Torrent Power shares make a powerful leap after Gujarat arrangement

Mumbai: Shares of Torrent Power Ltd have gained 15% this week or ₹1,735 crore in market cap terms, after the Gujarat Electricity Regulatory Commission approved a power procurement arrangement for a non-operating gas power plant of the company.

The approval came after Torrent Power offered to reduce its fixed cost charge on the plant named UnoSugen. The agreement is contingent on the total cost of power from the plant not exceeding average market tariffs for medium-term contracts.