Buy Torrent Power, target price Rs 510: Chandan Taparia

Chandan Taparia of Motilal Oswal has buy call on Torrent Power with a target price of Rs 510. The current market price of Torrent Power Ltd. is Rs 488.35 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 23461.31 Crore) operating in Power sector.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 3135.23 Crore, up .60 % from last quarter Total Income of Rs 3116.54 Crore and up 3.07 % from last year same quarter Total Income of Rs 3041.72 Crore. Company reported net profit after tax of Rs 207.78 Crore in latest quarter.


Investment Rationale
Nifty Energy sector is at verge of breakout and formation of strong candle on weekly chart.

Promoter/FII Holdings
Promoters held 53.6 per cent stake in the company as of June 30, 2021, while FIIs held 8.2 per cent, DIIs 19 per cent and public and others 19.2 per cent.