Buy Torrent Power, target price Rs 620: IIFL

IIFL has buy call on Torrent Power with a target price of Rs 620. The current market price of Torrent Power Ltd. is Rs 598.05.

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 28769.72 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 30-09-2021, the company reported a Consolidated Total Income of Rs 3683.69 Crore, up 17.49 % from last quarter Total Income of Rs 3135.23 Crore and up 16.35 % from last year same quarter Total Income of Rs 3166.10 Crore. Company reported net profit after tax of Rs 368.84 Crore in latest quarter.

Investment Rationale
Stock has given a flag pattern breakout on the daily chart.

Promoter/FII Holdings
Promoters held 53.57 per cent stake in the company as of 30-Sep-2021, while FIIs owned 7.33 per cent, DIIs 20.13 per cent.