India's Torrent Power slips after Q2 profit drop

Torrent Power

14/11/2024 07:38

** Shares of Torrent Power  TOPO.NS  shed 2.7% to 1,600.70
rupees
    ** Power producer's Q2 consol net profit fell 8.5% Y/Y, hurt
by lower electricity demand due to extended monsoon compared
with year-ago qtr
    ** Stock on track for sixth straight session of losses 
    ** Rivals NTPC  NTPC.NS  and Tata Power  TTPW.NS  also
reported weak Q2 results due to tepid power demand
    ** Avg rating on TOPO, TTPW at "Hold", while NTPC, rated
"Buy" - LSEG data
    ** TOPO up 71% YTD, while TTPW and NTPC gain 22% and 20%,
respectively


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))