Torrent Power gains on renewing franchise agreement for Bhiwandi circle

The stock was up 6% to Rs 184 on the BSE intra-day trade

Torrent Power has moved higher by 6% to Rs 184 on the BSE intra-day trade after the company said it has entered into Renewal and Amendment Agreement to the Distribution Franchise Agreement (DFA) with the Maharashtra State Electricity Distribution Company (MSEDCL) for distribution of power in Bhiwandi Circle for a further period of 10 years with effect from January 26, 2017.

Earlier, on December 20, 2006 the Company had signed the DFA with the MSEDCL for distribution of power in Bhiwandi Circle for a period of 10 years.

At 12:32 pm; the stock was up 5% to Rs 183 on the BSE, as compared to 0.44% rise in the S&P BSE Sensex. A combined 711,222 shares changed hands on the counter on the BSE and NSE.