B) ratios stand at 37.31 and 7.11, respectively.

Torrent Power shares have yielded a return of a whopping 152.89 percent in the last one year, while the company's stock has sprinted 93.91 percent in 2024.

Torrent Power shares started today's session in the green at Rs 1,834 and continue to trade northward on the BSE. At around 11:41 am, the company's shares were quoted trading at Rs 1,830.45, up 2.84 percent from its previous close of Rs 1,779.95 on the BSE.

Torrent Power shares are currently trading 4.15 per cent lower than their 52-week high of Rs 1,906.55, which the stock hit on July 31 this year on the BSE.