Torrent Power hits new high

Torrent Power is right there among the top three gainers on the BSE since the opening bell today morning; opening 6% higher at Rs.998.95, the stock surged to hit a new 52-week high at Rs.1071.60, up 13.5%.

The company announced yesterday night that it has signed MoUs worth Rs.47,350 crore with Department of Energy & Petrochemicals, Government of Gujarat, as part of Investment Promotion Activity for Vibrant Gujarat Global Summit 2024.

This entails setting up of 3,450 MW of Solar Power Projects, 1,045 of Hybrid Power Projects, associated infrastructure for 7,000 MW Solar project, Green Hydrogen / Green Ammonia Production Facility and Capex for Distribution network.

The details of the four MoUs are provided as below:

• One of the four MoUs comprises of 3,450 MWs 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 crores

• The second MoU entails investment of Rs 4,500 crores in development of the infrastructure of a solar park for 7,000-MW Solar Power project to be set up in 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 total proposed investment of Rs 7,200 crores.

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