Torrent Power jumped 5.92% to Rs 194.20 at 11:55 IST on BSE after the consolidated net profit surged 962.8% to Rs 245.19 crore on 16.18% rise in total income to Rs 3221.45 crore in Q2 September 2015 over Q2 September 2014.
The result was announced by the company after market hours yesterday, 28 October 2015.
Meanwhile, the S&P BSE Sensex was down 94.16 points or 0.35% at 26,945.60.
Huge volumes were witnessed on the counter. On BSE, so far 7.55 lakh shares were traded in the counter as against average daily volume of 1.79 lakh shares in the past two weeks.
The stock hit a high of Rs 199.80, which is also a 52-week high for the stock. The stock hit a low of Rs 187.05 so far during the day. The stock had hit a 52-week low of Rs 136.55 on 29 June 2015.
The stock had underperformed the market over the past one month till 28 October 2015, gaining 2.49% compared with 5.55% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, jumping 31.15% as against Sensex's 1.53% fall.
The large-cap company has equity capital of Rs 472.45 crore. Face value per share is Rs 10.
Torrent Power said that High Court of Gujarat vide its order dated 13 August 2015, has sanctioned the composite scheme of amalgamation of Torrent Energy (TEL) and Torrent Cables (TCL) with Torrent Power (TPL) and their respective shareholders and creditors. The scheme has become operational on 1 October 2015 with effect from 1 April 2014, being the appointed date. As the High Court order dated 13 August 2015 was received during the current year, the figures for Q1 June 2015 and Q2 September 2015 are after giving effect to the said amalgamation in the books of accounts, while the figures for the corresponding periods & previous year ended on 31 March 2015 are before giving effect to the said amalgamation in the books of accounts. Hence, the figures for the corresponding periods & previous year are not comparable with the figures of the current periods, Torrent Power said.
Torrent Power is one of the leading brands in the Indian power sector, promoted by the Torrent Group.
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