Torrent Group market capitalisation tops Rs 1 lakh cr

economictimes.indiatimes.com:

Torrent Group has crossed Rs 1 lakh crore market capitalisation as it's power units EV push and pharma company's recent acquisitions fuelled a rally in stocks. The combined market capitalisation of its two listed group companies — Torrent Pharmaceuticals Ltd and Torrent Power Ltd crossed the Rs 1 lakh crore mark in trading on Monday, according to stock exchange information. Torrent Pharmaceuticals shares hit an intra-day high of Rs 2,014.8 before closing at Rs 2,010 on the NSE.

This gave it a market capitalisation of over Rs 68,000 crore. The shares of Torrent Power hit an intraday high of Rs 682 before closing at Rs 678.20, giving it a market capitalisation of Rs about Rs 32,600 crore. The combined market capitalisation of the Group now stands at Rs 1,00,600 crore.

The Group's valuation hit Rs 50,000 crore in February 2020. This shows 2x growth in market capitalisation in the past three years — driven by robust financial performance, sustained growth trajectory and expansions in business and new geographies, market insiders believed. The two group companies have outperformed the broader market in the past three years as the benchmark index BSE Sensex has gained from 39,872 points in February 2020 to 66,527 points (up 66 per cent) on Monday, while the 50-stock NSE Nifty50 index has moved from 11,707 points in February 2020 to 19,753 points (up 68 per cent) now.

According to trader sources, both the Torrent Group companies have exhibited strong financial performance over the years accompanied by robust business expansion. Last week, Torrent Power announced its foray into electric vehicle charging infrastructure space by launching four such stations in Ahmedabad. It now plans to open a few more in Surat and other cities.