Page 4 - Torrent Power

Torrent Power surges 13% on winning 306 MW solar power project

The project is to be commissioned within the next 18 months at an estimated cost of Rs 1,540 crore

Torrent Power soars 5% on bagging orders of Rs 3,140 cr; up 66% in 6 mths

To meet the high power demand in coming months, NTPCV Vidyut Vyapar Nigam (NVVN), a subidiary of NTPC, has awarded a Rs 440 crore contract to Torrent Power

Torrent Power bids successfully to supply 388 MU power under govt scheme

Torrent Power has emerged as the successful bidder to supply 388 million units (MU) of electricity from its gas-based plant under a government scheme from March 16, 2024, to June 30, 2024, the company said on Friday. It has been awarded a contract by NTPC Vidyut Vyapar Nigam Limited (NVVN) under the government's Crunch Period scheme to overcome high power demand during summer, the company said in a statement. According to the statement, Torrent has a 2,730 MW gas-based power generation capacity. Torrent Power has emerged as a successful bidder under the competitive bidding, and received a Letter of Award from the NVVN on March 1, 2024, for the supply of power from its gas-based power plant during the forthcoming summer's crunch/high power demand periods from March 16, 2024, to June 30, 2024, period. The government, through NVVN, came up with the crunch / high-demand period scheme last year to harness Gas-Based Power Generation (GBPG) to overcome the country's rising power demand, .

Torrent Power gets new round-the clock RE project worth Rs 2,700 cr

Torrent Power on Friday said it has received a Letter of Award (LoA) from the Railway Energy Management Company Ltd (REMCL) for a grid-connected round the clock renewable power project. The project shall be commissioned within 24 months from the signing of the Power Purchase Agreement (PPA), Torrent Power said in a statement. "The project cost is approximately Rs 2,700 crore for installing about 325 MW of renewable capacity for supply of 100 MW RE-RTC power. The tender requires to maintain minimum annual capacity utilisation factor of 75 per cent in the first 3 years and 85 per cent from fourth year onwards," Torrent Power said. The 325 MW of renewable capacity includes wind, solar, and battery storage, the company said. The project has been secured at tariff of Rs 4.25/Kwh for a period of 25 years.

Torrent Power raises Rs 700 crore through non-convertible debentures

Torrent Power on Wednesday said it has raised Rs 700 crore through Non-Convertible Debentures (NCDs) issued on a private placement basis. The NCDs are proposed to be listed on wholesale debt market segment of the NSE, a regulatory filing said. According to the statement, the company has issued and allotted Series 13 -- 70,000 secured, rated, listed, taxable, non-cumulative, redeemable NCDs of Rs 700 crore at a coupon rate of 8.32 per cent per annum on a private placement basis. The first coupon will be paid on February 28, 2025 and subsequent coupon payments will be made on an annual basis, the statement added.

Torrent Power, Lanco lowest bidders in natural gas-fired power auction

India relies on coal to generate about three-quarters of its electricity, and power generated from coal is typically much cheaper than that generated by gas-fired plants

Torrent Power Q3 results: Net profit declines by 46% to Rs 374 crore

Torrent Power on Thursday reported a 46 per cent dip in its consolidated net profit to Rs 374 crore in the December quarter compared to the year-ago period mainly due to lower revenues. The company reported a net profit of Rs 695 crore in the third quarter of FY 2022-23, a company statement said. Revenue from operations stood at Rs 6,366 crore in the December quarter of FY2023-24 compared to Rs 6,443 crore in Q3 of FY 2022-23. Earning before interest, depreciation and tax (EBIDTA) for Q3 of FY 2023-24 was lower due to a reduction in net gain from trading of LNG and merchant power sales by Rs 478 crore compared to the corresponding quarter of last year. Adjusted for the above gain in the third quarter of FY 2022-23, adjusted earnings before interest, depreciation and tax (EBIDTA) and PAT for Q3 FY 2023-24 were higher by Rs 49 crore and Rs 31 crore respectively as compared to Q3 FY 2022-23, it stated. The major reasons for higher adjusted PAT for the quarter on y-o-y basis include a

Zydus Group to invest Rs 5,000 cr across various sectors in Gujarat: Patel

Zydus Group on Friday announced plans to invest Rs 5,000 crore in Gujarat in various sectors, including new generation biotechnology products and hospitals, its Chairman Pankaj Patel said. Speaking at the 10th Vibrant Gujarat Global Summit here, Patel said his group has signed Memoranda of Understanding (MoUs) with the state for the investments. "We have signed MoUs of over Rs 5,000 crore. We'll be investing into next generation biotechnology products, new medical device initiatives and hospitals for the healthcare sector," he said. Patel said he has been attending the biennial summit since its inception and thanked Prime Minister Narendra Modi and Union Home Minister Amit Shah for helping businesses when it needs it the most. He said business needs leadership with a vision and the one that pushes it to think bigger, which is offered in Gujarat. Earlier, Nayara Energy's head of refinery Prasad Panicker said the company will be expanding its refinery at Vadinar and also upping its

Torrent Power to invest Rs 47,000 cr in renewable energy in Gujarat

Torrent Power has inked four initial pacts with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen and electricity distribution. Torrent Power Ltd, the integrated power utility of the diversified Torrent Group, has signed four non-binding Memorandum of Understanding (MoUs) with the government of Gujarat under the 10th edition of Vibrant Gujarat Global Summit, according to a company statement issued late in the evening on Wednesday. The MoUs were signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar. Through the four MoUs, Torrent Power has proposed total investments of Rs 47,350 crores (approx USD 5.70 billion), it stated. The proposed investments are planned to be made in the areas of renewable energy, green hydrogen and power distribution and are expected to contribute significantly towards the development of the state and creation of large-scale employment opportunities. "Torrent Power intends to make a ...

Torrent Power surges 13% on signing Rs 47,350 cr-projects with Gujarat govt

The MoUs entail setting 3,450 MW of solar power projects, 1,045 MW of hybrid power projects, associated infrastructure for 7,000 MW solar project, green hydrogen/green ammonia output facility

Land set aside for India's first solar expressway in Uttar Pradesh

The solar project will cater to the energy needs of the houses along the expressway and serve as a foundation for e-mobility and local socioeconomic development

Torrent Power jumps 6% to fresh high; soars 92% from January's 52-week low

The net profit growth came on the back of increased contribution from merchant power sales in gas-based power plants, from licensed distribution businesses, higher contribution from renewable business

Torrent Power's Q2 net profit rises 12% to Rs 543 cr on higher revenues

Torrent Power on Thursday posted a 12 per cent increase in consolidated net profit to Rs 543 crore in the September quarter on the back of higher revenues. The consolidated net profit of the company was Rs 484 crore in the year-ago period, as per a BSE filing. The company's total income rose to Rs 7,069.11 crore during the quarter from Rs 6,797.21 in the same period a year ago. The company said major reasons for an improvement in the total comprehensive income for the quarter include increase in contribution from merchant power sales in gas-based power plants and increase in contribution from licensed distribution businesses. Higher contribution from renewable businesses due to capacity addition and higher wind PLF (capacity utilisation) also helped improve total comprehensive income. The other reason was decrease in tax expenses. Its total comprehensive income increased 9 per cent to Rs 531 crore from Rs 485 crore a year ago. Torrent Power is one of the largest companies in the

Torrent Gas appoints former GAIL chairman Manoj Jain as managing director

Former GAIL (India) Ltd Chairman Manoj Jain has been appointed Managing Director of city gas operator Torrent Gas Ltd, the firm said on Thursday. The Board of Torrent Gas, which has a licence to retail CNG to automobiles and piped natural gas to hosueholds and industries in 34 districts across the country, appointed Jain as its Managing Director with effect from January 1, 2024, the company said in a statement. Prior to this, Jain was the chairman and managing director of GAIL (India) Ltd from February 2020 to August 2022. "Jain is a seasoned business leader with an excellent track record across multiple areas within GAIL and is widely considered as an expert in the oil and gas sector," the statement said. "Jain possesses rich and diverse experience in the areas of business development, gas marketing, projects, petrochemicals and pipeline integrity management," it said. A mechanical engineer with an MBA in operations management, he joined GAIL as a graduate engineer trainee in 198

From Adani to Torrent, India Inc taps overseas funds for local M&As

Adani, Hinduja, Torrent raise funds for acquisitions

Trusts linked to Torrent Power, others from open offer conditions exempted

Regulator Sebi on Tuesday exempted four family trusts linked to promoters from making open offers to the shareholders of three companies -- Torrent Power, Torrent Pharmaceuticals and Gujarat Lease Financing -- following their proposed indirect share acquisition in these firms. The orders came after four Mehta Family Trusts filed applications with the regulator in July 2023, and sought exemption from certain provisions of takeover regulations. In order to facilitate succession planning, Sudhir Uttamlal Mehta and Samir Uttamlal Mehta created four trusts to streamline the family's shareholding in Torrent Investments Private Limited (TIPL). Under the proposed acquisitions, four acquirer trusts intended to acquire interest in the target companies -- Torrent Power, Torrent Pharmaceuticals and Gujarat Lease Financing -- indirectly from TIPL, one of the promoters of these firms, according to three separate orders by the Securities and Exchange Board of India (Sebi). The acquirer trusts pla

Stocks to Watch today, Sep 11: Adani Grp, HDFC Bank, RIL, Sonata, IRB Infra

Stocks to watch on September 11, 2023: Balrampur, Delta Corp, India Cements, Manappuram, PNB and SAIL among nine stocks in F&O ban on Monday.

Torrent promoters may pledge stake in power arm to fund Cipla buy

Torrent's promoters own a 53.6 per cent stake in Torrent Power, valued at Rs 18,643 crore as of Friday, which remains a crucial avenue for raising funds for the Mehtas

Torrent Power net up 6% to Rs 532 cr in June quarter due to higher revenues

Torrent Power on Thursday posted over six per cent year-on-year rise in consolidated net profit at Rs 532.28 crore in the June quarter, mainly on the back of higher revenues. The company had reported consolidated net profit of Rs 502.01 crore a year ago, a regulatory filing said. Total income of the company rose to Rs 7,413.32 crore in the quarter under review, from Rs 6,618.62 crore in the same period a year ago. The board also approved a scheme of arrangement on August 10, 2023 between Torrent Power Ltd and Torrent Green Energy Private Ltd (TGEL), a wholly-owned subsidiary of the company on a going concern basis by way of a slump sale with an appointed date of April 1, 2024. Upon the scheme becoming effective, a cash consideration of Rs 1,056.97 crore will be paid in one or more tranches, with or without interest within a period of six months from the effective date, subject to the book value adjustments as provided in the scheme, the filing said. The scheme does not involve mer

Torrent enters e-mobility infra space; sets 4 charging stations in Gujarat

Torrent Power on Thursday said it has forayed into the electric mobility infrastructure segment with four charging stations in Gujarat. The first set of charging stations have been installed in Ahmedabad, Torrent Power said in a statement on Thursday. "Torrent Power has forayed into the electric mobility infrastructure sector. Initially a set of four EV (electric vehicle) charging stations have been set up in Ahmedabad, while two more will be launched in Surat soon," it said. More cities will be added to the list in the near future, the company said. Torrent Power Director Varun Mehta said the company is working towards an affordable EV charging network on a wide scale. The company has collaborated with Siemens for developing the EV charging network.