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Torrent Power hits near 7-year high

Torrent Power hits near 7-year high

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CHENNAI, NOV 7: Shares of Torrent Power Ltd jumped as much as 6.05 per cent to the highest in nearly seven years on September quarter results.

Following a positive open at Rs. 284.70 against the previous close of Rs. 272.05, the company shares touched an intraday high of Rs. 287 and a low of Rs. 277.30. In terms of equity volume, 2.2 lakh shares were traded the BSE.

The company posted a net profit of Rs. 307 crore for the quarter ended September 30 against Rs. 148 crore reported in the corresponding quarter a year ago, registering a staggering 107 per cent jump on year-on-year basis.

The total income stood at Rs. 2,973.25 crore during the quarter under review against Rs. 2,728.97 crore in the same quarter a year ago.

Absolute EBITDA was up 27 per cent year-over-year, mainly due to heat rate savings at SUGEN power plant, steady contributions from Bhiwandi and Agra and rising profitability of renewable energy, Equirus Securities says in a note.

“Overall, we remain positive on Torrent Power and expect steady improvement in cash generation and RoE expansion of all the verticals over the coming 1-3 year period,” the note says.

More than 2.1 million shares traded, more than the 30-day average of around 1.4 million shares. The stock gained 52 per cent this year as of Monday’s close vs BSE Power index’s 17.4 per cent increase during the same period.

Anand Gupta Editor - EQ Int'l Media Network

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