India's Torrent Power gains after bagging power supply deal

Torrent Power

01/09/2025 05:28

** Shares of Torrent Power TOPO.NS rise 3.3% to 1268.8 rupees, their highest intraday-pct gain since June 10

** Power generation co wins project to supply power to MP Power Management Co at tariff of 5.829 rupees/kWh

** Co to invest ~220 billion rupees (around $2.51 billion) to set up 1600 MW thermal plant in Madhya Pradesh

** Morgan Stanley says project would accrue revenue of ~65 billion rupees

** More than 1 mln shares traded, over twice the 30-day avg

** Stock rated "hold" on avg; median PT is 1314 rupees - data compiled by LSEG

** Stock down 14.8% YTD

($1 = 87.5060 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru)

 ((aleefjahan.cs@thomsonreuters.com))