Torrent Power shares gain on formation of subsidiaries, check details

Power sector major Torrent Power Ltd has announced the incorporation of four new step-down subsidiaries. The formation of the new firms has been carried via Torrent Green Energy Private Limited, its wholly owned subsidiary. Torrent Power shares touched an intraday high of Rs 1485.75, climbing 1.18% on BSE. Total 3,704 shares of the firm changed hands amounting to turnover of Rs 54.70 lakh on BSE.

Market cap of the firm rose to Rs 74,741 crore on BSE.

The shares have gained 19.20% in one year but fallen 22.13% in six months.

These new entities, named Torrent Urja 41, 44, 45, and 47 Private Limited, have been established to venture into the renewable energy sector, focusing on hydrogen and its derivatives, as well as power generation and distribution from renewable sources.

The subsidiaries are set to carry out a wide range of activities, including the production, storage, and trading of hydrogen and other renewable energy forms.

Torrent Power, the integrated power utility of the Torrent Group, is one of the largest companies in the country's power sector with presence across the entire power value chain - generation, transmission and distribution.