Torrent Power shares hit new high on order win worth Rs 27,000 crore

7 Jun 2023 , 10:42 AM

Torrent Power Limited’s counter surged as much as 10% in today’s trade to hit a new 52-week high of Rs 671.95 as the company has entered into a MoU with the Maharashtra Government.

The company said that it has entered into a Memorandum of Understanding (MoU) with the government of Maharashtra to construct hydro projects worth Rs 27,000 crore. 

At around 10.14 AM, Torrent Power was trading 7.06% higher at Rs 655.40, against the previous close of Rs 612.20 on NSE. The counter opened at Rs 630.

In its filing with the bourses, the company said that it will complete the project within a period of five years. It is likely to create 13,500 jobs by these developments.

Torrent has identified three sites for their upcoming projects, namely Karjat (3,000 MW) in Raigarh District, Maval (1,200 MW), and Junnar (1,500 MW) in Pune District. These locations are off-stream and have been selected to facilitate the implementation of projects that can provide a minimum of six hours of daily energy storage.

The company stated in its exchange filing that renewable electricity in the grid is increasing rapidly. Therefore, energy storage is needed to meet peak demand.

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