Torrent Power stock hits 52-week high on emerging as highest bidder for Dadra Nagar Haveli, Daman & Diu discoms
With the addition of Dadra & Nagar Haveli (including Silvasa) and Daman & Diu, Torrent will distribute nearly 25 billion units to over 3.8 million customers and cater a peak demand of over 5000 MW, the company said.
February 22, 2021 / 10:04 AM IST
Torrent Power | Company reported consolidated profit at Rs 200.84 crore in Q2FY21 against Rs 754.4 crore, revenue declined to Rs 3,128.7 crore from Rs 3,842 crore YoY. (Image: torrentpower.com)
Torrent Power share price gained over 2 percent in the morning session on February 22 after the company emerged as the highest bidder for 51 percent privatization of Power Distribution Company in the UT of Dadra & Nagar Haveli and Daman & Diu.
Torrent Power emerged as the highest Bidder for the sale of 51 percent stake in the Power Distribution Company in the UT of Dadra & Nagar Haveli and Daman & Diu. The acquisition of 51 percent stake in the power distribution company by Torrent is subject to further formalities as prescribed under the Tender documents, the company said in an exchange filing.
"The Bidding for the Distribution Business of the UT has been undertaken as part of the Government of India’s initiative to privatize distribution utilities of Union Territories to usher in efficiency, which will provide a model for emulation by other utilities across the country," it added.
With the addition of Dadra & Nagar Haveli (including Silvasa) and Daman & Diu, Torrent will distribute nearly 25 billion units to over 3.8 million customers and cater a peak demand of over 5000 MW, it said.
The stock was trading at Rs 376.60, up Rs 11.80, or 3.23 percent. It has touched a 52-week high of Rs 379. It has touched an intraday high of Rs 379.00 and an intraday low of Rs 370.
"With this acquisition, Torrent will be entrusted with the responsibility to distribute over 25 billion units of power, which is equivalent to around 2 percent of India’s total power consumption. This acquisition will significantly strengthen Torrent’s position as the leading Power Distribution company in the country with a presence in 12 cities spread across 3 States and 1 Union Territory," said Samir Mehta, Chairman of Torrent Group.