Torrent Power hits an all-time high after power firm inks 4 MoUs with Gujarat government

At around 9:52 a.m., shares of Torrent Power were up 10.79 per cent or Rs 101.9 at Rs 1045.95 apiece. The market capitalisation of the company stood at Rs 50,219.65 crore. The scrip rose for the second straight session.

Torrent Power shares, Representative image. Source: Pexels

Torrent Power shares started the trading session on Thursday (January 4, 2024) on a high note as they clocked an all-time high of Rs 1071.6 apiece in morning deals on BSE. Dalal Street showed buying interest in the stock after the power company signed four non-binding Memoranda of Understanding (MoUs) with the Government of Gujarat under the 10th edition of the Vibrant Gujarat Global Summit.

At around 9:52 a.m., shares of Torrent Power were up 10.79 per cent or Rs 101.9 at Rs 1045.95 apiece. The market capitalisation of the company stood at Rs 50,219.65 crore. The scrip rose for the second straight session.

"Torrent Power Limited, the integrated power utility of the diversified Torrent Group, has signed four non-binding Memorandums of Understanding (MoUs) with the Government of Gujarat under the 10th edition of Vibrant Gujarat Global Summit... Through the four MoUs, Torrent Power has proposed total investments of Rs 47,350 crore," the filing read.

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Additionally, the proposed investments are planned to be made in the areas of renewable energy, green hydrogen, and power distribution and are expected to contribute significantly towards the development of the State and the creation of large-scale employment opportunities.

As per the filing, the details of the four MoUs are provided below:

• One of the four MoUs comprises of 3,450 MW of Solar Power Projects & 1,045 MWs of Hybrid Power Projects to be set up in the districts of Banaskantha, Jamnagar, Patan, and Surendranagar, entailing a proposed investment of Rs 30,650 crore.

• The second MoU entails an investment of Rs 4,500 crores in the development of the infrastructure of a solar park for a 7,000-MW Solar Power project to be set up in the Banaskantha district.

• The third MoU is for setting up a Green Hydrogen/Green Ammonia production facility with a capacity of 100 KTPA to be set up in Banaskantha/Dahej with a total proposed investment of Rs 7,200 crore.

• The fourth MoU pertains to the investment of Rs 5,000 crore in Torrent Power’s distribution business in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Becharaji SIR (MBSIR).