Shares of Torrent Power rose ~6% on Wednesday after the company announced the acquisition of 100% equity stake in TCL Cables Pvt. Ltd. carrying on business of manufacturing and supply of power cables.
TCPL is a newly incorporated company. TCPL was a step down subsidiary of the company.
The board has also approved the proposal of purchase of 20 lakh equity shares of Rs10 each of TCL Cables for a consideration of Rs2cr.
Further, Torrent Power also declared its Q2FY20 results on Tuesday. The company's net profit rose 83% yoy in Q2 to Rs755cr. Its consolidated net profit was Rs413.52cr in the same quarter a year ago.
The total income rose to Rs3,891.29cr in the quarter under review from Rs3,488.66cr in the year-ago period.
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