Torrent Power’s share price surged by 9% during morning trades on Wednesday, reaching a one-year high of Rs 1,983.70 after the company has secured Two Letters of Award totaling 2,000 MW of Energy Storage Capacity from Pumped Hydro Storage Plants from MSEDC.
The stock price of Torrent Power opened at Rs 1,922.95 on the BSE, reflecting a gain of nearly 5.8% from the previous close of Rs 1,817.15.
Major Contract with MSEDCL
The significant increase in share price comes after Torrent Power announced it had secured two Letters of Award from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) for a total of 2,000 MW of energy storage capacity from its upcoming InSTS Connected Pumped Hydro Storage Plant. This announcement was made post-market hours on Tuesday.
Details of the Energy Storage Capacity
The awarded capacity includes 1,500 MW for which a Letter of Intent was issued by MSEDCL on September 17, 2024, along with an additional 500 MW under the same tender, bringing the total capacity allocated to 2,000 MW.
Energy Storage Facility Agreement
Under the Energy Storage Facility Agreement (ESFA), Torrent Power will provide MSEDCL with a contracted capacity of 2,000 MW, capable of scheduled discharge for 8 hours each day, with a maximum continuous output of 5 hours. MSEDCL will supply the input energy for charging the storage system.
Stock Performance in Last One Year
Torrent Power shares have delivered positive returns across various time frames. Over the last month, the stock has shown a positive return of 15.18%, indicating short-term growth. In the last six months, the performance has been even more impressive, with a substantial increase of 20.51%, showcasing the stock’s resilience and upward momentum.
Year-to-date, Torrent Power shares have surged by 106.03%, emphasizing the stock’s positive trajectory in the current calendar year. Looking back over the last twelve months, the stock has demonstrated significant growth, surpassing 165.89%. These consistent positive returns underscore the stock’s strong performance and appeal to investors.
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