Motilal Oswal is bullish on Torrent Power recommended buy rating on the stock with a target price of Rs 392 in its research report dated August 07, 2020.
The special resolution for issuance of non convertible debentures (NCDs) by way of offer or invitation, up to an aggregate Rs 2,000 crore, on a private placement, is listed on the agenda of the annual general meeting scheduled for August 6, according to a regulatory filing.
The rated, listed, taxable, non-cumulative, redeemable NCDs were issued at a coupon rate of 7.30 percent per annum on private placement basis, it said.
Recent formation of Inverse Head & Shoulders classical pattern has given a breakout by trading above Rs 330 marks, suggests buying in the stock for higher targets of Rs 390.
Motilal Oswal is bullish on Torrent Power has recommended buy rating on the stock with a target price of Rs 351 in its research report dated May 19, 2020.
The company's consolidated net profit is Rs 1,178.88 crore in 2019-20 as against Rs 903.83 crore in 2018-19.
The stock witnessed spurt in volume by more than 3.21 times and was trading with volumes of 167,312 shares, compared to its five day average of 36,974 shares, an increase of 352.51 percent.
Total income was Rs 3,115.48 crore in the quarter as compared to Rs 3,306.83 crore in the year-ago period.
The promoter and members of the promoter group of the firms include Sudhir Uttamlal Mehta, Samir Uttamlal Mehta, Jinal Sudhir Mehta and TPL, which is owned by family members of Sudhir Mehta and family members of Samir Mehta.
The utility is seeking the cargo for delivery into Dahej terminal over the October 7-11 period.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 12.5 points or 0.11 percent. Nifty futures were trading around 11,569-level on the Singaporean Exchange.
The two-third of the stocks from derivatives segment saw decent selling pressure in June series, which does not bode well for the bulls.
The approval, with certain stipulations, is for the balance life of UNOSUGEN plant i.e. 19 years
Motilal Oswal is bullish on Torrent Power has recommended buy rating on the stock with a target price of Rs 300 in its research report dated May 16, 2019.
Torrent Power's total income rose slightly to Rs 2,964.65 crore in the March quarter from Rs 2,909.12 crore a year ago.