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Power Grid nudges higher after board accords investment approval

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of rose 0.4% to Rs 201.50 at 10:00 on after the company announced that its board of directors accorded investment approval for transmission system for ultra mega solar power park.

The announcement was made after trading hours yesterday, 9 January 2018.

Meanwhile, the Sensex was up 13.59 points or 0.04% at 34,454.79.

On the BSE, 9,274 shares were traded in the counter so far as against average daily volume of 4.14 lakh shares in the past one quarter. The stock had hit a high of Rs 202 and a low of Rs 200.90 so far during the day. The stock had hit a record high of Rs 226.40 on 8 August 2017.

The stock had hit a 52-week low of Rs 185 on 10 January 2017.

The stock had underperformed the market over the past one month till 9 January 2018, sliding 1.08% compared with 3.59% gains in the Sensex. The scrip had also underperformed the market in past one quarter, declining 0.32% as against Sensex's 8.15% rise. The scrip had also underperformed the market in past one year, rising 7.76% as against Sensex's 28.87% rise.

The large-cap power distribution company has equity capital of Rs 5231.59 crore. Face value per share is Rs 10.

of announced that its board of directors at a meet on 6 January 2017, accorded investment approval for transmission system for ultra mega solar power park at Tumkur (Pavagada), - Phase-II, Part-C at an estimated cost of Rs 92.13 crore.

The project has commissioning schedule of 20 months from the date of investment approval.

of India's net profit rose 14.4% to Rs 2141.04 crore on 16% rise in net sales to Rs 7252.84 crore in Q2 September 2017 over Q2 September 2016.

The Government of holds 57.9% stake in the firm as at 30 September 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 10:12 IST
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