Torrent Power gains on getting LoI to buy 51% stake in DNH, Daman and Diu Power Distribution Corp
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Torrent Power is currently trading at Rs. 512.30, up by 2.10 points or 0.41% from its previous closing of Rs. 510.20 on the BSE.
The scrip opened at Rs. 516.00 and has touched a high and low of Rs. 520.70 and Rs. 504.00 respectively. So far 48185 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 606.05 on 15-Dec-2021 and a 52 week low of Rs. 319.25 on 10-Feb-2021.
Last one week high and low of the scrip stood at Rs. 589.95 and Rs. 504.00 respectively. The current market cap of the company is Rs. 24629.21 crore.
The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 29.20% and 17.24% respectively.
Torrent Power has received Letter of Intent (LoI) to acquire 51 per cent equity stake in Dadra and Nagar Haveli (DNH) and Daman/and Diu Power Distribution Corporation. The company is to be incorporated for holding assets of the Electricity Department, Daman and Diu and DNH Power Distribution Corporation related to electricity distribution business. It will be responsible for distribution and retail supply of electricity and will hold distribution license in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
