PGCIL gains after board OKs investments

Power Grid Corporation of India rose 1.25% to Rs 133.30 at 9:23 IST on BSE after the company's board approved investments of more than Rs 5500 crore for upgrading networks.

The company made the announcement after market hours on Monday, 23 June 2014.

Meanwhile, the BSE Sensex was up 163.08 points, or 0.65%, to 25,194.40.

On BSE, so far 45,000 shares were traded in the counter, compared with an average volume of 6.29 lakh shares in the past one quarter.

The stock hit a high of Rs 133.60 and a low of Rs 132.35 so far during the day. The stock hit a 52-week high of Rs 140.90 on 10 June 2014. The stock hit a 52-week low of Rs 86.70 on 2 August 2013.

The stock had underperformed the market over the past one month till 23 June 2014, rising 0.77% compared with 1.37% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 30.15% as against Sensex's 15.06% rise.

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

The board approved strengthening the transmission corridor for independent power producers (IPPs) in Chhattisgarh at an estimated cost of Rs 5151.37 crore, Power Grid Corporation informed the stock exchanges. The commissioning schedule of the transmission project is 45 months from the date of investment approval, it said.

The board also approved investment for upgradation of the transmission system associated with Lara thermal power project of NTPC at an estimated cost of Rs 400.47 crore, with commissioning schedule of 34 months from the date of investment approval, the statement said.

PGCIL's net profit rose 5.99% to Rs 1175.84 crore on 16.61% rise in net sales to Rs 3934.06 crore in Q4 March 2014 over Q4 March 2013.

PGCIL, a navaratna Central Public Sector Enterprise, is India's largest electric power transmission utility.

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