Torrent Power soars on receiving LoA for 1,600 MW coal-based power plant in Madhya Pradesh
Torrent Power is currently trading at Rs. 1269.90, up by 41.80 points or 3.40% from its previous closing of Rs. 1228.10 on the BSE.
The scrip opened at Rs. 1283.40 and has touched a high and low of Rs. 1313.70 and Rs. 1261.00 respectively. So far 27383 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2037.35 on 22-Oct-2024 and a 52 week low of Rs. 1207.20 on 17-Feb-2025.
Last one week high and low of the scrip stood at Rs. 1313.70 and Rs. 1225.10 respectively. The current market cap of the company is Rs. 61884.39 crore.
The promoters holding in the company stood at 51.09%, while Institutions and Non-Institutions held 39.57% and 9.34% respectively.
Torrent Power has received Letter of Award (LoA) from MP Power Management Company (MPPMCL) for long-term procurement of power from 1,600 MW new coal-based power plant. The LoA is received pursuant to the company’s participation in the competitive bidding process, conducted by MPPMCL, at a tariff of 5.829 Rs/kWh. The company will set up a greenfield 2x800 MW Ultra-Supercritical power plant in Madhya Pradesh on Design, Build, Finance, Own, and Operate (DBFOO) model and supply the entire capacity to MPPMCL. The requisite coal for the power plant will be arranged by MPPMCL under the SHAKTI Policy of Ministry of Coal.
The project is to be commissioned within 72 months from the date of execution of the PPA. This project entails an investment of around Rs 22,000 crore and will be the single largest investment by the Torrent Group in the power sector. The project will be set up based on Ultra-Supercritical technology, which is highly efficient and results in significantly lower carbon emissions compared to conventional power plants.
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.
