Torrent Power stock soars 12% to hit record high on securing Rs 1,540-cr solar power project

With the award of this 306 MW capacity, Torrent’s renewable capacity under construction has increased to 1.7 gigawatt (GW)

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Shares of Torrent Power rallied 12.5 percent to hit all-time high of Rs 1,287.5 per share after the company bagged 306 megawatt (MW) solar project in Maharashtra for Rs 1,540 crore.

So far this year, the stock of this power company has soared over 30 percent, as against 0.9 percent rise in the benchmark Sensex.

In an exchange filing dated March 7, Torrent Power said it received letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL)  to supply 306 MW solar power under Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder level solarisation under PM KUSUM Scheme.

The projects will be setup at 48 distributed locations in Nasik District and the power shall be procured by MSEDCL through 25 years PPA.

With the award of this 306 MW capacity, Torrent’s renewable capacity under construction has increased to 1.7 gigawatt (GW). Upon completion of these 1.7 GW projects, Torrent’s renewable capacity will increase to 3 GW in the next 18-24 months.

ALSO READ: Torrent Power gets new round-the clock RE project worth Rs 2,700 crore

Analysts at Geojit Financial Servcies shared a ‘sell’ rating on the counter, with a target price of Rs 1,038 per share due to expensive valuations and execution risks in renewable capacity additions.

“We reduce the FY24E/FY25E/FY26E PAT estimates by 4.3 percent/2.5 percent/1.2 percent respectively, as softening gas prices limit the erstwhile opportunistic advantage from LNG trading. We exercise caution over the execution risks in renewable capacity additions, current high valuations, and the recent run-up in the price of the stock,” the brokerage firm said in an earlier note.

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