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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) - Torrent Power Ltd TOPO.NS:

• RECEIVED TWO LETTER OF AWARDS

• LOA FOR PROCUREMENT OF ENERGY STORAGE CAPACITY

Source text for Eikon: ID:nBSE4WGNcV

Further company coverage: TOPO.NS

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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)

(([email protected]; Reuters Messaging: [email protected]))

BENGALURU, May 24 (Reuters) - India's National Power Thermal Corp (NTPC) NTPC.NS reported higher fourth-quarter profit on Friday, fueled by strong domestic power demand.

Consolidated net profit for the country's top power producer grew 27% to 61.69 billion rupees (about $743 million) in the three months to March 31.

A rise in earnings comes as India witnessed heightened temperatures in the quarter, leading to a surge in electricity demand as a need for cooling appliances grew.

Meanwhile, the country's electricity generation rose at an average of about 8% annually following the pandemic year of 2020/21 due to both searing heatwaves and an uptick in economic activity.

NTPC's gross power generation increased by over 4% to 93.39 billion units during the quarter.

It added 3,704 megawatts (MW) of installed capacity in fiscal year 2024, taking its total installed capacity to 75,958 MW.

However, thermal power - its biggest segment's plant load factor, a percentage of energy utilised by the power plant corresponding to installed capacity, fell to 89.4% from 93.5% between January and March.

Revenue from operations grew 7.6% to 476.22 billion rupees.

It also approved the incorporation of a subsidiary company for undertaking a nuclear power energy business.

Adani Power ADAN.NS reported a jump in fourth-quarter profit on higher demand and capacity, while Torrent Power's TOPO.NS profit fell on higher expenses.

($1 = 83.0671 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Ravi Prakash Kumar)

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May 22 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER Q4 CONSOL NET PROFIT 4.3 BILLION RUPEES VERSUS 4.49 BILLION RUPEES

• TORRENT POWER Q4 CONSOL REVENUE FROM OPERATIONS 65.29 BILLION RUPEES VERSUS 60.38 BILLION RUPEES

• TORRENT POWER LTD - DIVIDEND 4 RUPEES PER SHARE

• TORRENT POWER LTD - APPROVED RAISING OF FUNDS OF UP TO 50 BILLION RUPEES

• TORRENT POWER LTD - APPROVED RAISING OF FUNDS OF UP TO 50 BILLION RUPEES VIA ISSUANCE OF SHARES OR CONVERTIBLE SECURITIES

• TORRENT POWER LTD - RAISING OF FUNDS BY WAY OF ISSUANCE OF NON-CONVERTIBLE DEBENTURES UPTO 30 BLN RUPEES

Source text for Eikon: [ID:]

Further company coverage: TOPO.NS

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May 16 (Reuters) - Ge Power India Ltd GEPO.NS:

• GE POWER INDIA LTD - GETS ORDER WORTH 195.9 MILLION RUPEES

• GE POWER INDIA LTD - GETS A PURCHASE ORDER FROM TORRENT POWER

Source text for Eikon: ID:nBSEb9PqFM

Further company coverage: GEPO.NS

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By Bharath Rajeswaran

BENGALURU, May 15 (Reuters) - India's weight in MSCI's Global Standard index, which tracks emerging market stocks, has risen to another record high, boosting prospects of more inflows into its equity markets.

With this, India has further narrowed the gap with China on the index. While China's weightage in the index will fall to 25% from 25.4%, India's weight will rise to 19% from 18.2%. The changes, announced on Wednesday, will be effective May 31.

The May review will lead to about $2 billion inflows into India, Abhilash Pagaria, analyst at Nuvama Alternative and Quantitative Research said.

Consistent flows from domestic institutional investors and steady participation by foreign investors means that there is potential for India to surpass 20% weightage in the MSCI Global Standard index by the second half of 2024, Pagaria said.

With the May rejig, India's stock count in the MSCI Global Standard index is at 149, the highest ever for the country.

India's rising prominence in emerging markets is due to robust performance of its equities, particularly in the mid-cap segment, amid the relative underperformance by other emerging markets, especially China, analysts have said.

MSCI will add 13 Indian companies, the most among emerging markets, to the Global Standard Index from May end.

These include JSW Energy JSWE.NS, Canara Bank CNBK.NS, Indus Towers INUS.NS in the large-cap segment, and Mankind Pharma MNKI.NS, Bosch BOSH.NS, Solar Industries SLIN.NS, NHPC NHPC.NS, Torrent Power TOPO.NS, Thermax THMX.NS, Jindal Stainless JIST.NS and Sundaram Finance SNFN.NS in the mid-cap index.

Phoenix Mills PHOE.NS and PB Fintech PBFI.NS have been upgraded to the mid-cap index from small-cap by MSCI.

Berger Paints BRGR.NS will be removed from the MSCI index while Indraprastha Gas IGAS.NS and Paytm's parent One 97 Communications PAYT.NS have been downgraded to the small-cap index from the mid-cap index.

Housing Urban Development Corp HUDC.NS and Waaree Renewable Technologies WAAE.BO have been added to the small-cap index.

Separately, 29 Indian stocks have been added to the MSCI Domestic index while 15 have been moved to other categories or removed.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)

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April 18 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER LTD - ENTERED INTO SHARE PURCHASE AGREEMENT FOR ACQUISITION OF 100 % SHARE CAPITAL OF SPV FROM MSEB SOLAR AGRO POWER

• TORRENT POWER LTD - COST OF ACQUISITION AT 5 MILLION RUPEES

Source text for Eikon: ID:nBSE4qQk

Further company coverage: TOPO.NS

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** Shares of Torrent Power TOPO.NS rise as much as 7.7% to 1,463 rupees, last up 5.8%

** The power generation, transmission and distribution co on Thursday got a work order worth 18.25 billion rupees ($218.9 million)

** Order from Torrent Power's distribution unit to set up 150 MW grid-connected wind solar hybrid projects

** In March, TOPO gained ~22%, pushing the YTD gains to ~55% so far

($1 = 83.3720 Indian rupees)

(Reporting by Anisha Ajith in Bengaluru)

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