Page 3 - Torrent Power

Zydus Group to invest Rs 5,000 cr across various sectors in Gujarat: Patel

Zydus Group on Friday announced plans to invest Rs 5,000 crore in Gujarat in various sectors, including new generation biotechnology products and hospitals, its Chairman Pankaj Patel said. Speaking at the 10th Vibrant Gujarat Global Summit here, Patel said his group has signed Memoranda of Understanding (MoUs) with the state for the investments. "We have signed MoUs of over Rs 5,000 crore. We'll be investing into next generation biotechnology products, new medical device initiatives and hospitals for the healthcare sector," he said. Patel said he has been attending the biennial summit since its inception and thanked Prime Minister Narendra Modi and Union Home Minister Amit Shah for helping businesses when it needs it the most. He said business needs leadership with a vision and the one that pushes it to think bigger, which is offered in Gujarat. Earlier, Nayara Energy's head of refinery Prasad Panicker said the company will be expanding its refinery at Vadinar and also upping its

Torrent Power to invest Rs 47,000 cr in renewable energy in Gujarat

Torrent Power has inked four initial pacts with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen and electricity distribution. Torrent Power Ltd, the integrated power utility of the diversified Torrent Group, has signed four non-binding Memorandum of Understanding (MoUs) with the government of Gujarat under the 10th edition of Vibrant Gujarat Global Summit, according to a company statement issued late in the evening on Wednesday. The MoUs were signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar. Through the four MoUs, Torrent Power has proposed total investments of Rs 47,350 crores (approx USD 5.70 billion), it stated. The proposed investments are planned to be made in the areas of renewable energy, green hydrogen and power distribution and are expected to contribute significantly towards the development of the state and creation of large-scale employment opportunities. "Torrent Power intends to make a ...

Torrent Power surges 13% on signing Rs 47,350 cr-projects with Gujarat govt

The MoUs entail setting 3,450 MW of solar power projects, 1,045 MW of hybrid power projects, associated infrastructure for 7,000 MW solar project, green hydrogen/green ammonia output facility

Land set aside for India's first solar expressway in Uttar Pradesh

The solar project will cater to the energy needs of the houses along the expressway and serve as a foundation for e-mobility and local socioeconomic development

Torrent Power jumps 6% to fresh high; soars 92% from January's 52-week low

The net profit growth came on the back of increased contribution from merchant power sales in gas-based power plants, from licensed distribution businesses, higher contribution from renewable business

Torrent Power's Q2 net profit rises 12% to Rs 543 cr on higher revenues

Torrent Power on Thursday posted a 12 per cent increase in consolidated net profit to Rs 543 crore in the September quarter on the back of higher revenues. The consolidated net profit of the company was Rs 484 crore in the year-ago period, as per a BSE filing. The company's total income rose to Rs 7,069.11 crore during the quarter from Rs 6,797.21 in the same period a year ago. The company said major reasons for an improvement in the total comprehensive income for the quarter include increase in contribution from merchant power sales in gas-based power plants and increase in contribution from licensed distribution businesses. Higher contribution from renewable businesses due to capacity addition and higher wind PLF (capacity utilisation) also helped improve total comprehensive income. The other reason was decrease in tax expenses. Its total comprehensive income increased 9 per cent to Rs 531 crore from Rs 485 crore a year ago. Torrent Power is one of the largest companies in the

Torrent Gas appoints former GAIL chairman Manoj Jain as managing director

Former GAIL (India) Ltd Chairman Manoj Jain has been appointed Managing Director of city gas operator Torrent Gas Ltd, the firm said on Thursday. The Board of Torrent Gas, which has a licence to retail CNG to automobiles and piped natural gas to hosueholds and industries in 34 districts across the country, appointed Jain as its Managing Director with effect from January 1, 2024, the company said in a statement. Prior to this, Jain was the chairman and managing director of GAIL (India) Ltd from February 2020 to August 2022. "Jain is a seasoned business leader with an excellent track record across multiple areas within GAIL and is widely considered as an expert in the oil and gas sector," the statement said. "Jain possesses rich and diverse experience in the areas of business development, gas marketing, projects, petrochemicals and pipeline integrity management," it said. A mechanical engineer with an MBA in operations management, he joined GAIL as a graduate engineer trainee in 198

From Adani to Torrent, India Inc taps overseas funds for local M&As

Adani, Hinduja, Torrent raise funds for acquisitions

Trusts linked to Torrent Power, others from open offer conditions exempted

Regulator Sebi on Tuesday exempted four family trusts linked to promoters from making open offers to the shareholders of three companies -- Torrent Power, Torrent Pharmaceuticals and Gujarat Lease Financing -- following their proposed indirect share acquisition in these firms. The orders came after four Mehta Family Trusts filed applications with the regulator in July 2023, and sought exemption from certain provisions of takeover regulations. In order to facilitate succession planning, Sudhir Uttamlal Mehta and Samir Uttamlal Mehta created four trusts to streamline the family's shareholding in Torrent Investments Private Limited (TIPL). Under the proposed acquisitions, four acquirer trusts intended to acquire interest in the target companies -- Torrent Power, Torrent Pharmaceuticals and Gujarat Lease Financing -- indirectly from TIPL, one of the promoters of these firms, according to three separate orders by the Securities and Exchange Board of India (Sebi). The acquirer trusts pla

Stocks to Watch today, Sep 11: Adani Grp, HDFC Bank, RIL, Sonata, IRB Infra

Stocks to watch on September 11, 2023: Balrampur, Delta Corp, India Cements, Manappuram, PNB and SAIL among nine stocks in F&O ban on Monday.

Torrent promoters may pledge stake in power arm to fund Cipla buy

Torrent's promoters own a 53.6 per cent stake in Torrent Power, valued at Rs 18,643 crore as of Friday, which remains a crucial avenue for raising funds for the Mehtas

Torrent Power net up 6% to Rs 532 cr in June quarter due to higher revenues

Torrent Power on Thursday posted over six per cent year-on-year rise in consolidated net profit at Rs 532.28 crore in the June quarter, mainly on the back of higher revenues. The company had reported consolidated net profit of Rs 502.01 crore a year ago, a regulatory filing said. Total income of the company rose to Rs 7,413.32 crore in the quarter under review, from Rs 6,618.62 crore in the same period a year ago. The board also approved a scheme of arrangement on August 10, 2023 between Torrent Power Ltd and Torrent Green Energy Private Ltd (TGEL), a wholly-owned subsidiary of the company on a going concern basis by way of a slump sale with an appointed date of April 1, 2024. Upon the scheme becoming effective, a cash consideration of Rs 1,056.97 crore will be paid in one or more tranches, with or without interest within a period of six months from the effective date, subject to the book value adjustments as provided in the scheme, the filing said. The scheme does not involve mer

Torrent enters e-mobility infra space; sets 4 charging stations in Gujarat

Torrent Power on Thursday said it has forayed into the electric mobility infrastructure segment with four charging stations in Gujarat. The first set of charging stations have been installed in Ahmedabad, Torrent Power said in a statement on Thursday. "Torrent Power has forayed into the electric mobility infrastructure sector. Initially a set of four EV (electric vehicle) charging stations have been set up in Ahmedabad, while two more will be launched in Surat soon," it said. More cities will be added to the list in the near future, the company said. Torrent Power Director Varun Mehta said the company is working towards an affordable EV charging network on a wide scale. The company has collaborated with Siemens for developing the EV charging network.

Torrent Group capitalisation tops Rs 1 trn fuelled by acquisitions, EV push

India's leading diversified business conglomerate Torrent Group has crossed Rs 1 lakh crore market capitalisation as it's power units EV push and pharma company's recent acquisitions fuelled a rally in stocks. The combined market capitalisation of its two listed group companies - Torrent Pharmaceuticals Ltd and Torrent Power Ltd crossed the Rs 1 lakh crore mark in trading on Monday, according to stock exchange information. Torrent Pharmaceuticals shares hit an intra-day high of Rs 2,014.8 before closing at Rs 2,010 on the NSE. This gave it a market capitalisation of over Rs 68,000 crore. The shares of Torrent Power hit an intraday high of Rs 682 before closing at Rs 678.20, giving it a market capitalisation of Rs about Rs 32,600 crore. The combined market capitalisation of the Group now stands at Rs 1,00,600 crore. The Group's valuation hit Rs 50,000 crore in February 2020. This shows 2x growth in market capitalisation in the past three years - driven by robust financial performan

Torrent Power commissions 115 MW wind energy project in Gujarat's Dwarka

Torrent Power on Wednesday said one of its subsidiaries has commissioned a 115 MW wind project in Devbhumi Dwarka district of Gujarat. Torrent Solargen was awarded the project through a competitive bidding under SECI (Solar Energy Corporation of India) Wind Tranche V, a company statement said. The company signed a power purchase agreement for a period of 25 years with SECI which has a back-to-back Power Sale Agreement (PSA) with Haryana. Wind turbines for the project have been sourced from GE. With the addition of 115 MW wind power, Torrent Power's installed renewable capacity has reached 1.18 GW, and total generation to 4.2 GW. Torrent Power, with a turnover of Rs 25,694 crore is the integrated power utility of Torrent Group. It has presence across the entire power value chain of generation, transmission, and distribution.

Torrent begins pilot project for blending green hydrogen with natural gas

Torrent Power on Monday said it is working on a pilot project for blending green hydrogen with natural gas in the city gas distribution (CGD) network. The pilot project underway in Gorakhpur, Uttar Pradesh, is expected to complete in 8 months, the company said in a statement. "Torrent Power is implementing a green hydrogen pilot project for blending in the CGD network. The pilot project based on alkaline electrolyser will blend 2.5 per cent green hydrogen (GH2) into CGD network, marking an important milestone in the company's foray into GH2 business in India," it said. GH2 is produced using electrolysis of water powered by renewable sources. Its blending with the existing natural gas supply allows for a gradual transition towards a cleaner and more sustainable energy mix. Torrent Power is one of the largest companies in the country's power sector, with a presence across the entire power value chain -- generation, transmission and distribution.

Torrent Power raises Rs 600 cr through non-convertible debentures

Torrent Power has raised Rs 600 crore through issuance of non-convertible debentures on private placement basis. "The company has issued and allotted Series 11 60000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable and Non-Convertible Debentures (NCDs) of Rs 600 crore at a coupon rate of 8.50 per cent per annum...on private placement basis," a BSE filing said. The company issued 60,000 NCDs of Rs 1 lakh per debenture aggregating to Rs 600 crore. It is proposed to be listed on Wholesale Debt Market Segment of National Stock Exchange. Torrent Power, with a turnover of Rs 25,694 crore, is the integrated power utility of the diversified Torrent Group. It is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission, and distribution. Torrent Power has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.07

BSE Power index gains 2% on hopes of higher demand; NTPC hits 5-year high

Ratings agency ICRA said the likelihood of El Nino in FY24 may have a positive impact on electricity demand.

Torrent Power soars 9% on inking MoU with Maharashtra govt for 3 projects

The company has signed a MoU with the Maharashtra government for setting up three Pumped Storage Hydro Projects of 5,700 MW capacity in Maharashtra, would entail an investment of about Rs 27,000 crore

Stocks to Watch today, June 7: Adani Green, Mazagon Dock, Torrent Power

Stocks to Watch today, June 7, 2023: Tata Power, Uniparts India, Seshasayee Paper, Marksans Pharma will turn ex-dividend on Wednesday