Shares of Torrent Power Ltd. hit their lifetime high on Monday after it won a power project from Mahadiscom.
The company said it has received a letter of award from Maharashtra State Electricity Distribution Co. for setting up a 306 MW grid-connected solar power project at 48 distributed locations across Nasik district in Maharashtra for an estimated cost of Rs 1,540 crore, according to an exchange filing.
The project shall be commissioned within 18 months from the letter of award, it said.
Shares of the company rose as much as 12.48% to a record high of Rs 1,287.50 apiece. It pared gains to trade 7.4% higher at Rs 1,229.40 apiece, as of 11:22 a.m. This compares to a 0.32% decline in the NSE Nifty 50 Index.
It has risen 131.37% in the last 12 months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 65.22.
Out of 11 analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold,' and six suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 20.6%.
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