The Hindu Business Line : Torrent group stocks shine

Ahmedabad, June 18 While the spurt in the share price of Torrent Pharma Ltd is being attributed to the post-Ranbaxy reverberations in this sector, the ambitious plans being unfolded by the Torrent Group are seen as reasons behind today’s higher share prices of its power arm, Torrent Power Ltd.

The stock of Torrent Power closed at Rs 119.05, up 19.23 per cent since June 11. Similarly, the Torrent Pharma stock closed at Rs 182.85, up 21.41 per cent during the same period.

Merchant bankers feel that the nearly Rs 3,500 crore investment planned by the Torrent Group, through a consortium of banks to upgrade its existing capacities over the next three years, in both the pharma and power sectors, could be the reason behind the appreciation of share prices. Even otherwise, stocks of both pharma and power sectors have seen an upward trend in the recent past, banking sources told Business Line today.

Besides, Torrent’s proposed 1,100 MW gas-based power project at Surat in Gujarat would increase its total production capacity from the existing 1,600 MW to 2,700 MW in the next few months. In addition, the group is readying for another project at Pipavav. The two major arms of the group, Torrent Pharma and Torrent Power, now have synergy, as they have been brought under a common financial control for efficient functioning.

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