Torrent Power Shares Slump In Red After Gaining Over 7% Early In The Day Post Q3 Results

Torrent Power, the Ahmedabad-based energy distribution company, has had a seesaw day at Dalal Street. After making monumental gains early on in the intraday trade, the company shares nosedived and devoured all the gains made in the day.

A Day Of Ups and Downs

When it comes to the surge in prices, early in the intraday trade after the company recorded a major 33 per cent jump in Q3 profit after tax or PAT.

The company accrued profits of Rs 490 crore, compared to Rs 369 crore in the same period last year.

Q3 Results

The company with hold over electricity distribution in the industrial district of Bhiwandi, also saw steady revenue growth. The revenue from operations for Q3 FY25 increased to Rs 6,499 crore.

This was higher than previous cycle's Rs 6,366 crore, marking a 2 per cent year-over-year rise.

This surge in its Q3 performance appears to have aided the company's prospects on Wednesday, February 5. The company shares surged by an impressive 7.4 per cent, before even completing an hour of trade.

The Crests and Troughs Of Torrent

However, as the overall market slumped, so did the shares of Torrent Power. From its monumental gains of over 7 per cent, it not only depleted to smaller numbers, but eventually entered the negative territory.

The shares of Torrent Power opened at Rs 1,399.00, higher than its previous day's closing of Rs 1,352.80 per share. The company shares even went onto hit the high of Rs 1,450.00 per piece.

The mood quickly changed at Dalal Street, as the company shares took a different turn as the day progressed.

At the time of writing, the meteoric rise was swallowed and made way for losses amounting Rs 5.25 or 0.39 per cent. This took the overall value of the stock to Rs 1,347.55 per share, far behind its 52-week high of Rs 2,037.00 per share.