Shares of Torrent Power Ltd. jumped nearly 14% to a record high on Thursday after it signed a memorandum of understanding worth Rs 47,350 crore with the Gujarat government.
The proposed investments include 3,450 megawatts of solar and 1,045 MW of hybrid power projects, the development of a 7,000-MW solar park, and a green hydrogen/ammonia facility, according to an exchange filing on Wednesday.
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Torrent's stock rose as much as 13.52% during the day to Rs 1,071.95 apiece on the NSE. It was trading 10.57% higher at Rs 1,044.15 apiece, compared to a 0.52% advance in the benchmark Nifty 50 as of 10:15 a.m.
It has risen 118.73% in the last 12 months. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 71.
Three out of the 11 analysts tracking Torrent have a 'buy' rating on the stock, as many recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 123.2%.
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