Shares of Torrent Power Ltd surged 7% in early trade to hit a day’s high of Rs 1,311.90 on 1st September after the company secured a Rs 22,000 crore order over the weekend.

Torrent Power has received a Letter of Award (LoA) from Madhya Pradesh Power Management Company Ltd (MPPMCL) for a 1,600 MW coal-based thermal power project.

The greenfield plant, based on 2×800 MW ultra-supercritical technology, will be built under a design, build, finance, own and operate model. It will have a tariff of Rs 5.829 per kWh. This is Torrent Group’s largest investment in the power sector. The project will be completed within 72 months of signing the power purchase agreement. It will supply its full capacity to MPPMCL.

MPPMCL will arrange coal for the plant under the Ministry of Coal’s SHAKTI policy. Torrent said the use of ultra-supercritical technology will make the facility more efficient. It will also lower carbon emissions compared to traditional plants.

The project is also expected to create 8,000–10,000 jobs during construction and about 1,500 jobs once operational.

At 11:55 AM, the shares of Torrent Power were trading 2.05% higher at Rs 1,252.50 on NSE.

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!