Torrent Power slips on slashing tariff by Rs 1.18 per unit in Gujarat

Torrent Power is currently trading at Rs. 166.85, down by 2.50 points or 1.48% from its previous closing of Rs. 169.35 on the BSE.

The scrip opened at Rs. 168.40 and has touched a high and low of Rs. 168.85 and Rs. 166.65 respectively. So far 54,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 252.50 on 11-Mar-2016 and a 52 week low of Rs. 139.00 on 28-Jul-2015.

Last one week high and low of the scrip stood at Rs. 176.85 and Rs. 166.65 respectively. The current market cap of the company is Rs. 8,023.90 crore.

The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 24.25% and 22.18% respectively.

Torrent Power has slashed Fuel and Power Purchase Price Adjustment (FPPPA) charges for the second quarter of FY17, for its power consumers in the cities of Ahmedabad, Gandhinagar and Surat.

The cut in the FPPPA will be Rs 0.80 per unit for the September quarter as against Rs 1.98 per unit in the corresponding quarter of the previous year, witnessing a reduction of Rs 1.18 per unit. This will result in a reduction of about 17 per cent in power bills.

This announcement follows the reduction in FPPPA to Rs 1.30 per unit, already implemented by Torrent in first quarter of the current fiscal year. The FPPPA charge varies quarter-to-quarter, in accordance with a formula approved by the power regulator, Gujarat Electricity Regulatory Commission (GERC), on account of variations in actual cost of power procurement and volume.

Torrent Power is an India-based company engaged in the electricity generation, transmission and distribution. Its current operations are in the states of Gujarat and Maharashtra and Uttar Pradesh.