At 11:10 AM today, Torrent Power stock jumped 5.12%, trading at ₹1,667.55, following reports that the company plans to raise up to ₹3,500 crore via a Qualified Institutional Placement (QIP) at an issue price of ₹1,503 per share.
Stock performance details:
- Open: ₹1,604.40
- High: ₹1,679.00
- Low: ₹1,599.05
- Previous close: ₹1,586.30
- Volume: 16.17 lakh shares traded so far.
The QIP news has bolstered investor confidence as the funds raised are expected to strengthen Torrent Power’s financial position and support its growth plans.
Market context:
The broader market is also trading positively, with the Sensex up 0.63% at 80,754.18 and the Nifty gaining 0.59% to 24,418.55. Torrent Power’s strong performance has helped it outperform broader indices in today’s session.
Investors will be closely watching further updates from the company regarding the QIP details and how the funds will be utilized.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before making any investment decisions.