Torrent Power secures three hydro projects from Maharashtra Govt; Stock hits 52-week high

Torrent Power Limited stocks hit 52-week high on Wednesday as the company has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for development of three Pumped Storage Hydro Projects of 5,700 MW capacity in the State of Maharashtra. 

According to the filing, the projects would entail an investment of about Rs 27,000 crore and would provide employment to approx. 13,500 people during the construction period. Torrent intends to execute these projects over a period of 5 years, the company said.

Further, the projects would be executed at three sites identified by Torrent namely Karjat (3,000 MW) in Raigarh District, Maval, (1,200 MW) and Junnar (1,500 MW) in Pune District. All the sites are off-stream and the projects are planned to provide a minimum of six hours of energy storage on a daily basis, the company said in a statement on Tuesday.

At around 1:05 PM, the shares of the company were trading higher by 7.39% at Rs656.85 per share, after hitting 52-week high at Rs666 per share on the BSE.

Source: Media reports

Top stories
Company

Delta Corp Q1 PAT Declines 68% YoY to Rs 22 crore in FY25

4 mins read . 13 Jul 2024 . 09:30 AM

Company

Zydus Life Gets USFDA Nod for Heart Failure Drug

3 mins read . 13 Jul 2024 . 09:23 AM

Company

RVNL Spurts 10% on Bagging Multiple Orders Worth Rs 390 Cr

4 mins read . 13 Jul 2024 . 09:18 AM

Related Blogs
blog-logo

Share Market

blog-logo

12 mins read . 12 Jul 2024

Ritesh Agarwal: The OYO Founder’s Success Story

  • 0 people read
blog-logo

Share Market

blog-logo

15 mins read . 08 Jul 2024

Best Oil & Gas Stocks in India

  • 0 people read
Kickstart your equities journey today You've got this
By submitting this I agree to the terms & conditions