High volumes mark Torrent Power debut

DALAL STREET SPIKES

Torrent Power, the umbrella company of the newly amalgamated generation, transmission and distribution businesses of the Torrent Group, was listed on the bourses on Tuesday and closed at Rs 70.70 on the BSE. The stock hit a low of Rs 55.50 and high of Rs 76.30.

Early volumes in the scrip were a huge 49.1 lakh shares on the BSE. Three companies "� Torrent Power AEC (TPAL), Torrent Power SEC (TPSL) and Torrent Power Generation (TPGL) "� were merged in TPL as a part of a scheme of arrangement.

TPL's equity capital is Rs 472.44 crore with face value of Rs 10 each. Early this month, TPL announced its maiden financial results for the 18 months ended September 30. It registered a profit after tax of Rs 179 crore and declared a dividend of 12 per cent per share.