Torrent Power shares rocketed 8% on Wednesday morning to hit a new all-time high of ₹1,984.70.

What Happened: Torrent Power got a letter of award from Maharashtra State Electricity Distribution Company (MSEDCL) for supplying 2,000 megawatt energy storage capacity from a connected pumped hydro storage plant. 

This includes a letter of intent it received from MSEDCL in September for procurement of a 1,500-megawatt energy storage capacity. Now Torrent Power received a letter of award which increased the allotment by 500 megawatts, taking it to 2,000 megawatts. 

The term of the contract is 40 years and the total capacity is to be commissioned within 48 months of signing the energy storage facility agreement. The contract will provide the company with annual revenue of ₹1,680 crore. 

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Torrent Power announced earlier that it will invest ₹ 25,000 crore to ₹35,000 crore to set up about 5 to 8 gigawatts of pumped storage project capacity. 

Price Action: Shares of Torrent Power rose 8.5% to ₹1,971 on Wednesday morning. 

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