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Torrent Power slips & Indian tea production
Indian tea production declines on irregular weather
India, the second largest producer of tea in the world after China, has reported a 0.8% dip in production in 2018 to 1311.63 million kg comparing the previous year. The erratic weather conditions are stated to be the reason for the decline in output.
The country also contracted about 1.1% in exports this year, as per Tea Board. While South Asian country's exports eased to 249.11 million kg from 251.89 million kg in last year.
India exports CTC (crush-tear-curl) grade mainly to Egypt, Pakistan, and the United Kingdom, with the orthodox variety exported to Iraq, Iran and Russia.
Torrent Power slips despite reporting a 19% rise in Q3 net profit
Torrent Power is currently trading at Rs. 246.25, down by 0.85 points or 0.34% from its previous closing of Rs. 247.10 on the BSE.
The scrip opened at Rs. 245.80 and has touched a high and low of Rs. 252.10 and Rs. 238.15 respectively. So far 99812 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 283.00 on 27-Feb-2018 and a 52 week low of Rs. 212.10 on 01-Oct-2018.
Last one week high and low of the scrip stood at Rs. 252.40 and Rs. 237.95 respectively. The current market cap of the company is Rs. 11794.34 crore.
The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 25.39% and 21.05% respectively.
Torrent Power has reported a rise of 18.95% in its net profit at Rs 239.36 crore for the quarter ended December 31, 2018, as compared to Rs 201.23 crore for the same quarter in the previous year. Total income of the company increased by 18.39% at Rs 3,289.61 crore for Q3FY19 as compared Rs 2,778.60 crore for the corresponding quarter previous year.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
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