Torrent Power share price rises 2% on 132 MW energy supply deal

A meeting of the board of directors of the company is scheduled to be held on August 10, 2023, to consider and approve, the unaudited financial results for the quarter ended June 30, 2023.

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The share price of Torrent Power gained 2 percent in early trade on August 4 after the company entered into a power transfer agreement for supply of solar energy through a subsidiary firm.

Torrent Urja 8 Private Limited inked the deal with a subsidiary of Shapoorji Pallonji & Company Private Limited (SPCPL) for supply of 132 MW solar power for its desalination plants in Gujarat. The estimated cost of the project stands at Rs 700 crore.

Torrent Power’s installed renewable capacity is 1.18 GW, and the total power generation capacity is 4.2GW.

With the signing of this 132-MW contract, the company now has 0.73 GW of renewable capacity under different stages of development.

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A meeting of the board of directors of the company is scheduled to be held on August 10 to consider and approve the unaudited financial results for the quarter ended June 30, 2023.

The company last month launched its first set of charging stations in Ahmedabad in collaboration with Siemens for developing the EV charging network.

In June, the company had signed a Memorandum of Understanding (MoU) for the development of three pumped storage hydro projects of 5,700 MW capacity in Maharashtra.

At 9:31am, Torrent Power was quoting at Rs 673.95, up Rs 5.40, or 0.81 percent, on the BSE.

The share touched a 52-week high of Rs 745.00 and a 52-week low of Rs 430.90 on June 8, 2023 and January 30, 2023, respectively. It is now trading 9.54 percent below its 52-week high and 56.41 percent above its 52-week low.