November 7, 2017 / 4:47 AM / 9 months ago

REFILE-BUZZ-India's Torrent Power hits near 7-yr high on strong Sept-qtr results

(Refiles to add Reuters Instrument Code in first bullet)

** Shares of Torrent Power Ltd rise as much as 6.05 pct to highest in nearly seven years

** Sept-qtr consolidated net profit more than doubles to 3.18 bln rupees ($49.1 mln) from a year earlier

** Absolute EBITDA up 27 pct year-over-year, mainly due to heat rate savings at SUGEN power plant, steady contributions from Bhiwandi and Agra and rising profitability of renewable energy, Equirus Securities says in a note

** “Overall, we remain positive on Torrent Power and expect steady improvement in cash generation and RoE expansion of all the verticals over the coming 1-3 yr period,” the note says

** More than 2.1 mln shares traded, more than the 30-day avg of around 1.4 mln shares

** Stock gained 52 pct this year as of Monday’s close vs BSE Power index’s 17.4 pct increase during the same period ($1 = 64.7575 Indian rupees)

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