Torrent Power jumps on bargain hunting

Torrent Power jumped 7.14% to Rs 81.80 at 11:53 IST on BSE on bargain hunting after the stock fell 8.34% in the preceding three sessions to Rs 76.35 on Monday, 19 August 2013, from a recent high of Rs 83.30 on 13 August 2013.

Meanwhile, the BSE Sensex was down 53.28 points, or 0.29%, to 18,254.24.

On BSE, 1.98 lakh shares were traded in the counter compared with average volume of 91,832 shares in the past one quarter.

The stock hit a high of Rs 83.40 and a low of Rs 73.80 so far during the day. The stock hit a 52-week high of Rs 198 on 2 January 2013. It hit a 52-week low of Rs 67 on 6 August 2013.

The stock had underperformed the market over the past one month till 19 August 2013, sliding 21.49% compared with the Sensex's 9.14% decline. The scrip had also underperformed the market in past one quarter, falling 44.29% as against Sensex's 9.75% fall.

The mid-cap company has an equity capital of Rs 472.45 crore. Face value per share is Rs 10.

On a consolidated basis, Torrent Power reported a net loss of Rs 7.39 crore for Q1 June 2013, compared with net profit of Rs 104.43 crore in Q1 June 2012. Total income from operations rose 3.97% to Rs 2203.71 crore in Q1 June 2013 over Q1 June 2012.

Torrent Power is one of the largest private players in the country having integrated operations in the power sector.

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