Torrent Power has risen 93 percent in 2023, outperforming the Nifty 50 which has gained 10 percent during the time. Tata Power Company gained a percent, while Adani Power jumped nearly 1.5 percent
The Indian market remained shut on Tuesday on account of a public holiday. Sectorally, buying was seen in metal, public sector, energy, utilities, and power stocks while selling was visible in IT, consumer durables, and healthcare stocks.
Shares of Torrent Power rose 8.88 per cent to hit a 52-week high of Rs 666 on BSE. Its market capitalisation swelled to Rs 31,607.76 crore. Torrent Power said it intends to execute these projects over a period of 5 years.
Mid-cap power stock: The counter's 14-day relative strength index (RSI) came at 57.64. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 22.35.