India's Torrent Power rises on winning energy storage capacity orders

Torrent Power

09/10/2024 05:27

** Shares of Torrent Power  TOPO.NS  rise 7.6% to 1,954
rupees, set for best day in three weeks
    ** Power utility co wins order from Maharashtra State
Electricity Distribution Co for supply of 2,000 MW energy
storage capacity
    ** Order has a term of 40 years and will co annual rev of
16.80 billion rupees ($200.2 mln), it says
    ** Separately, TOPO executes agreement with Lakshmi Mills
 LKML.BO  and Torrent Urja 17 for supply of power from renewable
energy
    ** Avg rating of analysts on TOPO is a "hold", same as Tata
Power  TTPW.NS  and Power Grid Corp  PGRD.NS  - LSEG
    ** TOPO's median PT is at 1,412.50 rupees
    ** Stock up ~110% so far this year vs a ~38% rise in both
TTPW and PGRD

($1 = 83.9300 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))