Torrent Power spikes 14% to 52-week high on Rs 47,350-cr green energy deal with Gujarat

Torrent Power shares hit a fresh 52-week high, jumping 13.5 percent in trade, on January 4 as the power utility firm signed four contracts with the Gujarat government for a total of Rs 47,350 crore.

As part of the four non-binding memoranda of understanding (MoUs), the power utility arm of the diversified Torrent Group will invest Rs 47,350 crore in renewable energy, green hydrogen, and power distribution projects.

As of 10.30am, shares of Torrent Power were trading at Rs 1,035.35, higher by 9.64 percent on the NSE. The shares scaled a high at Rs 1,071.95 earlier in the day.

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The contract was signed with the Department of Energy and Petrochemicals, Government of Gujarat, as a part of the investment promotion activity for Vibrant Gujarat Global Summit 2024.

According to a filing with the bourses, this will help set up 3,450 MW of solar power projects, 1,045 of hybrid power projects, associated infrastructure for 7,000-MW solar projects, green hydrogen / green ammonia production facility and capex for distribution network.

“Torrent Power intends to make a significant portion of its future investments across key national priorities of renewable generation, pump storage hydro projects, green hydrogen / green ammonia production and power distribution,” Torrent Group Chairman Samir Mehta said in the statement.

Over the past year, Torrent Power shares have surged over 100 percent, more than doubling investors’ wealth. In comparison, the benchmark index Nifty 50 gained around 20 percent during the same period.

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