Sensex Today Live: Torrent Power Shares Surge Over 9% to All-Time High After Bagging 306 MW Solar Power Project
In a significant development in the stock market today, Torrent Power shares surged by 9.2% to reach a new record high of ₹1,249.95 per share during Monday’s intraday trading. This surge came after the company was awarded a Letter of Award from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) on March 7, 2024.
The Letter of Award, valued at ₹1,540 crore, is for the establishment of a 306 MW grid-connected solar power project. This project will be spread across 48 different locations in the Nasik District of Maharashtra, as stated in the company’s exchange filing.
With this award, Torrent Power’s total renewable capacity under construction has now risen to 1.7 GW. Upon completion of these projects, Torrent Power’s renewable capacity is set to expand to 3 GW within the next 18–24 months.
This news has generated a positive response from investors and market analysts, showcasing confidence in Torrent Power’s growth trajectory and commitment to renewable energy projects. The surge in share price reflects the market’s optimism towards the company’s future prospects in the renewable energy sector.
