Buy Torrent Power, target price Rs 484: Kotak Securities

Kotak Securities has buy call on Torrent Power with a target price of Rs 484. The current market price of Torrent Power Ltd. is Rs 469.85. Time period given by analyst is Intra Day when Torrent Power Ltd. price can reach defined target.

Torrent Power Ltd., incorporated in the year 2004, is a Mid Cap company (having a market cap of Rs 22576.97 Crore) operating in Power sector.

Torrent Power Ltd. key Products/Revenue Segments include Income From Power Supply, Other Operating Revenue and Traded Goods for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 3840.59 Crore, up .19 % from last quarter Total Income of Rs 3833.14 Crore and up 23.23 % from last year same quarter Total Income of Rs 3116.54 Crore. Company reported net profit after tax of Rs -487.37 Crore in latest quarter.

Investment Rationale
Cup and handle chart pattern on daily scale and breakout from the resistance zone is very likely

Promoter/FII Holdings
Promoters held 53.57 per cent stake in the company as of 31-Mar-2022, while FIIs owned 6.86 per cent, DIIs 20.91 per cent.