Torrent Power surges ahead of Q1 results

NEW DELHI: Stocks of Torrent Power surged 10.96 per cent in trades today ahead of its June quarter results scheduled for the day.

The stock ended the day in green, up 10.12 per cent or Rs 15.05 at Rs 163.75.

The company is expected to gain from four of its gas-based power plants, which will get government subsidy on use of re-gasified liquefied natural gas (RLNG), for four months from June to September.

The power company had reported a better-than-expected 113 per cent year-on-year (YoY) jump in its March quarter net profit to Rs 369.43 crore, compared with Rs 172.85 crore in the year-ago quarter.

For FY15, net profit for the firm stood at Rs 742 crore, compared with Rs 95 crore in the preceding financial year. The net profit for the firm had shrunk in two consecutive financial years, before rebounding in FY15.

Recently, the company has received shareholders' approval to amalgamate Torrent Energy and Torrent Cables with self.

The stock has been on a roll, surging 13 per cent in five days to Tuesday. This is in comparison with BSE power index, which has risen 1.5 per cent during the same period.