Torrent Power Share Price: Torrent Group gets big order from Maharashtra govt, Get ready for multibagger returns
Torrent Power, the erstwhile subsidiary of Torrent Group, won the tender for 2,000 MW energy storage capacity offered by the Maharashtra government. Following this news, shares of Torrent Power went up. On Tuesday, the stock rose nearly one per cent to Rs 1822.35. In trading, however, the share price settled at Rs 1817.15. Let’s tell you that this stock has given multibagger returns within a period of just one year. On 18 September 2024, the share price was at Rs 692. On the same date, in October 2023, the stock has reached up to the level of Rs 1,969.95.
What is the latest update?
Now Torrent Power said the new order is a part of 2,000 MW capacity which includes an order of 1,500 MW it received last month. For this, Maharashtra State Electricity Distribution Company Limited had issued a letter of intent on September 17. For supplying 500 MW capacity, it has also obtained an order from the tender. With this, the company has got 2,000 MW capacity in supply order.
What did the company say
Torrent Power has said that it has been awarded a 40-year term contract from Maharashtra State Electricity Distribution Company Ltd to supply 2,000 MW energy storage for long periods from its INSTS integrated system of transmission and storage connected pump hydro storage plant. MSEDCL would buy energy storage capacity from Torrent Power’s INSTS connected pump hydro storage for a period of 40 years. The firm will supply storage capacity from its upcoming storage plant in Maharashtra.
Develop other state operations
Torrent Power said it has also spotted PSP sites in several other states considering the growing need for energy storage solutions. The company has already announced plans for setting up around five to eight gigawatts of PSP capacity with an investment of Rs 25,000 to Rs 35,000 crore. Torrent Power is engaged in power generation, transmission, and distribution activities. The installed capacity for generating power stands at 4.4 GWp.
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