Shares of Torrent Power surged as much as 7.6% on March 18 to hit an intraday high of ₹1,249.25 apiece on the BSE, after the company on March 16 received an order worth ₹3,650 crore to supply 300 MW (megawatt) power from the wind-solar hybrid project. The company says that the project will be commissioned within 24 months from the power purchase agreement (PPA). The tariff for the project is ₹3.65/kWh for the period of 25 years.

Following this, the scrip opened a gap-up at ₹1,185.40, up 2.1%, as against the previous closing price of ₹1,160.80. At 12:08 pm, the share price of Torrent Power was trading 3.36% higher at ₹1,199.75. This was in line with the broader BSE Sensex, which was trading 102.90 points or 0.14% higher at 72,746.33. The company’s market capitalisation stood at ₹57,674.01 crore with more than 1.54 shares exchanging hands on the BSE, as against the two-week average of 0.86 lakh shares. Torrent Power touched a 52-week high of ₹1,288.45 on March 11 this year. The company hit a 52-week low of ₹485, which the company touched on March 27 last year.

In the past one month, three months and one year, the share price of Torrent Power has surged 2.16%, 28.64% and 123.83%, respectively. In the year-to-date period, the share price of Torrent Power has surged 27.22%.

"The annual CUF shall not be less than 50% for any of the years during the term of the PPA & rated power capacity of wind and solar shall be in the ratio of 2:1. For meeting the 50% CUF requirement, the Company plans to install 480 MW of wind and solar capacity against the contracted capacity of 300 MW," says the company.

Notably, earlier this month, Torrent Power received an order worth ₹1,540 crore from the Maharashtra government for setting up a 306 MW grid-connected Solar power project, at 48 distributed locations, across Nasik District. The project shall be commissioned within 18 months.

In the October to December quarter of FY24, the company’s net profit declined by 46% year-on-year to ₹374 crore, as against ₹695 crore in the same period last year. The company’s revenue from operations stood at ₹6,366 crore in the December quarter, declining by 1.2% as against ₹6,443 crore in the same period last year.

Torrent Power, which is a subsidiary of Torrent Group, has an aggregate installed generation capacity of 4,287 MW comprising 2,730 MW of gas-based capacity, 1,195 MW of renewable capacity and 362 MW of coal-based capacity. Further, Renewable projects of 1,402 MW are under development. Total generation capacity, including projects under advanced stages of development, is 5,689 MW, says the company. 

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