PGCIL gains after acquisition of Unchahar Transmission

Power Grid Corporation of India rose 1.7% to Rs 104.90 at 14:36 IST on BSE after the company said it has acquired Unchahar Transmission pursuant to the company's selection as the successful bidder under Tariff based competitive bidding.

The announcement was made during trading hours today, 25 March 2014.

Meanwhile, the S&P BSE Sensex was down 38.18 points or 0.17% at 22,017.30.

On BSE, so far 5.20 lakh shares were traded in the counter as against average daily volume of 6.19 lakh shares in the past one quarter.

The stock hit a high of Rs 105.80 and a low of Rs 101.60 so far during the day. The stock had hit a 52-week high of Rs 116.70 on 17 May 2013. The stock had hit a 52-week low of Rs 86.70 on 2 August 2013.

The stock had outperformed the market over the past one month till 24 March 2014, surging 8.87% compared with the Sensex's 5.98% rise. The scrip had, however, underperformed the market in past one quarter, advancing 4.67% as against Sensex's 4.86% rise.

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

Power Grid Corporation of India (PGCIL) said that the company pursuant to its selection as the successful bidder under Tariff based competitive bidding, has acquired Unchahar Transmission (UNCHAHAR TL), the special purpose vehicle (SPV) to establish the transmission system for ATS of Unchahar TPS on build, own operate and maintain (BOOM) basis on Monday, 24 March 2014 from REC Transmission Projects Company (the Bid Process Cordinator) and a wholly owned subsidiary of Rural Electrification Corporation.

PGCIL's net profit declined 7.7% to Rs 1042.04 crore on 9.6% growth in net sales to Rs 3683.29 crore in Q3 December 2013 over Q3 December 2012.

PGCIL, a navaratna public sector undertaking under the ministry of power, is the country's central transmission utility (CTU).

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