PGCIL slips after weak Q3 earnings

Power Grid Corporation of India fell 1% to Rs 95.60 at 09:25 IST on BSE after net profit fell 7.7% to Rs 1042.04 crore on 8.85% rise in total income to Rs 3799.31 crore in Q3 December 2013 over Q3 December 2012.

The result was announced after market hours on Wednesday, 5 February 2014.

Meanwhile, the BSE Sensex was up 77.68 points, or 0.38%, to 20,338.71.

On BSE, so far 29,000 shares were traded in the counter, compared with an average volume of 25.89 lakh shares in the past one quarter.

The stock hit a high of Rs 95.95 and a low of Rs 95.30 so far during the day. The stock hit a 52-week high of Rs 116.70 on 17 May 2013. 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 5 February 2014, falling 3.79% compared with the Sensex's 2.83% fall. The scrip had, however, outperformed the market in past one quarter, rising 1.26% as against Sensex's 3.40% decline.

The large-cap company has an equity capital of Rs 4629.73 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI) recently raised foreign institutional investors' (FIIs) investment limit in Power Grid Corporation of India (PGCIL).

FIIs, through primary market and stock exchanges, can now purchase up to 30% of the paid up capital of PGCIL under the portfolio investment scheme (PIS), RBI said in a notification on 3 February 2014.

As at 31 December 2013, FIIs held 25.37% stake in PGCIL.

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

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