India's Torrent Power gains after QIP launch

Torrent Power

03/12/2024 08:29

** Shares of Torrent Power  TOPO.NS  rise 4.8% to 1,663
rupees, their highest since Nov. 13
    ** Power generation co on Monday opened its qualified
institutional placement (QIP) of shares; sets floor price of
1,555.75 rupees per share, a ~2% discount to its closing price
on the day
    ** Co, at its discretion, may also offer up to a 5% discount
on the floor price
    ** More than 2 mln shares traded, 2.7x the 30-day avg
    ** Analysts' avg rating on stock is "hold," same as on peer
Tata Power Co  TTPW.NS  - LSEG
    ** Their median PT on TOPO is 1,412 rupees - LSEG
    ** Stock up 78% YTD vs 28% gain in TTPW

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))