PGCIL declines after reporting Q4 results

Power Grid Corporation of India declined 1.94% to Rs 204.40 at 10:30 IST on BSE after the company reported Q4 results.

The result was announced after market hours yesterday, 29 May 2017.

The stock had risen 4.9% in two sessions to settle at Rs 208.45 yesterday, 29 May 2017, from a close of Rs 198.70 on 25 May 2017.

On the BSE, 92,096 shares were traded on the counter so far as against the average daily volumes of 4.83 lakh shares in the past one quarter. The stock had hit a high of Rs 209 and a low of Rs 203.60 so far during the day. It had hit a record high of Rs 214 yesterday, 29 May 2017 and a 52-week low of Rs 148.05 on 2 June 2016.

The stock had underperformed the market over the past one month till 29 May 2017, rising 0.41% compared with the 3.98% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 8.57% as against Sensex's 8.23% gains.

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

Power Grid Corporation of India's (PGCIL) net profit rose 22.17% to Rs 1916.36 crore on 17.87% growth in total income to Rs 7054.45 crore in Q4 March 2017 over Q4 March 2016.

The company's board approved non sovereign loan assistance from Asian Development Bank (ADB) of $500 million for green energy corridor and grid strengthening project.

The board also approved investments in two projects totalling Rs 645.68 crore.

PGCIL's board recommended final dividend of Rs 3.35 per share for the year ended 31 March 2017 (FY 2017).

Power Grid Corporation of India is a state run electric power transmission utility company. The Government of India holds 57.9% stake in the firm as at 31 March 2017.

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