Power Grid ends in red inspite of jump in Q4 net

The stock could not hold gains and slipped to a low of Rs 117. It finally ended with a loss of 3% at Rs 119. Over 1.6 million shares were traded at the counter today.
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(Updated at 1046 hrs)

Power Grid Corporation of India has gained 3% following a 156% rise in Q4 net.

The stock opened flat at Rs 122. It added 3% to touch a high of Rs 126 and is now up 1% at Rs 124. Around 515,100 shares have changed hands at the counter on the BSE today.

The company posted a 156 % jump in net profit for the quarter ended March 2009, following clearance of past transmission charges by the regulator. The company posted a net profit of Rs 616 crore in the quarter, against a net profit of Rs 240 crore in the corresponding quarter the previous year.

Total income of the company in the quarter also increased 35% at Rs 2,334 crore as compared to Rs 1,729 crore posted in the corresponding quarter the previous year.