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Torrent Power's green push boosts its earnings outlook
Mint Mumbai
|December 06, 2024
Torrent Power Ltd's stock has gained over 10% this week after the opening of its qualified institutional placement (QIP), for which it set the floor price at ₹1,555.75 a share.
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The stock also seems to be generating greater interest since the recent listing of NTPC Green Energy Ltd, which is up about 30% from its issue price so far.
With its strong financial position bolstered by the QIP, Torrent appears well-placed to make the most of domestic green energy demand. It is expanding its renewable energy (RE) capacity by 3GW, in addition to the 0.3GW commissioned in the September quarter (Q2FY25), taking the share of RE in its total capacity from 32% to 59%.
These projects, to be commissioned by HIFY27, entail an investment of over 19,300 crore and will increase its installed capacity to 7.5GW.
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