Torrent Power has been gaining for the last 2 days and has risen 2.38% in the period. Price has been relatively flat with a change of 0.60% while Volume has risen by 114.57%. Today, its intra day high was at Rs.264.75, up 1.65%.
The good news is that Torrent has emerged as winner of the competitive bidding process conducted by Maharashtra State Electricity Distribution Company Limited (MSEDCL) for distribution of electricity in Shil, Mumbra & Kalwa sub-divisions under Thane Urban Circle, for a period of 20 years.
MSEDCL has issued the Letter of Intent (Lol) to TPL and the Distribution Franchisee Agreement (DFA) with MSEDCL will be executed in due course and operations are expected to be taken over soon thereafter.
Shil, Mumbra & Kalwa sub-divisions under Thane Urban Circle has a customer base of 2.15 lakhs.