Torrent Power stock rises 3% as CRISIL upgrades ratings for NCDs

Torrent Power stock rose nearly 3% in afternoon session today after CRISIL upgraded the long-term credit rating of non-convertible debentures and long-term bank facilities of the company to 'AA+/Stable' from 'AA/Positive'.

Torrent Power shares touched an intraday high of Rs 493, climbing 2.89% on BSE. Torrent Power stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The shares have gained 30.23% in one year but fallen 12.27% since the beginning of this year.
Total 0.56 lakh shares of the firm changed hands amounting to turnover of Rs 2.72 crore on BSE.

Market cap of the firm rose to Rs 23,300 crore on BSE.

The stock hit a 52 week high of Rs 606.5 on December 15, 2021 and a 52 week low of Rs 343.10 on February 18, 2021.

The rating was upgraded considering continued strong profitability and sustained improvement in the leverage levels, the credit ratings agency said. CRISIL has reaffirmed its rating on the short-term bank facilities and commercial paper programme at 'A1+'.

Torrent Power reported nearly 15 per cent rise in its consolidated net profit at Rs 369.45 crore in the December quarter, mainly on the back of higher revenues.

The company had posted a consolidated net profit of Rs 321.73 crore in the quarter ended December 31, 2020.

Total income rose to Rs 3,833.14 crore in Q3 from Rs 2,990.11 crore in the corresponding period a year ago.

The board approved interim dividend for 2021-22 of Rs 9 per equity share on 48,06,16,784 equity shares of Rs 10 each.

Torrent Power, the Rs 12,173 crore integrated power utility of the Rs 20,500 crore 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.