Torrent Power has surged over 18% to Rs 113 on back of heavy volumes on the bourses. The stock opened at Rs 96 on BSE, has seen over four-fold jump in trading volumes.
A combined 4.36 million shares have already changed hands on the counter till 1040 hours against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.
Last week, on October 30, the board of electric utilities maker has 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.
The board has further authorised the committee of directors of the company, to appoint appropriate consultants/advisors and engage with financing agencies, as required, for the said study and place its proposal before the board for its consideration and approval.
Torrent Power, engaged in generation, transmission and distribution of power, reported a net loss of Rs 29 crore for the quarter ended September 30, 2013, compared with net profit of Rs 164 crore, a year ago quarter.
A combined 4.36 million shares have already changed hands on the counter till 1040 hours against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.
Last week, on October 30, the board of electric utilities maker has 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.
The board has further authorised the committee of directors of the company, to appoint appropriate consultants/advisors and engage with financing agencies, as required, for the said study and place its proposal before the board for its consideration and approval.
Torrent Power, engaged in generation, transmission and distribution of power, reported a net loss of Rs 29 crore for the quarter ended September 30, 2013, compared with net profit of Rs 164 crore, a year ago quarter.
