Page 5 - Torrent Power

Torrent Power forms subsidiary for power generation, transmission biz

Torrent Power Ltd has incorporated a wholly-owned subsidiary for generating and transmission of power. The subsidiary, Torrent Urja Pvt 10 (TU10), was registered in Ahmedabad on April 21, 2023, and is yet to commence its business operations, Torrent Power said in a regulatory filing. "TU10 is incorporated with an objective to carry on the business of generation, transmission, distribution, purchase, procurement, sale, trading, import, export or otherwise deal in all forms of electrical power and energy including non-conventional and renewable sources of energy," it said.

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Lalit Malik resigns as Torrent Power CFO; co appoints Saurabh Mashruwala

Torrent Power Ltd on Thursday announced its Chief Financial Officer (CFO) Lalit Malik has resigned with immediate effect. The Board of Directors at its meeting on Thursday accepted the resignation tendered by Malik due to health reasons, Torrent Power said in a regulatory filing. "Accepted the resignation tendered by Lalit Malik from the position of CFO and Whole Time Key Managerial Personnel of the Company w.e.f. close of working hours of April 13, 2023, due to health reasons," it said. The board also approved the appointment of Saurabh Mashruwala as the next CFO and Whole Time Key Managerial Personnel of the company effective April 14, 2023. Mashruwala has over 33 years of experience in the fields of corporate finance, treasury, accounting, corporate restructuring, mergers, takeovers, tax planning & execution, budgeting, corporate governance, risk management, regulations and compliances etc. He is working with Torrent Power Limited since January 2009, and at present is Vice ...

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Torrent to give 920 MW power from its gas-based plants under govt tender

Torrent Power on Wednesday said it has bagged a contract to supply 920 MW gas based electricity from its DGEN and SUGEN plants under a tender of NTPC Vidyut Vyapar Nigal Ltd (NVVN). The ministry of power had designated NVVN as the nodal agency for procurement of up to 4,000 MW power from gas-based plants during identified crunch period (April 10, 2023 to May 16, 2023, with actual offtake for 21 days). The NVVN had floated a tender for this on March 10, 2023. Torrent Power had participated in the e-tender and subsequent eRA (electronic reverse auction) and awarded 920 MW (770 MW from DGEN plant and 150 MW from SUGEN plant), a BSE filing on Wednesday said. The filing was a clarification to a news item on the award of power supply contract to the Torrent Power under the tender floated by the NVVN.

Torrent Power wins contract for 1,100 MW power supply; stock up 5%

Since February 1, the stock of the integrated power utilities company has rallied 26 per cent, as compared to 1 per cent rise in the S&P BSE Sensex

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Torrent Power makes lowest bid for Indian power supply contract: Reports

Torrent Power quoted 13.70 rupees per unit price to supply 770 megawatts each for 45 days in April and May from two of its gas-based projects in the western state of Gujarat

Torrent Power makes lowest bid for power supply contract, says report

"The government is likely to award contracts for 1,100-megawatts to Torrent Power," the report said

Torrent Investments unlikely to participate in 2nd auction for Reliance Cap

The only resolution done for a financial services company under special powers of RBI Section 227 was DHFL which was won by Piramal Group

Torrent Power soars 9% post Q3 results; announces special dividend

In Q3FY23, Torrent Power's consolidated net profit grew 88 per cent year-on-year at Rs 695 crore on account of higher income.

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Torrent Power's net profit grows 88% to Rs 694.54 crore in December quarter

Torrent Power Limited on Tuesday posted an 88 per cent growth in its consolidated net profit at Rs 694.54 crore for the December quarter on account of higher income. The company had clocked a net profit of Rs 369.45 crore in the October-December period of fiscal 2021-22, Torrent Power Ltd said in a regulatory filing. Total income rose to Rs 6,526.44 crore in the December quarter from Rs 3,833.14 crore in the year-ago period. Its total expenses also soared to Rs 5,549.01 crore, compared to Rs 3,324.02 crore earlier. In a separate statement, the company said its board has approved an interim dividend of Rs 22 per equity share (including Rs 13 per equity share as a special dividend) for FY 2022-23. "The major reasons for improvement in the total comprehensive income for the quarter on y-o-y basis are increase in contribution from existing licensed distribution businesses due to improved performance and contribution from the operations in Dadra and Nagar Haveli and Daman and Diu which

Top headlines: Windfall tax cuts, Reliance Capital auction, and more

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Torrent group bid not compliant, Reliance Capital lenders tell NCLT

The lenders, who are planning a second round of auction for Reliance Capital on January 19th, are seeking a higher valuation for the bankrupt company

Torrent group now offers Rs 8,640 crore upfront for Reliance Capital

Banking sources said the Challenge Mechanism auction process in the Reliance Capital resolution provided for bidding of only the NPV (net present value) amount and not the payment terms

Torrent Power to buy 1.1 Gw green energy capacity from ReNew Energy: Report

Ahmedabad-based Torrent Power has submitted a non-binding offer (NBO) for ReNew's solar and wind assets of 350 and 450 Mw for $450 million

Hinduja sweetens offer for RCap to counter Torrent group's winning bid

CoC decide whether Hinduja offer is legally valid or not as e-auction has ended

Hinduja group, Torrent, Piramal, Oaktree, bid for Reliance Capital

No takers for life and general insurance businesses of the bankrupt company, say sources

Torrent Power net profit rises 31 pc to Rs 484 crore in July-September

Torrent Power on Thursday posted over 31 per cent rise in its consolidated net profit at Rs 484.19 crore in September quarter compared to a year ago, mainly due to higher revenues. The consolidated net profit of the company was Rs 368.84 crore in the quarter ended on September 30, 2021, a BSE filing showed. Total income of the company rose to Rs 6,797.2 crore in the quarter from Rs 3,683.69 crore in the same period a year ago. Major reasons for improvement in the total comprehensive income for the quarter on y-o-y (year-on-year) basis are: increase in contribution from franchised distribution business due to reduction in T&D (Transmission and Distribution) losses on account of continuous and sustained focus on loss reduction activities and increase in electricity demand; improved performance of licensed distribution businesses, and net gain from trading of LNG (gas), among others, it stated. The company has an aggregate installed generation capacity of 4,160 MW comprising 2,730 MW