 "Torrent Power: Long-term triggers in place")
Torrent Power has tanked 12% to Rs 199 on the BSE in early morning trade after the company reported a consolidated net profit of Rs 28 crore for the quarter ended March 2016 (Q4FY16) as compared to Rs 182 crore in the same quarter of the previous year. It had profit of Rs 372 crore in December quarter.
Total income from operations declined 4% to Rs 2,481 crore against Rs 2,589 crore in the corresponding quarter of previous fiscal. Total expenditure rose 4% at Rs 2,208 crore over the previous year quarter.
The figures for the quarter ended March 2016 are after giving effect to the amalgamation between Torrent Energy, a wholly owned subsidiary of the company, and Torrent Cables with the company.
At 09:44 am, the stock was down 10% at Rs 204 on the BSE as compared to 0.41% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.47 million shares changed hands on the BSE and NSE so far.
Total income from operations declined 4% to Rs 2,481 crore against Rs 2,589 crore in the corresponding quarter of previous fiscal. Total expenditure rose 4% at Rs 2,208 crore over the previous year quarter.
The figures for the quarter ended March 2016 are after giving effect to the amalgamation between Torrent Energy, a wholly owned subsidiary of the company, and Torrent Cables with the company.
At 09:44 am, the stock was down 10% at Rs 204 on the BSE as compared to 0.41% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.47 million shares changed hands on the BSE and NSE so far.
