Torrent Power shares jumped more than 7% in morning trade after the company received a contract from the Maharashtra government to supply 2,000 megawatt energy storage capacity from its upcoming plant in the state.
In the exchange filling, the company shared that it bagged an order for an additional 500 MW of capacity supply, on top of the 1,500 MW awarded last month, bringing the total supply order to 2,000 MW.
In the meantime, Morgan Stanley maintains its ‘Overweight’ rating on Torrent Power and sets a target price of ₹2,268. The brokerage highlighted Torrent Power’s recent contract win with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a 40-year energy storage project.
As of 9:26 am, Torrent Power shares were trading 6.62% higher at Rs 1,936.90 on the NSE.
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