Torrent Power Share Price: People rush to buy this share of power sector, the effect of the agreement made in Gujarat is visible
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Torrent Power Share Price: Torrent Power has signed four agreements with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen and power distribution. According to a statement issued by the company late on Wednesday night, Torrent Group company Torrent Power Limited has signed four non-binding Memorandum of Understanding (MoU) with the Gujarat government under the 10th edition of the Vibrant Gujarat Global Summit. MoU was signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar. Torrent Group Chairman Sameer Mehta said in the statement that Torrent Power intends to invest a significant portion of its future investments in key national priorities of renewable generation, pumped storage hydropower projects, green hydrogen/green ammonia production and power distribution. There has been a sharp rise in the shares of the company due to the new agreement. The stock price on the National Stock Exchange jumped by about 10 percent.
What is the share price?
A stormy rise is being seen in the Indian stock market today. At 11.38 am, Sensex was trading at 71,811.89 with a rise of 0.64 percent or 455.29 points. At the same time, Nifty is moving forward at 21,641.60 with a gain of 0.58 percent i.e. 124.25 points. Meanwhile, the exchange saw a rise due to the agreement of Torrent Power in Gujarat. The company’s shares were trading at 1,033.70, falling 9.47 percent or 89.40 points. Today Torrent shares opened at Rs 21,605.80. Which, during trading, reached the maximum level of Rs 21,659.35 at 11.10 am. However, in the last 52 weeks the company’s shares had reached the level of 21,834.35. At the same time, in the last one month, the investors of the company have got a profit of 4.64 percent i.e. Rs 959.25 per share. Whereas, in six months, investors have got a profit of 11.64 percent i.e. Rs 2,257.05 per share. Investors of Torrent Power have got a profit of about 20 percent in one year.
What does Torrent Power Company do?
Torrent Power is an Indian energy and power company with interests in power generation, transmission, distribution and manufacturing and supply of power cables. The company was established on 19 April 1997. Jinal Mehta is the managing director of the company. An increase has been seen in the company’s quarterly results for July-September 2023. During this period, the company’s profit has increased to Rs 525.9 crore, whereas a year ago in this quarter the company’s profit was Rs 481.7 crore. This increase in the company’s profit is about 9 percent.
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