Torrent Power hits 52-week high on GERC nod for power procurement arrangement

The approval, with certain stipulations, is for the balance life of UNOSUGEN plant i.e. 19 years.

Torrent Power shares rallied 2.55 percent intraday to hit a 52-week high of Rs 279 on June 26 after Gujarat Electricity Regulatory Commission approved power procurement arrangement.

The stock was quoting at Rs 275.60, up to Rs 3.55, or 1.30 percent on the BSE at 1256 hours IST.

The company said GERC approved the power procurement arrangement of 278 MW between the company's UNOSUGEN power plant and its Licensed Distribution Business for cities of Ahmedabad, Gandhinagar and Surat.

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