Torrent Power share: Torrent Power, a Torrent Group company, has received a 1500 MW ‘Pumped Hydro Storage’ project from Maharashtra State Electricity Distribution Company Limited. The company said that Torrent Power has emerged as a successful bidder and received a letter of intent on September 17, 2024 from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the purchase of 1,500 MW / 12,000 megawatt hour (MWh) energy storage capacity from the Pumped Hydro Storage Project.
40 years of power supply
MSEDCL will issue a detailed allotment letter after obtaining the necessary approvals from the Maharashtra Electricity Regulatory Commission (MERC). Under the deal, the pumped hydro storage project will supply power to MSEDCL for 40 years. According to the statement, the increasing penetration of solar and wind in power generation requires energy storage solutions to provide robust, reliable and transmittable renewable energy power. The company said that it has identified sites for pumped storage projects in several states.
Let us inform you that the company has already announced that it plans to set up about 5,000 to 8,000 MW of pumped storage capacity with an investment of Rs 25,000-35,000 crore.
share status
Talking about the stock of Torrent Power, it is at Rs 1779.95. The stock closed in red during trading on Tuesday. Now this stock will be watched on Wednesday. Let us tell you that the stock touched a 52-week high of Rs 1,906.55 on 31 July 2024. At the same time, the share price was Rs 692 in October 2023. This is the 52-week low of the stock.
Market condition on Tuesday
Continuing its record-making streak for the second day, the 30-share BSE Sensex rose 90.88 points or 0.11 per cent to close at an all-time high of 83,079.66. During the day, it rose 163.63 points or 0.19 per cent to reach 83,152.41. The NSE Nifty rose 34.80 points or 0.14 per cent to close at a new peak of 25,418.55.
