Torrent Power soars 5% on bagging orders of Rs 3,140 cr; up 66% in 6 mths

Shares of Torrent Power soared 5 per cent on BSE to Rs 1,172 in Saturday's special trading session after the company won power supply projects worth Rs 3,140 crore. All securities will trade with revised circuit limits of 5 per cent today.

The stock of the power utility has surged 66 per cent in the last 6 months from a level of Rs 705 reached in September last year. In the past one month, it is up 10 per cent. Its 52-week high of Rs 1,235 was reached on 15th of last month.

To meet the high power demand in coming months, NTPCV Vidyut Vyapar Nigam (NVVN), a subidiary of NTPC, has awarded a Rs 440 crore contract to Torrent Power, under which it will supply power from its gas based power plant.

Under the agreement, 770 MW capacity has been contracted with minimum 388 MUs of guaranteed power to be supplied during March 16-June 30, 2024, which may be further extended upto July 15, 2024.

This contract has been given under the govt’s crunch period scheme to overcome high power demand during summer.

Separately, Torrent Power also won a Rs 2,700 crore award from Railway Energy Management Company (REMCL) to supply 100 MW renewable energy-based round the clock power, with or without storage, for 25 years.

Under the project, which will be commissioned within 24 months from the signing of the power purchase agreement, Torrent Power will install about 325 MW of renewable capacity.

The tender requires to maintain minimum annual capacity utilisation factor of 75 per cent in the first 3 years and 85 per cent from the fourth year onwards. The tariff for the project is Rs 4.25 per Kwh for the period of 25 years.

Torrent said it is strategically focusing on renewables for increasing its generation capacity in line with its sustainability commitments and the government’s aim to achieve 500 GW of non-fossil fuel capacity by 2030.

With a balanced wind and solar portfolio, it is also working on other green energy pathways of pumped hydro and green Hydrogen.

The integrated power utility of Torrent Group, Torrent Power is among the largest power companies in the country with an aggregate installed generation capacity of 4,287 MW.

This comprises 2,730 MW of gas-based capacity, 1,195 MW of renewable capacity and 362 MW of coal based capacity.

Renewable projects of 1,402 MW are under development. Total generation capacity, including projects under advanced stages of development is 5,689 MW.