Shares of Torrent Group companies mainly Torrent Power and Torrent Cables have rallied by up to 20% after these companies announced that their respective boards will consider re-organisation of power sector operations.
The board of directors of both these companies are scheduled to meet on Monday, May 12, 2014,to discuss the business model including the appropriate re-organisation of power sector operations of Torrent Group.
In October last year, Torrent Power said that its board had accorded its approval to the existing committee of directors to carry out a study and thereby evolve a suitable and optimum business model along with desirable capital structure for the power sector operations of the Torrent Group covering, inter alia, the possibility of appropriate re-organisation including merger, demerger, forward/backward integration, sale of any division, etc.
Among the individual stocks, Torrent Cables is locked in upper circuit of 20% at Rs 88.60 on the BSE. Around 47,000 shares changed hands and there are pending buy orders for 23,571 shares on the BSE.
Torrent Power too, surged over 6% to Rs 116 on the BSE. The stock opened at Rs 110 and touched a high of Rs 117 so far. The counter has seen huge trading activity with a combined 3.11 million shares changing hands till noon deals on the NSE and BSE.
The board of directors of both these companies are scheduled to meet on Monday, May 12, 2014,to discuss the business model including the appropriate re-organisation of power sector operations of Torrent Group.
In October last year, Torrent Power said that its board had accorded its approval to the existing committee of directors to carry out a study and thereby evolve a suitable and optimum business model along with desirable capital structure for the power sector operations of the Torrent Group covering, inter alia, the possibility of appropriate re-organisation including merger, demerger, forward/backward integration, sale of any division, etc.
Among the individual stocks, Torrent Cables is locked in upper circuit of 20% at Rs 88.60 on the BSE. Around 47,000 shares changed hands and there are pending buy orders for 23,571 shares on the BSE.
Torrent Power too, surged over 6% to Rs 116 on the BSE. The stock opened at Rs 110 and touched a high of Rs 117 so far. The counter has seen huge trading activity with a combined 3.11 million shares changing hands till noon deals on the NSE and BSE.
