This power company got a big project

Multibagger Stock: The Indian stock market has seen an average rise in the last five trading sessions. However, in the last trading session the market had closed with a slight rise. But today a multibagger power stock can create a stir in the market. According to exchange filings, Torrent Group company Torrent Power (Torrent Power Ltd) to Maharashtra State Electricity Distribution Company Ltd. A contract has been received to set up a solar project of 306 MW capacity. The project awarded under PM-KUSUM is worth Rs 1,540 crore. The company said in a statement that Maharashtra Deputy Chief Minister Devendra Fadnavis handed over the allotment letter of the project. Torrent Power has emerged as the successful bidder for the project. The company received the approval from Maharashtra State Electricity Distribution Company Limited on March 7 for setting up 306 MW grid-connected solar power project at 48 distributed locations across Nashik district. Received allotment letter from (MSEDCL).

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What are the details related to the project?

This project has been conceived by MSEB Solar Agro Power Limited (MSAPL) under Mukhyamantri Saur Krishi Vahini Yojana 2.0 (MSKVY) for implementation of feeder level solar power project under Component C of PM-KUSUM scheme connected to distribution network. The estimated cost of the project is Rs 1,540 crore. It is to be commissioned within 18 months. The tariff rate for the project is Rs 3.10 per kWh for a period of 25 years. With the award of this project, Torrent’s renewable energy capacity under construction has increased to 1.7 GW. Upon completion of this project, the company’s total renewable capacity will increase to three gigawatts (one gigawatt equals 1,000 MW) in the next 18 to 24 months.

How is the stock performing?

Shares of Torrent Power Limited did not perform well in the trading session on Thursday. Till the market closed, the share was at Rs 1,142 with a decline of 1.70 percent i.e. Rs 19.75. However, the company has given investors a return of 3.50 percent in the last five trading days. Whereas, the company has given returns of 57.42 percent in six months and 115.17 percent in one year. At the same time, in five years the company has given a return of 357.99 percent to the investors. On March 8, 2019, the company’s stock price was Rs 249.35. The current market cap of the company is considered to be Rs 54.89 thousand crore.