TORNTPOWER

March 9 (Reuters) - Torrent Power Ltd TOPO.NS:

• ISSUES 20 BILLION RUPEES SERIES 14 NCDS AT 7.97% COUPON ON PRIVATE PLACEMENT

Source text: ID:nBSE6bdsmF

Further company coverage: TOPO.NS

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MUMBAI, March 6 (Reuters) - India's Torrent Power TOPO.NS has accepted bids worth 20 billion rupees ($218.2 million) for bonds maturing in eight years, nine years and 10 years, three merchant bankers said on Friday.

The company will pay an annual coupon of 7.97% to the investors of all the tenors, and had invited bids for the same earlier in the day, the bankers said.

Torrent Power did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on March 6:

*Size includes base plus greenshoe for some issues

($1 = 91.6750 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

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MUMBAI, March 4 (Reuters) - India's Torrent Power TOPO.NS plans to raise 20 billion rupees ($217.30 million) through the sale of bonds maturing in eight years, nine years and 10 years, three merchant bankers said on Thursday.

The company will pay an annual coupon of 7.97% to the investors of all the tenors, and has invited bids for the same on Friday, the bankers said.

Torrent Power did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on March 4:

*Size includes base plus greenshoe for some issues

($1 = 92.0400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

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Feb 16 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER LTD - TO BUY NABHA POWER FOR ENTERPRISE VALUE OF 68.89 BILLION RUPEES

Source text: ID:nBSE8LSV8d

Further company coverage: TOPO.NSLART.NS

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By Khushi Malhotra

MUMBAI, Feb 12 (Reuters) - Torrent Power TOPO.NS is preparing to raise 20 billion rupees ($220.54 million) via bonds in its largest fundraise from the markets, three merchant bankers told Reuters on Friday.

The company plans to issue staggered redemption bonds this month, maturing in eight, nine and 10 years, at a coupon of around 7.96%, the bankers said, adding that the discussions will likely conclude over the next week.

Axis Bank is the sole arranger for the issue, the bankers said, requesting anonymity because they are not authorised to speak to the media.

Torrent Power and Axis Bank did not immediately respond to emails seeking comments.

The bonds are rated AA+ by Crisil and India Ratings.

Torrent Power is returning to the bond market after a two-year gap. It last raised 7 billion rupees in February 2024 via bonds maturing in two, three, four and five years, each carrying an annual coupon of 8.40%.

Last month, another Torrent Group firm, Torrent Pharmaceuticals TORP.NS, raised 110 billion rupees ($1.21 billion) via multi-tranche bonds in the largest acquisition-funding deal of fiscal 2026.

Torrent Pharmaceuticals, whose issue is also rated AA+, raised 20 billion rupees via two-year bonds, 25 billion rupees via three-year bonds, 30 billion rupees via four-year notes and 35 billion rupees via five-year debt at a coupon of 7.45%.

(Reporting by Khushi Malhotra; Editing by Eileen Soreng)

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Jan 30 (Reuters) - National Power Thermal Corp (NTPC) NTPC.NS, India's top power producer, reported a rise in third-quarter profit on Friday, driven mainly by lower fuel costs.

The company's consolidated net profit rose 8.4% to 54.89 billion rupees ($596.97 million) in the quarter ended December 31.

Fuel costs, which account for roughly 60% of NTPC's overall operating expenses, fell 7.2% to 227.76 billion rupees. The company primarily purchases and uses coal for power generation.

However, the state-owned company's total expenses rose 2.7% to 395.33 billion rupees in the quarter.

Power generation in the third quarter remained nearly flat year-on-year as weak output in October and November was offset by a sharp rebound in December, driven by higher use of heating appliances amid colder-than-normal winter conditions, according to analysts at Elara Capital.

India's electricity generation declined 6.9% and 1.5% in October and November, respectively, before rising 5.6% in December.

Revenue from operations rose about 2% to 458.46 billion rupees.

Rivals Adani Power ADAN.NS and Torrent Power TOPO.NS are yet to report third-quarter results.

($1 = 91.9480 Indian rupees)

(Reporting by Anuran Sadhu and Komal Salecha in Bengaluru)

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Adds details, background

NEW DELHI, Oct 10 (Reuters) - India plans to open up its retail electricity market for private companies nationwide, ending the dominance of state-run distributors in most states, a draft bill by the federal power ministry showed on Friday.

The move will allow private companies such as Adani Enterprises ADEL.NS, Tata Power TTPW.NS, Torrent Power TOPO.NS and CESC CESC.NS to strengthen their presence across the country.

A similar attempt in 2022 faced opposition from state distribution companies.

Only a handful of India’s electricity distribution zones — including the national capital region, Odisha, and industrial states like Maharashtra and Gujarat — are currently privatised as the rules do not specifically provide for it.

A vast majority remain under state control and are burdened with deep financial losses.

New Delhi has been pushing state-run power utilities to reduce losses, clean up their balance sheets and upgrade age-old infrastructure.

Earlier this year, the country's most populous state Uttar Pradesh invited bids to privatise two of its four power distribution companies.

As of June 2025, state power utilities owed power generators about $6.78 billion, creating a severe liquidity crunch for independent power producers, and in turn, stifling credit flows to the sector, Institute for Energy Economics and Financial Analysis said in September.

The power ministry's draft proposal also seeks to open the retail electricity market to multiple private players in the same area, which the existing Electricity Act does not provide for.

(Reporting by Sethuraman NR and Sarita Singh; Editing by Sonia Cheema and Mrigank Dhaniwala)

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By Sethuraman N R and Sudarshan Varadhan

NEW DELHI/SINGAPORE, Oct 7 (Reuters) - Indian state electricity distributors are signing long-term contracts with coal-fired power generators to meet a projected surge in evening demand, despite the country's efforts to expand clean energy capacity.

Uttar Pradesh, India's most populous state, and eastern Assam state, which recently withdrew incentives for clean energy projects, are looking to sign purchase deals in the next two months for at least 7 gigawatts of coal-fired power, collectively, to be delivered in 2030, bid documents reviewed by Reuters show.

Those bids come after more than 17 GW of coal-fired capacity has come under various stages of contract in the 16 months through July, the largest such pipeline since the Covid pandemic, according to India Ratings & Research.

The procurement rush, fuelled by a projected rise in air-conditioning demand during non-solar hours and the slow build-out of battery storage, is driving new investment and is expected to slow decarbonisation efforts in the world's third-largest greenhouse gas emitter, analysts say.

Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie, said he expects the push will keep India hooked to coal for longer, despite targets to boost renewables.

India plans to increase its coal power capacity by 46% from 210 GW currently to 307 GW by 2035 and targets non-fossil fuel capacity of 500 GW by 2030, nearly double the 251.4 GW now.

"We have revised our projection for coal-fired power generation in India, with the expected peak now occurring in the early 2040s, compared to the late 2030s in our previous outlook," Pradhan said.

HIGHER COSTS

In August, Adani Power ADAN.NS announced investments of about $5 billion in two coal-powered plants.

Torrent Power TOPO.NS, which announced a $2.5 billion coal power project this year, is evaluating plans to build 5–7 GW of capacity over the next decade, said company whole-time director Jigish Mehta.

While the plans may boost coal's share in the power mix above previous projections, solar power is still expected to be preferred during daytime as it is cheaper, analysts say.

"State distribution companies are facing grid instability due to renewable variability and lack of scalable storage," Mehta said.

However, building renewables with storage capacity is cheaper than new coal-fired capacity in India, said Alexander Hogveen Rutter, an India-based independent energy expert.

"New coal power is getting more expensive and the gap will only continue to grow as batteries scale up," he said.

India has auctioned approximately 12.8 GW hours of battery energy storage for development, but only 219 MW hours are operational, according to an August report by the Institute for Energy Economics and Financial Analysis.

States including Madhya Pradesh, Tamil Nadu and Bihar have cited delays in renewable projects while opting for new coal power projects this year, filings show.

"Renewables alone cannot fill the base load gap," said Narendra Bhooshan, a senior official at the Uttar Pradesh Energy Department, told Reuters.

($1 = 88.7250 Indian rupees)

(Reporting by Sethuraman NR;
Additional reporting by Sudarshan Varadhan; Editing by Kim Coghill)

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Sept 23 (Reuters) - Torrent Power Ltd TOPO.NS:

• BUYS EQUITY SHARES OF NEWZONE INDIA AND NEWZONE POWER PROJECTS

• ACQUISITION FOR 2.11 BILLION RUPEES

Source text: ID:nBSE2CQy1D

Further company coverage: TOPO.NS

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May 9 (Reuters) - Torrent Power Ltd TOPO.NS:

• TO CONSIDER RAISING OF FUNDS

Source text: ID:nBSEVQ391

Further company coverage: TOPO.NS

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April 10 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER LTD - UNIT INCORPORATES TORRENT URJA PROJECTS

Source text: ID:nBSE40dd3R

Further company coverage: TOPO.NS

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March 26 (Reuters) - Torrent Power Ltd TOPO.NS:

• RECEIVES PENALTY ORDER FROM INCOME TAX DEPARTMENT FOR 23.2 MILLION RUPEES

Source text: ID:nBSE5w73tz

Further company coverage: TOPO.NS

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March 21 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER LTD - ANNOUNCES SALE OF SUBSIDIARY EQUITY SHARES

• TORRENT POWER LTD - RECEIVES 4.24 BILLION RUPEES FROM SALE OF SUBSIDIARIES

Source text: ID:nBSE1XSjJm

Further company coverage: TOPO.NS

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Feb 4 (Reuters) - Torrent Power Ltd TOPO.NS:

• GETS TOTAL TAX ORDER OF 231.8 MILLION RUPEES

Source text: ID:nNSEb31yyT

Further company coverage: TOPO.NS

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Jan 30 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER- UNIT GETS FROM GUJARAT ENERGY DEVELOPMENT AGENCY CERTIFYING COMMISSIONING OF FULL CAPACITY OF 300 MW

Source text: [ID:]

Further company coverage: TOPO.NS

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Dec 9 (Reuters) - Torrent Power Ltd TOPO.NS:

• COMPLETES 35 BILLION RUPEES QIP

• QIP OVERSUBSCRIBED 4X

Source text: ID:nBSE4KjNyg

Further company coverage: TOPO.NS

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** Shares of Torrent Power TOPO.NS rise 4.8% to 1,663 rupees, their highest since Nov. 13

** Power generation co on Monday opened its qualified institutional placement (QIP) of shares; sets floor price of 1,555.75 rupees per share, a ~2% discount to its closing price on the day

** Co, at its discretion, may also offer up to a 5% discount on the floor price

** More than 2 mln shares traded, 2.7x the 30-day avg

** Analysts' avg rating on stock is "hold," same as on peer Tata Power Co TTPW.NS - LSEG

** Their median PT on TOPO is 1,412 rupees - LSEG

** Stock up 78% YTD vs 28% gain in TTPW

(Reporting by Aleef Jahan in Bengaluru)

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Dec 2 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER - APPROVED OPENING OF QIP ISSUE ON DEC 2

• TORRENT POWER - QIP FLOOR PRICE FOR ISSUE AT 1555.75 RUPEES/SHARE

Further company coverage: TOPO.NS

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** Shares of Torrent Power TOPO.NS shed 2.7% to 1,600.70 rupees

** Power producer's Q2 consol net profit fell 8.5% Y/Y, hurt by lower electricity demand due to extended monsoon compared with year-ago qtr

** Stock on track for sixth straight session of losses

** Rivals NTPC NTPC.NS and Tata Power TTPW.NS also reported weak Q2 results due to tepid power demand

** Avg rating on TOPO, TTPW at "Hold", while NTPC, rated "Buy" - LSEG data

** TOPO up 71% YTD, while TTPW and NTPC gain 22% and 20%, respectively

(Reporting by Kashish Tandon in Bengaluru)

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Nov 13 (Reuters) - Torrent Power Ltd TOPO.NS:

• SEPT-QUARTER CONSOL NET PROFIT 4.81 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 71.76 BILLION RUPEES

Source text: ID:nBSE4R0PHr

Further company coverage: TOPO.NS

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Oct 24 (Reuters) - Top Indian power producer NTPC NTPC.NS reported a decline in its second-quarter adjusted profit on Thursday, hurt by lower electricity generation in its core thermal energy segment.

The company's consolidated profit before tax and other items fell 29.4% to 43.21 billion rupees (about $514 million) for the three months to Sept. 30.

India's electricity demand for the July-September period was down as above-normal rainfall resulted in lower temperatures. Consumption grew a mere 1.1% from a year ago, compared with 9.7% for the first-half of the year.

This helped reduce the country's dependence on coal, which India is still heavily reliant on to meet its energy requirements.

Generation from thermal power, which is derived from burning fuels such as coal, declined 1.2% in the September quarter from a year ago, while renewable energy generation rose 7%, Elara Capital had said in a note.

NTPC's gross power generation fell 2% to 88.46 billion units during the second quarter.

Its thermal power segment's plant load factor, which is a percentage of energy utilised by the power plant corresponding to installed capacity, fell to 72.3% from 75.8% in the July-September period.

The company added 2,619 megawatts (MW) of installed capacity in fiscal year 2025, taking its total installed capacity to 76,443 MW, with major focus on expanding its renewable energy capacity.

NTPC's quarterly revenue from operations fell nearly 1% to 446.96 billion rupees.

Peers Adani Power and Torrent Power are yet to report their second-quarter results.

($1 = 84.0490 Indian rupees)

(Reporting by Anuran Sadhu and Kashish Tandon in Bengaluru; Editing by Shreya Biswas)

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** Shares of Torrent Power TOPO.NS rise 7.6% to 1,954 rupees, set for best day in three weeks

** Power utility co wins order from Maharashtra State Electricity Distribution Co for supply of 2,000 MW energy storage capacity

** Order has a term of 40 years and will co annual rev of 16.80 billion rupees ($200.2 mln), it says

** Separately, TOPO executes agreement with Lakshmi Mills LKML.BO and Torrent Urja 17 for supply of power from renewable energy

** Avg rating of analysts on TOPO is a "hold", same as Tata Power TTPW.NS and Power Grid Corp PGRD.NS - LSEG

** TOPO's median PT is at 1,412.50 rupees

** Stock up ~110% so far this year vs a ~38% rise in both TTPW and PGRD

($1 = 83.9300 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

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Oct 8 (Reuters) - Lakshmi Mills Company Ltd LKML.BO:

• LAKSHMI MILLS COMPANY LTD - EXECUTION OF AGREEMENT AMONGST TORRENT POWER, CO AND TORRENT URJA 17

Source text for Eikon: ID:nBSE8DzgSz

Further company coverage: LKML.BO

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Oct 2 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER - TARGET TO INCREASE RENEWABLE PORTFOLIO TO 4.4 GW

• TORRENT POWER - EVALUATING BROWNFIELD OPPORTUNITIES TO STRENGTHEN PRESENCE

• TORRENT POWER - PROJECTS OF 8.4 GW IN MAHARASHTRA, UTTAR PRADESH UNDER PLANNING STAGE

Further company coverage: TOPO.NS

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** Shares of Torrent Power TOPO.NS rise 3.9% to 1,849.45 rupees

** Co got letter of intent from Maharashtra State Electricity Distribution Co for hydro energy storage project

** Stock closed flat on Tuesday after rising for five straight sessions

** TOPO rated "sell" on avg, rivals Tata Power TTPW.NS and Power Grid Corp PGRD.NS rated "hold" - LSEG data

** TOPO up 98% YTD vs 34% and 42% climbs in TTPW and PGRD, respectively

(Reporting by Varun Vyas in Bengaluru)

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Sept 17 (Reuters) - Torrent Power Ltd TOPO.NS:

• RECEIPT OF LETTER OF INTENT FROM MAHARASHTRA STATE ELECTRICITY DISTRIBUTION CO

• LOI FOR PROCUREMENT OF 1,500 MW ENERGY STORAGE CAPACITY

Source text for Eikon: ID:nBSE582Yyf

Further company coverage: TOPO.NS

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Sept 3 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER- MOU ENTERED WITH DEPARTMENT OF ENERGY, GOVERNMENT OF MAHARASHTRA

• TORRENT POWER LTD - MOU FOR TOTAL CAPACITY OF 5,700 MW

• TORRENT POWER LTD - FRESH MOU ENTERED WITH DEPARTMENT OF WATER RESOURCES, GOV OF MAHARASHTRA

• TORRENT POWER - FRESH MOU FOR TOTAL CAPACITY OF 5,600 MW INSTEAD OF 5,700 MW

Source text for Eikon: ID:nBSE6kKCsn

Further company coverage: TOPO.NS

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July 31 (Reuters) - Ge Power India Ltd GEPO.NS:

• GE POWER INDIA- GETS PURCHASE ORDERS FROM TORRENT POWER AND NTPC

• GE POWER INDIA- GETS PURCHASE ORDERS WORTH 38.3 MILLION RUPEES

Source text for Eikon: ID:nBSE8XtbZj

Further company coverage: GEPO.NS

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July 30 (Reuters) - Torrent Power Ltd TOPO.NS:

• Q1 CONSOL NET PROFIT 9.72 BILLION RUPEES

• Q1 CONSOL REVENUE FROM OPERATIONS 90.34 BILLION RUPEES

• SALE OF TORRENT ELECTRICALS TO TORRENT INVESTMENTS

• DEAL FOR 850 MILLION RUPEES

Source text for Eikon: ID:nBSE5vRBXJ

Further company coverage: TOPO.NS

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SINGAPORE, July 29 (Reuters) - India's Torrent Power TOPO.NS has issued a tender seeking supplies of liquefied natural gas (LNG) over a period of 10 years, two industry sources said on Monday.

The utility is seeking delivery of six cargoes per year from 2027. The tender closes on August 16.

(Reporting by Emily Chow; Editing by Varun H K)

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