Shares of Torrent Power Ltd. rose over 7% on Monday after it received a letter of award from its distribution unit for a 150-megawatt grid-connected wind-solar hybrid project.
The company has won the LoA under the greenshoe option, according to an exchange filing.
The grid-connected wind-solar hybrid project will be commissioned within 24 months of the power purchase agreement. The contract will be in place for 25 years after the project is commissioned. The tariff for the project is Rs 3.65 per kilowatt, the filing said.
Shares of the company rose as much as 7.74%, the highest level since March 27, before paring some gains to trade 7.29% higher at 10:07 a.m. This compares to a 0.79% advance in the NSE Nifty 50.
The stock has risen 180.42% in 12 months. Total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 71.64, implying the stock was slightly overbought.
Of the 11 analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold', and six suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 31.8%.
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